Me and my husband just closed on our home a few days ago...?

Question

We were supposed to get the keys no later than today for the home but our broker is saying that the underwriter needs more info. I thought we were already approved and this was a done deal? What's going on? When will we get the keys? We already signed all the paper work at the title company and gave a check for the down payment.

Answer 1

If it truely closed, you should have gotten the keys then.

Answer 2

I guess you didn't really close, did you? You better get some clarification.

Answer 3

This is not uncommon in current times. Companies are losing huge amounts of monies due to the current market and economy. They want to be sure that you will be able to make your payments. They are turning over every rock in your history.

I wouldnt worry if you made it this far its only some minor information issues that are being addressed.

Answer 4

Often times you are dealing with private lending parties or a conglomerate of them working together and their standards can be dynamic, often times, they will make up

an interest rate, that suits themselves, rather than their customers...(the highest they think you will accept).

This has created a lot of instability in the housing market,

but it seems that in this turmoil, the government has steppepd in with a new national loans program that will try

to stabalize the housing market with over the next 10 years and millions of loans are now available.

Answer 5

I'll start by saying that when this is over, you need to file a complaint with the state against both YOUR Realtor and mortgage broker.

The day you closed on the home, you should have WALKED OUT with the keys to the home.

If you have already signed the documents to the home, you don't owe the underwriter any more information (and I really wished you had listed what they are).

Call the title company and tell them that you want to speak to their attorney (they all have one that is employed on staff), and resolve it.

If you didn't have a Realtor, I can tell you now, this is what happens when you don't.

PS:  giodee21 has obviously never bought a house before and probably doesn't work in the business either...if he did...then he would KNOW that it is NOT typical to wait days for keys to a house to close on.

You know why?  Because the loan SHOULD NOT close until the underwriter has EVERYTHING (that is why they call it a c-l-o-s-i-n-g), and I have heard of holding the keys until the end of the business day, but not days.

NOT ONCE in my career has that ever happened...as an underwriter, a mortgage broker or as a real estate broker/agent

Answer 6

The words "underwriter needs more info" means that your loan has been rejected.  I am serious.   That loan was being sent to an  "investor" who is the one who was actually loaning you the money.  All your previous "approvals" were coming from the local lender, but the investor was the only one who mattered.

Demand an approval today or you are going elsewhere.  Offer the seller that you will release you earnest money today in return for a 2 week extension. /