Need ? answered in re: mortgage refinance

Discussion in 'Fibromyalgia Main Forum' started by doxygirl, Feb 8, 2006.

  1. doxygirl

    doxygirl New Member

    Hi,
    my husband and I are TRYING to refinance our home, the appraiser came yesterday ................my mortgage specialist says our loan is at the processing stage............

    I have asked him if there is anyway for this to NOT be finished .............and he says NO that the loan is APPROVED and we should have our funds in 7 to 10 days!

    I guess I need some reassurance here.........does anyone here work in mortgage loans ( refi's) know if once a loan is at the processing stage is that a for sure thing.......

    Iam thinking ( hoping) that it wouldn't have gone this far if it wasn't going to go through...............I guess this is probably normal to worry????????

    If anyone knows please let me know!!!!!!!!!

    Thank you
    Doxy
  2. PVLady

    PVLady New Member

    We refinanced a couple of months ago and I believe once you are told you are approved, you are approved. You have to sign documents at the closing. Do you want to change your mind, or are you worried about approval?

    We got a really "different" mortgage where you have 4 payment options each month. From a very low payment up to the highest one if we are paying off principal and interest.

    I found the entire process confusing and still did not understand after it was all said and done...

  3. 69mach1

    69mach1 New Member

    it appears it must have been sent off to the underwriters they will check and makes on things....then it goes ot a funding ddeptment...then packets are put together then it can go to a title company...there you will more than likely will sign your life away...read everything...and ususally there is a 72 hour clause in there for the right to rescind on the loan for any reason...


    you will be fine do worry, yu just need to get ready to decide what color your cars are going to be!


    jodie
  4. 69mach1

    69mach1 New Member

  5. doxygirl

    doxygirl New Member

    Hi PVLady...............

    "No" we aren't changing our minds "believe me" LOL neither my husband or I have a vehicle of our own!

    Iam STILL driving a rental car ( been almost 2 months since the accident and NO collision settlement in sight)!

    My husbands car "passed away" a few weeks ago too, so we are sharing the rental car!

    So................this loan is a NEED not a want! LOL

    Iam praying and hoping that it goes through and our life can move forward!

    BTW how are you doing.......I think of you OFTEN and pray for you always! I hope someday if you have time you will write to me :) I miss talking with you!!!!!!!!!!!!!!!

    Jodie.............LOL you crack me up " start picking out our car colors"! LOL LOL

    You don't know how bad I want to.........BUT I am not going to get excited until that check is in our hands!!!!!LOL
    "Ok" I have been looking at car colors but just a little! LOL

    I will let you know as soon as we hear believe me you will see the biggest and happiest post ever if this does go through !!!!!!!!!!!!

    Thank you both for writing to me and for caring..........

    XO
    Doxy
  6. Kinsie

    Kinsie New Member

    I work in a title company, and from my experience when the mortgage company says a file is in processing that it has already been approved. I don't think a file ever makes it to processing if it hasn't been approved.

    I don't work for a mortgage company so I am just telling you what I've experienced on the title company end of it.

    Here in Texas, after you sign the closing papers, you have to wait 3 business days before they disburse the funds. I don't know how it's handled elsewhere. Will you be going to a title company to close the loan, or to the bank?

    It sounds like it's going well to me.

    Good luck.

    Kinsie
  7. Zzzsharn

    Zzzsharn New Member

    Hi Doxy,
    I work in loans.
    All companies are different- The processing stage can mean many things.. that the application is being processed that the approval paper work is being processed.

    If they are telling you that you have been approved you should at least been given the interest rate, term and payment amount. Or a "good fath estimate" -

    If you are re-financing with a differnt co than you currently have you mortgage thru then they shoud be asking you for things like your homeowners policy..

    I'd call and ask some questions. When is the closing date, what is your rate, what is your payment.. If the loan is approved and being processed for closing they should be able to give you this information.

    Good luck,
    Z

  8. Cromwell

    Cromwell New Member

    dEPENDS ON TYPE BUT IT SOUNDS AS IF YOU ARE APPROVED AND IT SHOULD GO THROUGH ok. gOOD lUCK.
    aNNE