Still in underwriting, what should I do?
I applied for a loan with a local lender and in the process of underwriting. The entire ordeal has been a nightmare. I'm at a 6.6 rate but the market went down and they are refusing to go with the market even though it's lower than what I'm locked in now while buying points. I locked at 5.5 with Amerisave and current lender gave me a verbal agreement that they would match it. This was back in July and nothing is happening and my closing is pushed further and further. Should I close or look elsewhere? by lisa mccalister from Houston, Texas. Dec 7th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi Lisa, Is this for a new build? If so, are you using the builder's preferred lender? What is the close date on your contract? Typically lenders will wait until the home is almost complete before they underwrite. How long has your file been in underwriting and what type of loan is it? | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Is this new construction? Normally loans go from application to closing in around 30-days. If so, generally there is a pre-approval on the front side, and then the final underwriting isn't until the last 30-days before the scheduled closing date. Next, when you LOCK, it means LOCK. It doesn't mean lock, and then if the market moves lower, give me the lower rate, but if the market moves higher, don't give me the higher rate... I suggest reaching out to the original Loan Officer. I lend in WI, MN, IA, ND, SD. Find me at Wi-MortgageBroker.com/quick-quote | Cambria Mortgage | NMLS 274132
Ask our community a question.
Get an answer
Related Questions
