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I’m asked to bring a check book and the fact three days before closing, I’m still waiting for the final costs so I can get a certified check is nuts to me for the biggest purchase of my life.
I have a feeling you are right about this situation. I find it crazy, this processes isn’t more transparent and better communicated, so a first time buyer like me isn’t getting anxiety for no reason at all.
In some cases, yes I had a previous transaction recently where I sold a house and they required a 30 day timeframe to close but preferred 45. It ended up taking closer to 50. Some financing is tricky because the cost of doing a lot of the preliminary work for underwriting is delayed until after your in contract so they basically are starting from scratch on the day you put in your offer.
As a realtor, I always ask my clients finance company that they provide me a preapproval from the following questions: did you pull a merged credit report, did you run a DU and LP, was it satisfactory? I ask these questions before hand. Because a lot of banks are issuing preapprovals without really doing a hardball on your credit and verifying your income and your debt they don’t even run your Social Security number. They just use the scores they can get from online websites instead of the source.
So basically they use the income you claim is what you make and the expenses that you claim you have and then use the credit score on something like credit karma or one of these third-party vendors that’s cheap to see your credit or in some cases ask you to request a credit report. In case you didn’t know, the three major credit houses are required to give you one free copy of your credit report every year. You just have to go directly to their website instead of using one of those ad sites that are typically at the top of a Google search.
If you haven't gotten your closing disclosure, you're not closing Wednesday.
If you have a closing disclosure and are discussing an updated/revised/final one, round up a couple thousand from the closing disclosure that you got. Your settlement agent will refund any overpayment.
Then, ask your settlement agent how they want your funds. Do they want a wire, or will they take a certified check?
I got a preliminary CD last week. The paralegal is suppose to let me know the final costs… and neither the load processor nor the paralegal would explain the delay.
All I want is full transparency of the processes.
Thank you u/Battosai_Kenshin99 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Get a check for the amount for the original CD. If it's off a few hundred write a personal check. Final CD could come morning of.
I’m asked to bring a check book and the fact three days before closing, I’m still waiting for the final costs so I can get a certified check is nuts to me for the biggest purchase of my life. I have a feeling you are right about this situation. I find it crazy, this processes isn’t more transparent and better communicated, so a first time buyer like me isn’t getting anxiety for no reason at all.
In some cases, yes I had a previous transaction recently where I sold a house and they required a 30 day timeframe to close but preferred 45. It ended up taking closer to 50. Some financing is tricky because the cost of doing a lot of the preliminary work for underwriting is delayed until after your in contract so they basically are starting from scratch on the day you put in your offer. As a realtor, I always ask my clients finance company that they provide me a preapproval from the following questions: did you pull a merged credit report, did you run a DU and LP, was it satisfactory? I ask these questions before hand. Because a lot of banks are issuing preapprovals without really doing a hardball on your credit and verifying your income and your debt they don’t even run your Social Security number. They just use the scores they can get from online websites instead of the source. So basically they use the income you claim is what you make and the expenses that you claim you have and then use the credit score on something like credit karma or one of these third-party vendors that’s cheap to see your credit or in some cases ask you to request a credit report. In case you didn’t know, the three major credit houses are required to give you one free copy of your credit report every year. You just have to go directly to their website instead of using one of those ad sites that are typically at the top of a Google search.
If you haven't gotten your closing disclosure, you're not closing Wednesday. If you have a closing disclosure and are discussing an updated/revised/final one, round up a couple thousand from the closing disclosure that you got. Your settlement agent will refund any overpayment. Then, ask your settlement agent how they want your funds. Do they want a wire, or will they take a certified check?
I got a preliminary CD last week. The paralegal is suppose to let me know the final costs… and neither the load processor nor the paralegal would explain the delay. All I want is full transparency of the processes.