We are schedule to close on our home and I am scared....?

Question

I'm scared the lender is going to come back and say "sorry, we changed our minds" This is our first home and I am nervous, any suggestions. If we have a set closing date, can something happen to were we don't close or can the lender indeed change there mind after the fact?

Answer 1

Anything can happen, but it's not very likely.

If you were a risk, the lender would have turned you down long before this!

Relax and think positive! Soon you will be moving into your new home - congrats!

Answer 2

It's not the lender's that F everything up, it's the underwriters. Anything can happen at any time, even the day of closing, that could make things go awry. Not trying to scare you, just telling you the facts. You will probably be alright, you just have first time home buyer jitters.
Make sure you keep in touch with you loan officer who did you loan to keep abreast of the current situation and how the transaction is going. There are always surprises, and usually nothing ever closes on time.

Answer 3

A mortgage loan is never a done deal until it is signed and recorded. Lots of things can happen.

Lenders verify everything, anything that cannot be confirmed, such as income, acceptability of assets, acceptability of the property,is possible.

If you have fully stated your true position and supplied accurate documentation you have done all that you can do.

Lenders don't change their minds for no reason so you would be given a chance to document anything they had concerns over.

Talk to you loan officer. This is your advocate in the process. Ask if there is anything in the credit package that could be an issue and, if there is, ask what you can supply to offset that issue.

If your loan officer says all is well, all you can do is trust that you chose the right person to help you through the process.

If you run into problems and need an objective second opinion, feel free to email me.

Answer 4

Once a lender sets a closing date means they pretty much have completed your loan. However, tons of things have probably changed with your paperwork, i would make sure you get a copy of your closing statement BEFORE closing and go over it number by number. Make sure you weren't charged an origination or borker fee....they'll try to tell you that this is how they got you that low interest rate. But be aware. Any decent lender should not have to charge more than 3k in closing costs and NEVER an origination or broker fee. Also, sometimes shady lenders overcharge for tons of different fees so I would make sure you get a copy of the closing statement ahead of time and review it with a lawyer. Congratulations on the house!!

Answer 5

Something can happen as late as the closing meeting. However, it usually doesn't and lenders usually don't change their minds. Do you have any unpayed bills that you didn't tell the lender about? If not, I wouldn't worry so much. My sister went through the same thing when she bought her house. I'm sure it will work out fine, just like my sister's situation.

Answer 6

I just bought a house and I went through the same thing! I'm pretty sure once you've set on a closing date, the bank already has you approved for the loan, and they wouldn't back out at this point. Since the closing date involves the real estate agents, the lawyers and the bank lawyers, and the sellers, the bank would have told you if there was an issue with your loan before now. Enjoy your new house!

Answer 7

Not likely unless you, the buyer have a problem which you are in control. If the contract has already been signed and you have been approved, only if for some reason you can't come up with the money u need for closing or if on the final walkthru, you find something wrong with the house. Have you had all inspections, roof, etc. and is all in good condition?
Good luck on becoming a homeowner.

Answer 8

You are worrying yourself over nothing! Yes something could come up to postpone closing a day or two, but the lender isn't going to change their mind! Relax and enjoy looking forward to your new place, it'll be OK!

Answer 9

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Answer 10

Technically you can set a closing date but you cant execute it until the mortgage has been approved by your lending institution. You need to add a contingency to your offer that says contingent on bank approval. You never want to put the cart before the horse.
We are selling and buying at the same time, so I have been through all this stuff. Please feel free to e-mail me, and I will give any practcal advice I may have.