the mortgage process

the mortgage process

Joined: October 29th, 2005, 6:29 pm

March 14th, 2012, 2:35 pm #1

Has anyone here closed a mortgage recently or can compare experiences? I don't remember there being this many steps in buying the Denver condo!

Right now I have a signed contract, home inspection scheduled for Friday... My realtor wants me to get the loan process started with my bank, but my bank wants a closing date to proceed. That makes sense to me as I could still back out at the home inspection in theory, so why start the loan process before? We can't set a closing date anyway until the contract is approved by a judge since it is in probate.

Just got the condo seller's certificate yesterday, and they owe the HOA $408. $233 for March + late fee. That's one heck of a late fee. Should have had a statement in the contract that the HOA fees be current prior to the sale... You'd think the realtor would have suggested that. We won't close until late April or May so that amount will double at least.

I've also read a bunch of really bad reviews about USAA mortgages, but they have fees almost 50% less than other banks I have looked at and offer better interest rates so I want to try them. Is it a problem to switch to a different lender later if I have to? What is the average time to close? I read that Navy Federal you need 45 days to close a loan. Is that from application to closing? I've read some banks only need a few days. I'm not sure about USAA. We had 40-55 days in the contract, of which about 10 are already gone. I'm wondering if I should be concerned about the timing!
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Joined: May 21st, 2006, 4:46 am

March 14th, 2012, 2:53 pm #2

You or your realtor should contact the condo association, tell them a sale is in process, and ask them to waive any late fees until closing. They might not do it--but they might!

As for your questions, I not only don't have ALL of the answers, I don't have ANY of them.
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Joined: May 21st, 2006, 5:50 pm

March 14th, 2012, 2:54 pm #3

Has anyone here closed a mortgage recently or can compare experiences? I don't remember there being this many steps in buying the Denver condo!

Right now I have a signed contract, home inspection scheduled for Friday... My realtor wants me to get the loan process started with my bank, but my bank wants a closing date to proceed. That makes sense to me as I could still back out at the home inspection in theory, so why start the loan process before? We can't set a closing date anyway until the contract is approved by a judge since it is in probate.

Just got the condo seller's certificate yesterday, and they owe the HOA $408. $233 for March + late fee. That's one heck of a late fee. Should have had a statement in the contract that the HOA fees be current prior to the sale... You'd think the realtor would have suggested that. We won't close until late April or May so that amount will double at least.

I've also read a bunch of really bad reviews about USAA mortgages, but they have fees almost 50% less than other banks I have looked at and offer better interest rates so I want to try them. Is it a problem to switch to a different lender later if I have to? What is the average time to close? I read that Navy Federal you need 45 days to close a loan. Is that from application to closing? I've read some banks only need a few days. I'm not sure about USAA. We had 40-55 days in the contract, of which about 10 are already gone. I'm wondering if I should be concerned about the timing!
we don't need a mortgage but our agent who buys houses to rent out said that even she would have difficulty getting a mortgage now. It's really tightened up and is a very long process.
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Joined: May 21st, 2006, 4:46 am

March 14th, 2012, 3:25 pm #4

Just wondering if you are wintering there now, or waiting until you find a house.
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Joined: May 30th, 2006, 2:01 pm

March 14th, 2012, 4:22 pm #5

Has anyone here closed a mortgage recently or can compare experiences? I don't remember there being this many steps in buying the Denver condo!

Right now I have a signed contract, home inspection scheduled for Friday... My realtor wants me to get the loan process started with my bank, but my bank wants a closing date to proceed. That makes sense to me as I could still back out at the home inspection in theory, so why start the loan process before? We can't set a closing date anyway until the contract is approved by a judge since it is in probate.

Just got the condo seller's certificate yesterday, and they owe the HOA $408. $233 for March + late fee. That's one heck of a late fee. Should have had a statement in the contract that the HOA fees be current prior to the sale... You'd think the realtor would have suggested that. We won't close until late April or May so that amount will double at least.

I've also read a bunch of really bad reviews about USAA mortgages, but they have fees almost 50% less than other banks I have looked at and offer better interest rates so I want to try them. Is it a problem to switch to a different lender later if I have to? What is the average time to close? I read that Navy Federal you need 45 days to close a loan. Is that from application to closing? I've read some banks only need a few days. I'm not sure about USAA. We had 40-55 days in the contract, of which about 10 are already gone. I'm wondering if I should be concerned about the timing!
Hi,

My DH is the president of our HOA and we deal with this stuff all the time. At least here in Colorado, the HOA can't really waive those fees. Chances are that they paid a lawyer to file a lien, which explains the cost. That's what we do. We've been told that the HOA board cannot waive the fees. The reason being that you don't want the board telling their friends, "oh you don't have to pay" while making the other homeowners pay.

Whenever a property closes in our subdivision, any late assessments/penalties/interest are paid by the seller. The Title company sends us a check cut directly from the proceeds at the closing. You should NOT have to pay those. Talk to the title company.

I don't have any experience with a mortgage since the housing crisis. I think everything has changed, so I really don't have any advice.

