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MrsAT
LIF Adolescent
Member since 9/07 881 total posts
Name:
Allison
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getting a commitment letter from the Bank
How long did it take you to get a commitment letter from your bank once you went into contract? I'm stressing a little, as it's been quite a few weeks.
Anyone who has any advice on how to speed up the process, I'd love to hear it!
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Posted 7/14/10 2:12 PM  |
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Prudential Douglas Elliman Real Estate
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: getting a commitment letter from the Bank
It was quick.
They said it would take 2 weeks but we got it in 3 weeks.
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| Posted 7/14/10 2:14 PM |
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july4mrsO
Happy boy!
Member since 5/10 2867 total posts
Name:
Jess
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Re: getting a commitment letter from the Bank
it took us a while but we were getting a SONYMA loan and those usually take longer than traditional loans. It took about 2 months from the time we went into contract. My advice is to stay on top of them with phone calls/emails to help move things along. GL!
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| Posted 7/14/10 2:43 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: getting a commitment letter from the Bank
we got it in 1 week and that was FHA through wells fargo
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| Posted 7/14/10 3:00 PM |
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Andrewz00
Look! I changed it!
Member since 4/10 1789 total posts
Name:
Andrew
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Re: getting a commitment letter from the Bank
from a previous thread about the same topic:
Posted by Andrewz00
Our timeline:
offer accepted: 5/23
contract signed: 5/28
appraisal performed: 6/9
good faith estimate received: 6/13
commitment letter: 6/21
30 Fixed rate with 20% down.....
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| Posted 7/14/10 6:57 PM |
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Ma-n-Pa2008
Mommy's Big Boy
Member since 3/09 2584 total posts
Name:
Melissa
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Re: getting a commitment letter from the Bank
i just got the phone call that our committment letter was sent to our lawyer. we signed our contract beginning of june, applied for the mortgage a week later and within 2 weeks of that had the appraisal done. so it took about 6 weeks from signing the contract. HTH
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| Posted 7/14/10 11:18 PM |
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Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: getting a commitment letter from the Bank
WAAAAAAAY too long. AND we were IDEAL buyers with money to burn, steady long standing jobs, investments, real estate income, excellent credit and no debt.
The more I talk to people, the more I realize that the less you have, the faster you get a commitment.
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| Posted 7/15/10 12:20 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: getting a commitment letter from the Bank
Posted by Goldi0218
The more I talk to people, the more I realize that the less you have, the faster you get a commitment.
Really? I think its the actual bank and the actual person. Because I know a few people who had a ton of trouble and used the same bank as us, and they have very similar situations yet were using different people within the bank to process their loan. Our process with the bank wasn't bad, but I was on top of the bank calling and following up all the time, resending documents the same day they asked for them, etc. I also provided them with a lot of info to start. I didn't wait for them to ask for W2's and tax returns, and proof of salary, or bank statements. I'm not sure if it made a difference, but I really think that there is no rhythm or reason to the he!l they put everyone through, therefore it being the actual loan Officer and what they deem necessary
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| Posted 7/15/10 2:53 PM |
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Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: getting a commitment letter from the Bank
Posted by HeatherRose
Posted by Goldi0218
The more I talk to people, the more I realize that the less you have, the faster you get a commitment.
Really? I think its the actual bank and the actual person. Because I know a few people who had a ton of trouble and used the same bank as us, and they have very similar situations yet were using different people within the bank to process their loan. Our process with the bank wasn't bad, but I was on top of the bank calling and following up all the time, resending documents the same day they asked for them, etc. I also provided them with a lot of info to start. I didn't wait for them to ask for W2's and tax returns, and proof of salary, or bank statements. I'm not sure if it made a difference, but I really think that there is no rhythm or reason to the he!l they put everyone through, therefore it being the actual loan Officer and what they deem necessary
We put down almost 30%. Our friends put down 3%. We had a boat load more than they did in the bank. We had additional income and real estate as well as an inheritance. They had nothing. They got a letter within 2 weeks whereas we got a letter ONE day before the deadline.
I had to provide three different forms of proof that my parents were deceased including copies of estate checks, last wills and testaments as well as death certificates. I had to prove that there was no mortgage existing on the real estate my family owns. I had to prove I was an officer/shareholder in a corporation and that I am rightfully entitled to quarterly distributions that were questioned deposits. I had to provide tax returns for the real estate corporation. I had to provide a marriage certificate that indicated a name change (which I provided TWICE because I had a gut feeling they would need one and they misplaced it). If I didn't have what I rightfully have, I would not have been put through the proverbial wringer.
So yes, I do believe that the more you have, the more scrutiny you are put under. I am sure they are justified because people DO cheat the system. They DO fake documents. But NEVER once did any of what we claimed to be ours appear to be shady in any way.
Message edited 7/15/2010 7:32:10 PM.
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| Posted 7/15/10 7:30 PM |
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MrsAT
LIF Adolescent
Member since 9/07 881 total posts
Name:
Allison
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Re: getting a commitment letter from the Bank
Thank you so much for taking the time to respond. I've been freaking out because our deadline is next week and I keep getting the same run-around from the bank-- they're waiting on this or that-- it should be any day now. I've been hounding them every day with phone calls and e-mail. I got the same thing today from the mortgage coordinator, "I hope to have a response tomorrow" 
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| Posted 7/15/10 8:34 PM |
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