Monday, July 8, 2013

Home Buying Status Update!

Last month, I posted an extremely detailed timeline for how our home buying process has been moving along.  At the time of that post, we were awaiting our Final Loan Approval, so that we could go ahead and actually schedule our closing date.

Well, the bad news is that 12 days later, we're still waiting for Final Loan Approval, BUT the good news is that we're a lot closer to getting it, because our new Town finally produced the paperwork that our bank needed in order for us to be approved.

Today, at 4 pm, I received an email from our Attorney that the paperwork was received by the Title Search Company and that my Attorney had already sent it to the Bank's Attorney and our Loan Officer.  Our Bank told us that it typically only takes about 24 hours to receive Final Loan Approval once that paperwork is received, so I'll be calling the Loan Officer tomorrow morning to make sure she received the paperwork and to confirm when we can expect to receive final approval.

The reason I've been so under the gun is that our Interest Rate Lock expires on July 18th.  We have to close before then, or we'll have to pay a fee to extend our lock.  It's not the end of the world if we have to pay the fee, but with all the projects we have planned for the new house, we certainly don't want to spend any more money than we absolutely have to.

I'm hoping that the next time you hear from me, we'll be approved for our mortgage and we'll have a definite closing and move-in date to share with you! In the meantime, you can countdown with us!

Time remaining until our Interest Rate Lock expires:


  1. We had a deadline for our loan too. We have to be under contract by July 1. Thankfully we made that deadline. Hope you hear something today! Waiting is the worst part of this whole process!

    1. It took me 3 times to get that darn CAPTCHA to work. :(

    2. First of all, I HATE captchas! I'm sorry it took so many tries! :( I'll have to look into a way of changing that.
      Secondly, I'm so glad you guys hit your deadline. Here in NY, I've heard it's extremely rare to meet that deadline, so I've just been hoping we can make it!
      PS - We DID hear something today! We're not totally in the clear yet, but attorneys have been notified to begin arranging schedules for a closing date! *fingers crossed*

  2. Ugh what a pain! I got instantly stressed on your behalf when I saw your countdown! :) Hope it all goes smoothly!
    Kelly @ View Along the Way

    1. Thanks for stopping by! I love your blog :)

      I've been trying so hard not to get stressed out, because buying a house is one of my biggest dreams come true, but it's hard to not get caught up in all the moving parts and deadlines and dollar signs. I feel like we're bleeding money and we haven't even closed yet! Things always tend to work out in the end, so I have faith it'll all go off without any additional hitches! :)