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Contributor
jlam1127
Posts: 13
Registered: ‎07-13-2010
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Loan is in underwriting right now

  The pre-underwriter said everything looks good and should have a commitment letter to me within the next 48 hours...Am I just about done with the process??

Redfin Open Book Certified
MassLoanOfficer
Posts: 581
Registered: ‎06-02-2010
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Re: Loan is in underwriting right now

Not necessarily. The underwriter will print a commitment letter with any "conditions" or concerns/update/etc that need to be addressed prior to funding the loan. If you have already done a lot of documentation with your processor/loan officer and answered a few rounds of questions, then you may have very few conditions. If you were not given a preliminary approval prior to the commitment, you may have a few more things to address. Different lenders do this differently.

 

When you get your commitment letter, go over it carefully with your loan officer. Ask which items are yours to get, and which ones will be obtained by the other parties in your transaction. Decide if anything is difficult or problematic. Then, do your part as quickly as you can.

 

The commitment doenst necessary mean you are done . . .but it is the point when you know exactly what is LEFT to do, and who will do it . . .and that should probably ease your mind a lot, rather than the unknown and the waiting.

Kelcey Morange, NMLS 85965
MA Lic. #MLO85965.
Redfin Recommended Lender
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Contributor
jlam1127
Posts: 13
Registered: ‎07-13-2010
0

Re: Loan is in underwriting right now

Yep, he did say that there will be "internal conditions"... here's his response when I asked if he anticipates any speed bumps to get the loan approved by the UW....

 

"I don’t anticipate any issues/problems/concerns.  There will be a few minor conditions from underwriting, but other than documenting that your down payment checks have cleared, there should be nothing more that you will need to do.  Everything else that we need should be internal conditions."

 

 

Redfin Open Book Certified
MassLoanOfficer
Posts: 581
Registered: ‎06-02-2010
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Re: Loan is in underwriting right now

Sounds good . . . read your commitment carefully when he sends it to you, and be certain you understand it completely. If you've done your work upfront (and he has done the same), you should be well on your way.

Kelcey Morange, NMLS 85965
MA Lic. #MLO85965.
Redfin Recommended Lender
Read my reviews!
Platinum Super Contributor
Nanomug
Posts: 10,369
Registered: ‎05-30-2009
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Re: Loan is in underwriting right now

Remember that it isn't done til after it funds.  The lender will do many credit checks along the way to closing to verify that things stay the same.