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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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how long does it take...
from signing contracts to receiving the commitment letter?
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Posted 6/24/14 8:58 AM  |
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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Re: how long does it take...
I believe this can vary greatly depending on circumstances but we signed contracts on May 2nd and just received our final commitment and mortgage approval last week. on June 19th I believe.
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| Posted 6/24/14 9:15 AM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: how long does it take...
Oh dear! DH wants me to wait until we get the commitment letter to resign but I need to put 4 weeks in as my resignation. I thought I remembered it being closer to closing.
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| Posted 6/24/14 9:38 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: how long does it take...
Ours was really quick - only took about 2 weeks from the time our application was complete, and it took us a couple of days to complete the application after we went to contract. So 3 weeks total for us. But we didn't go through a big bank, and we got all of our paperwork to the lender as soon as he asked for anything additional.
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| Posted 6/24/14 9:43 AM |
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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Re: how long does it take...
yeah I think ours took longer than the norm. We got everything to the bank immediately but they came back to us a few times asking for more documentation, etc. so it slowed down the process.
we're closing this week so it was less than 60 days from contract to closing.
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| Posted 6/24/14 9:55 AM |
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OrganicMama
So in love with my little man!
Member since 6/08 5172 total posts
Name:
Mama
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Re: how long does it take...
I would wait until closing to resign. My bank rep told me they verify everything several times during the process.
ETA: I would definitely bring this up to your attorney before doing anything.
Message edited 6/24/2014 12:49:45 PM.
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| Posted 6/24/14 12:48 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: how long does it take...
Posted by OrganicMama
I would wait until closing to resign. My bank rep told me they verify everything several times during the process.
ETA: I would definitely bring this up to your attorney before doing anything.
I won't have a place to live then. We are moving oos
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| Posted 6/24/14 2:26 PM |
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Re: how long does it take...
If your income is part of what was factored into the mortgage loan, you can't resign before closing (unless your debt-to-income ratio is so good that your husband's income is enough for you to qualify).
Even after you get a commitment letter, it's usually conditional on you providing certain things... proof of insurance, updated pay stubs. If you don't have a job at that point, the loan will likely fall through, as your DTI will change drastically (assuming you work full-time now).
Do NOT do anything before speaking to your mortgage loan officer and your attorney.
ETA - I am assuming you are the buyer, but now I think you may be a seller relocating out of state. So if you are talking about how long it will take for your BUYER to get a commitment letter for their mortgage, so you can then resign and make plans to move OOS, it will be specified in the contract. The typical provision is 45 days from date of contract to get the mortgage commitment, but sometimes the attorneys change it (to 30 days, etc.). So check your contract! It's usually somewhere around 25-40 days, but it depends on how far along your buyers were in the process and how quick the bank is.
Message edited 6/24/2014 2:45:00 PM.
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| Posted 6/24/14 2:43 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: how long does it take...
Do not resign until after you close.
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| Posted 6/24/14 2:45 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: how long does it take...
speak to your loan officer! they need to verify your income prior to closing
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| Posted 6/24/14 4:18 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: how long does it take...
I'm sorry, let me clarify. We are the sellers. My husband doesn't want me to resign until the commitment letter so we still have income and insurance. We can survive a few months without jobs but not if the buyers loan falls through, relist and pay mortgage and rent.
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| Posted 6/24/14 4:52 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: how long does it take...
Posted by Century 21 Dallow - Christine Braun
If your income is part of what was factored into the mortgage loan, you can't resign before closing (unless your debt-to-income ratio is so good that your husband's income is enough for you to qualify).
Even after you get a commitment letter, it's usually conditional on you providing certain things... proof of insurance, updated pay stubs. If you don't have a job at that point, the loan will likely fall through, as your DTI will change drastically (assuming you work full-time now).
Do NOT do anything before speaking to your mortgage loan officer and your attorney.
ETA - I am assuming you are the buyer, but now I think you may be a seller relocating out of state. So if you are talking about how long it will take for your BUYER to get a commitment letter for their mortgage, so you can then resign and make plans to move OOS, it will be specified in the contract. The typical provision is 45 days from date of contract to get the mortgage commitment, but sometimes the attorneys change it (to 30 days, etc.). So check your contract! It's usually somewhere around 25-40 days, but it depends on how far along your buyers were in the process and how quick the bank is.
I don't remember about the commitment part. i only remember closing on or about Aug. 1.
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| Posted 6/24/14 4:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: how long does it take...
on or about Aug 1 means it can go as long as 9/1
once they have a commitment it could be a few weeks or a month
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| Posted 6/24/14 5:10 PM |
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Re: how long does it take...
Posted by Melmel821
Posted by Century 21 Dallow - Christine Braun
If your income is part of what was factored into the mortgage loan, you can't resign before closing (unless your debt-to-income ratio is so good that your husband's income is enough for you to qualify).
Even after you get a commitment letter, it's usually conditional on you providing certain things... proof of insurance, updated pay stubs. If you don't have a job at that point, the loan will likely fall through, as your DTI will change drastically (assuming you work full-time now).
Do NOT do anything before speaking to your mortgage loan officer and your attorney.
ETA - I am assuming you are the buyer, but now I think you may be a seller relocating out of state. So if you are talking about how long it will take for your BUYER to get a commitment letter for their mortgage, so you can then resign and make plans to move OOS, it will be specified in the contract. The typical provision is 45 days from date of contract to get the mortgage commitment, but sometimes the attorneys change it (to 30 days, etc.). So check your contract! It's usually somewhere around 25-40 days, but it depends on how far along your buyers were in the process and how quick the bank is.
I don't remember about the commitment part. i only remember closing on or about Aug. 1.
Don't you have a copy of the contract? The time frame that the buyer has to get a commitment within will definitely be in there. If not, ask your attorney!
Also, if you want to feel secure that the deal is really closing prior to giving your resignation, make sure you understand the conditions of the buyer's commitment. For example, sometimes banks will issue a mortgage commitment that is conditional on an appraisal. So you don't want to then run into an appraisal issue that could jeopardize the deal after you think you are rock solid. And sometimes buyer's attorneys wait to run the title report until late in the process (I HATE when they do that!) and problems can crop up there. So I would keep in close contact with your attorney and agent about the progress of the sale so you know exactly where things stand before you take any action.
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| Posted 6/24/14 8:16 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: how long does it take...
Thanks Beth and Christine and of course everyone! i know they are motivated to buy and on paper are good buyers but of course things could happen. We know the closing date could mean 9/1. I even told DH i'd work at starbucks for benefits if anything happened. I just want to be in north carolina!! And so many changes at my current job are making it unbearable. Getting my license in NC is taking longer than i expected or i would already be applying for nursing jobs!
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| Posted 6/25/14 7:45 AM |
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