Closing Stipulations.......?

Question

I am in the process of purchasing a home and everything that has been requested of me has been submitted. I turned in all recent pay stubs and bank statements on Wednesday of last week. The appraisal was completed and turned in last Wednesday as well. I was told that the loan has been processed and is in underwriting. My broker stated that we should receive the stipulations if any on Tuesday next week. What should I expect as far as stipulations are concerned? What more will they need? Thanks for the help.

Answer 1

Usually it just means the lender wants some documentation that was overlooked. Normally, when it gets this far you're already approved. They just want to dot every I and cross every T.

I just went through this and they wanted a 2nd appraisal (at the lender's expense). It's no big deal. Lenders just want to make sure their money is safe.