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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Commitment letter
So once you have a commitment letter are you good for your mortgage or are they still going to ask for my first born?
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Posted 8/31/10 8:01 PM  |
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PumpkinGirl
:o)
Member since 10/08 1838 total posts
Name:
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Re: Commitment letter
we were still asked for several things.. just turned in the last of it today.... I hope. 
Maybe you'll get lucky 
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| Posted 8/31/10 8:17 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Commitment letter
Posted by PumpkinGirl
we were still asked for several things.. just turned in the last of it today.... I hope.
Maybe you'll get lucky
UGH how can they give you a commitment letter and then ask for more??? I thought we were in the clear just waiting on the appraisal...
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| Posted 8/31/10 8:32 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: Commitment letter
the commitment letter normally comes with "stips" - stipulations
once you clear them- you can close
ETA- the appraisial is done before you get he commitment
the commitment comes at the end of the process right before closing
Message edited 8/31/2010 8:53:54 PM.
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| Posted 8/31/10 8:53 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Commitment letter
Posted by Beth
the commitment letter normally comes with "stips" - stipulations
once you clear them- you can close
ETA- the appraisial is done before you get he commitment
the commitment comes at the end of the process right before closing
see thats what I'm confused about..we got a commitment letter the other day, the stips were there and we sent everything in...no appraisal was done yet
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| Posted 8/31/10 9:05 PM |
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PumpkinGirl
:o)
Member since 10/08 1838 total posts
Name:
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Re: Commitment letter
We got our commitment letter with stipulations before our appraisal. We turned in & resolved all they asked for (the stipulations) and then had the appraisal done. Since then, they asked for yet more clarification on a few things... hopefully that's it now & we'll be cleared to close.
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| Posted 8/31/10 9:34 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Commitment letter
Posted by PumpkinGirl
We got our commitment letter with stipulations before our appraisal. We turned in & resolved all they asked for (the stipulations) and then had the appraisal done. Since then, they asked for yet more clarification on a few things... hopefully that's it now & we'll be cleared to close.
this sounds very similar to our situation!
Thx so much!!!
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| Posted 8/31/10 9:42 PM |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Re: Commitment letter
Posted by pickles16
Posted by Beth
the commitment letter normally comes with "stips" - stipulations
once you clear them- you can close
ETA- the appraisial is done before you get he commitment
the commitment comes at the end of the process right before closing
see thats what I'm confused about..we got a commitment letter the other day, the stips were there and we sent everything in...no appraisal was done yet
yea this is what happened with us too. we got the commitment way before the appraisal.
now we are just waiting on the title and hopefully closing soon!!!!!!!!!!
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| Posted 8/31/10 10:11 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Commitment letter
they will still ask...
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| Posted 8/31/10 10:15 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: Commitment letter
Posted by pickles16
Posted by Beth
the commitment letter normally comes with "stips" - stipulations
once you clear them- you can close
ETA- the appraisial is done before you get he commitment
the commitment comes at the end of the process right before closing
see thats what I'm confused about..we got a commitment letter the other day, the stips were there and we sent everything in...no appraisal was done yet
on FHA loans the appraisal is ordered very early in the process- and done before underwriting
I have yet to close on a conventional mortgage- so they might do things differently- but it makes no sense to go thru underwriting with out a house value in this market
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| Posted 8/31/10 10:18 PM |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Re: Commitment letter
Posted by Beth
Posted by pickles16
Posted by Beth
the commitment letter normally comes with "stips" - stipulations
once you clear them- you can close
ETA- the appraisial is done before you get he commitment
the commitment comes at the end of the process right before closing
see thats what I'm confused about..we got a commitment letter the other day, the stips were there and we sent everything in...no appraisal was done yet
on FHA loans the appraisal is ordered very early in the process- and done before underwriting
I have yet to close on a conventional mortgage- so they might do things differently- but it makes no sense to go thru underwriting with out a house value in this market
yea ours is a conventional mortgage. we got our commitement like 2 weeks before our appraisal was done
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| Posted 8/31/10 10:45 PM |
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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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Re: Commitment letter
most of the frustration with wells fargo came after the commitment letter. there were several rounds of documentation requests that amounted to about 200 pages of financial paperwork.
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| Posted 9/1/10 6:03 AM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Commitment letter
Posted by LL514
Posted by Beth
Posted by pickles16
Posted by Beth
the commitment letter normally comes with "stips" - stipulations
once you clear them- you can close
ETA- the appraisial is done before you get he commitment
the commitment comes at the end of the process right before closing
see thats what I'm confused about..we got a commitment letter the other day, the stips were there and we sent everything in...no appraisal was done yet
on FHA loans the appraisal is ordered very early in the process- and done before underwriting
I have yet to close on a conventional mortgage- so they might do things differently- but it makes no sense to go thru underwriting with out a house value in this market
yea ours is a conventional mortgage. we got our commitement like 2 weeks before our appraisal was done
so is ours
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| Posted 9/1/10 7:25 AM |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Re: Commitment letter
Posted by bookworm
most of the frustration with wells fargo came after the commitment letter. there were several rounds of documentation requests that amounted to about 200 pages of financial paperwork.
Was yours fha or conventional?
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| Posted 9/1/10 8:36 AM |
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smooney
Hidey Ho!
Member since 2/10 1669 total posts
Name:
.
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Re: Commitment letter
it never ends. be prepared to still be asked for everything under the sun. it stops when you close 
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| Posted 9/1/10 8:46 AM |
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