Okay, so the appraisal has been done and i’ve submitted everything that they have asked for so far.. but today my loan officer tells me that the lender is asking for some other stuff, namely the last two months of bank statements and a copy of the homeowner’s insurance policy.. what does this mean?? does this mean that my loan is close to being approved?? it’s a home equity loan on a free and clear property.. i am borrowing $160k and my house appraised at about $570k.. I am just stressing because i just want to be approved already!!!! i can’t wait anymore!! i need to know!! it’s driving me nuts!!!! and how much longer should this process take to close and everything???? Thanks for your help to anyone that answers me!!!!
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6 Comments
Totally understandable. Lenders are very cautious right now.
Give them what they want, write whatever letters they want and it should close.
Sounds like your loan is in underwriting and the underwriter just needs to complete the file before it receives final approval.
Refinancing/HELOCs usually take about a month.
Tell your loan agent you’re getting stressed. He or she should be able to give you a good estimate of when documents will be ready for you to sign. After you sign, you should have access to your money in 3-5 days.
Hang in there. It will all work out!
OK, bank statements- normal and homeowners insurance – normal- lender just wants to know the home is and has been insured- it simply means the loan is being approved. STOP stressing rite now, this should only take a few more days and your loan will fund. Do not go any purchase a new car- or anything on credit until the loan is funded.
Sounds like very standard procedure. I wouldn’t worry at all. This is a good sign. Means your loan has been approved and they are in the final conditional approval stage of the loan process. I’d expect a clear to close in days.
Bank statements are common and Insurance Binders are required. It sound like the loan officer you are working with has no idea what he/she is doing.
Yes, prior to closing the lender will want updated copies of some of the documents you submitted previously. Call your loan officer and ask for an approximation of a closing date. That will help alleviate some of the stress.
Good luck.
I recently refinanced also and from the first call to the bank to signing was EXACTLY 1 month total time.
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