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Joined: May 21st, 2006, 5:50 pm

March 14th, 2012, 5:53 pm #6

Just wondering if you are wintering there now, or waiting until you find a house.
we go for short bursts of sunshine and warmth. Still looking for the perfect house for us. We've had offers on 3 separate places but the sellers weren't reasonable so we didn't pursue. The right house will come along when the time is right for us or we will just rent.
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Joined: October 28th, 2005, 10:05 am

March 14th, 2012, 6:54 pm #7

Has anyone here closed a mortgage recently or can compare experiences? I don't remember there being this many steps in buying the Denver condo!

Right now I have a signed contract, home inspection scheduled for Friday... My realtor wants me to get the loan process started with my bank, but my bank wants a closing date to proceed. That makes sense to me as I could still back out at the home inspection in theory, so why start the loan process before? We can't set a closing date anyway until the contract is approved by a judge since it is in probate.

Just got the condo seller's certificate yesterday, and they owe the HOA $408. $233 for March + late fee. That's one heck of a late fee. Should have had a statement in the contract that the HOA fees be current prior to the sale... You'd think the realtor would have suggested that. We won't close until late April or May so that amount will double at least.

I've also read a bunch of really bad reviews about USAA mortgages, but they have fees almost 50% less than other banks I have looked at and offer better interest rates so I want to try them. Is it a problem to switch to a different lender later if I have to? What is the average time to close? I read that Navy Federal you need 45 days to close a loan. Is that from application to closing? I've read some banks only need a few days. I'm not sure about USAA. We had 40-55 days in the contract, of which about 10 are already gone. I'm wondering if I should be concerned about the timing!
and after having had closings in 1988, 1997 and 2004 I can tell you that BY FAR this one was the hardest one ever. A little part of it was being a single person this time but a LOT of it is 2 facts- Homeland security has now made it so that when you close on a property you are basically scrutinized in all ways and also the banking scandals have made it a much harder process.... it really sucked this past time. I did not know till the week of the closing if, in fact, it was gonna go thru.
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Joined: October 28th, 2005, 10:05 am

March 14th, 2012, 6:56 pm #8

Has anyone here closed a mortgage recently or can compare experiences? I don't remember there being this many steps in buying the Denver condo!

Right now I have a signed contract, home inspection scheduled for Friday... My realtor wants me to get the loan process started with my bank, but my bank wants a closing date to proceed. That makes sense to me as I could still back out at the home inspection in theory, so why start the loan process before? We can't set a closing date anyway until the contract is approved by a judge since it is in probate.

Just got the condo seller's certificate yesterday, and they owe the HOA $408. $233 for March + late fee. That's one heck of a late fee. Should have had a statement in the contract that the HOA fees be current prior to the sale... You'd think the realtor would have suggested that. We won't close until late April or May so that amount will double at least.

I've also read a bunch of really bad reviews about USAA mortgages, but they have fees almost 50% less than other banks I have looked at and offer better interest rates so I want to try them. Is it a problem to switch to a different lender later if I have to? What is the average time to close? I read that Navy Federal you need 45 days to close a loan. Is that from application to closing? I've read some banks only need a few days. I'm not sure about USAA. We had 40-55 days in the contract, of which about 10 are already gone. I'm wondering if I should be concerned about the timing!
they suck and basically lost me the condo I was trying to buy before I got this house..... and made me INSANE in the process... they were horrible. My X did close with them a year and a half ago and they did the same to him. My realtor told me it was very common with them...
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Joined: June 5th, 2006, 5:33 pm

March 14th, 2012, 8:25 pm #9



------
The road to success is always under construction.
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Joined: October 27th, 2005, 2:33 am

March 14th, 2012, 8:44 pm #10

Has anyone here closed a mortgage recently or can compare experiences? I don't remember there being this many steps in buying the Denver condo!

Right now I have a signed contract, home inspection scheduled for Friday... My realtor wants me to get the loan process started with my bank, but my bank wants a closing date to proceed. That makes sense to me as I could still back out at the home inspection in theory, so why start the loan process before? We can't set a closing date anyway until the contract is approved by a judge since it is in probate.

Just got the condo seller's certificate yesterday, and they owe the HOA $408. $233 for March + late fee. That's one heck of a late fee. Should have had a statement in the contract that the HOA fees be current prior to the sale... You'd think the realtor would have suggested that. We won't close until late April or May so that amount will double at least.

I've also read a bunch of really bad reviews about USAA mortgages, but they have fees almost 50% less than other banks I have looked at and offer better interest rates so I want to try them. Is it a problem to switch to a different lender later if I have to? What is the average time to close? I read that Navy Federal you need 45 days to close a loan. Is that from application to closing? I've read some banks only need a few days. I'm not sure about USAA. We had 40-55 days in the contract, of which about 10 are already gone. I'm wondering if I should be concerned about the timing!
We refied a few months ago and there was tons more paperwork due to all the issues with defaulting loans in the past and Homeland Security. There are just lots more documents to sign in attempt to cut down on fraud.
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