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: