HELP>Mortgage question
Question: I applied for a mortgage on 7/1 with my bank.
I didn’t qualify for their regular loan so they started the process of a no income verification loan.I’m self emplyed and happen to write off everything I can… I have excellent credit.Just sold my condo,have $300,000 cash in the bank.
new condo will be $155,000 and I’ll be puitting down 100,000.
The banker assured me it looks good–told me last week he should have word from the underwriters by Tuesday.It’s now Thursday…I just called and he said he’s waiting to hear from the processor.
My closing date is set for 8/5/03..I don’t like sitting on the edge like this.How long should this process take ?
Would I be better off just paying cash and taking all my money from that bank ?
Answer: I just heard from my bank yesterday, telling me they are issuing the commitment letter (meaning I got the loan) and my settlement is Aug 5. I applied on May 21!. The hold up was a backlog at the title company.
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