I never received a loan committment letter, on a house we are closing on supposably in 2 days.?

Question

The lender told us when we wrote up this offer on this house to put a closing date of 2 weeks later, which I thought was pushing it, but now we had to sign an amendment to extend the date , to possible 2 -5 days later. And also we have not received a committment letter from the bank, which makes me worry. I hate to go this far in the process to not have a committment letter. And I said to the lender, why have we not received the committment letter, and he said the realtor has your pre-approval. But I think this late in the game the committment should be there.

Answer 1

The bank has told you that the realtor has the preapproval. This means that, at the closing, you'll be signing the loan papers. Your realtor has already done this work for you.

The fact that you don't have a loan commitment letter in hand is not a big issue. If there was any problem with your loan going through, the realtor would have called you and cancelled the closing.

Congratulations on your new house! Be prepared to sign your name dozens of times.

Draw a deep breath. This is finally it! Yay.

- Stuart