soooo anxious and sad! HELP

so FH and i are in the process of getting a condo.. we've been working with this mortgage broker (recommended by the condo's sponsor) and they TOTALLY dont keep us in check with anything.. you have to constantly chase after them to get things done. so we had 45 days to get a mortgage and we STILL have nothing.. they're taking their time and not telling us anything while the sponsor has already sent us official notification that they want to close May 14. i called the mortgage people today and they said they HOPE they can get things done in time. ***?!??! HOPE!?!? i have 2.5 weeks left and you cant guarantee anything??? they've been saying we're already approved but its not even official b/c theres no letter...

i'm really bummed out and sad b/c we may have to push the closing further.. and if not, cancel the whole thing. 1) i dont want to push closing further cos i have enough to do for the wedding and 2) i really dont want to lose this condo.. i love it.. and had already envisioned FH and i moving in next month

any words of encouragement or suggestions? it's wrong to feel so bummed and stressed on such a beautiful day..

thanks girls.. i havent told any of my friends we're buying a place (in case it wouldnt push thru), but its funny how i can come out in the open and look for comfort here..

thanks.. i really hope so

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Posted by markdea7699

so FH and i are in the process of getting a condo.. we've been working with this mortgage broker (recommended by the condo's sponsor) and they TOTALLY dont keep us in check with anything.. you have to constantly chase after them to get things done. so we had 45 days to get a mortgage and we STILL have nothing.. they're taking their time and not telling us anything while the sponsor has already sent us official notification that they want to close May 14. i called the mortgage people today and they said they HOPE they can get things done in time. ***?!??! HOPE!?!? i have 2.5 weeks left and you cant guarantee anything??? they've been saying we're already approved but its not even official b/c theres no letter...

i'm really bummed out and sad b/c we may have to push the closing further.. and if not, cancel the whole thing. 1) i dont want to push closing further cos i have enough to do for the wedding and 2) i really dont want to lose this condo.. i love it.. and had already envisioned FH and i moving in next month

any words of encouragement or suggestions? it's wrong to feel so bummed and stressed on such a beautiful day..

thanks girls.. i havent told any of my friends we're buying a place (in case it wouldnt push thru), but its funny how i can come out in the open and look for comfort here..

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I just went through this with my house... even they they 'want' to close may 14th....doesn't mean the 'have to'.. if your rate will expire...you can pay to have the broker extend it...it may be worth it just to have the same rate.

The banks are being really cautious now...dotting every i crossing every T!!! You are approved...but now they have to 'underwrite' the loan which means..make sure you have met all of the requirements and conditions. This takes a while though b/c of the current mortgage situation. But once you are cleared to close...you can close in a matter of days....once you , the seller , the atty's and the bank atty schedule it....we got the clear to close on Monday and closed Wednesday.

Don't dispair.. it will happen it's just not the easy or quick these days!!!

Good luck!!

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Posted by wifetobe

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Posted by markdea7699

so FH and i are in the process of getting a condo.. we've been working with this mortgage broker (recommended by the condo's sponsor) and they TOTALLY dont keep us in check with anything.. you have to constantly chase after them to get things done. so we had 45 days to get a mortgage and we STILL have nothing.. they're taking their time and not telling us anything while the sponsor has already sent us official notification that they want to close May 14. i called the mortgage people today and they said they HOPE they can get things done in time. ***?!??! HOPE!?!? i have 2.5 weeks left and you cant guarantee anything??? they've been saying we're already approved but its not even official b/c theres no letter...

i'm really bummed out and sad b/c we may have to push the closing further.. and if not, cancel the whole thing. 1) i dont want to push closing further cos i have enough to do for the wedding and 2) i really dont want to lose this condo.. i love it.. and had already envisioned FH and i moving in next month

any words of encouragement or suggestions? it's wrong to feel so bummed and stressed on such a beautiful day..

thanks girls.. i havent told any of my friends we're buying a place (in case it wouldnt push thru), but its funny how i can come out in the open and look for comfort here..

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I just went through this with my house... even they they 'want' to close may 14th....doesn't mean the 'have to'.. if your rate will expire...you can pay to have the broker extend it...it may be worth it just to have the same rate.

The banks are being really cautious now...dotting every i crossing every T!!! You are approved...but now they have to 'underwrite' the loan which means..make sure you have met all of the requirements and conditions. This takes a while though b/c of the current mortgage situation. But once you are cleared to close...you can close in a matter of days....once you , the seller , the atty's and the bank atty schedule it....we got the clear to close on Monday and closed Wednesday.

Don't dispair.. it will happen it's just not the easy or quick these days!!!

Good luck!!

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i know .. it's really frustrating on top of everything else (i guess it's my fault for getting married and trying to buy a home in the same year). i also wish my broker would keep me posted.. thank you!!

since you didn't sign anything yet you can look around for another mortgage company too! The broker is doing that - he's pretty much bank shopping for you two...

I know Bank of America guarantees closing in 25 days. And if you go with a smaller bank you'll probably get more personalized service - like Suffolk County National Bank...

I'm sorry - closing is a PITA. The mortgage brokers and banks really don't care... Just try and stay positive!

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Posted by TJ22908

I know the feeling we were actually going through this the same time as the wedding!! Its really stressfull fortunatly it wasn't our mortgage that was the problem it was our buyers (we were selling our coop) We actually moved all our stuff out and signed over power of attorney to FIL to do it will we were on our honeymoon but it still didn't happen!! It all ended up working out but it was so stressfull. When does your 45 days run out? Thats all that really matters is that your mortgage is approved by that date no matter when they want to close its up to you. Also since the market is slow I don't see them passing you up even if you don't have it done within that time you can always extend your contract. Hope it all works out!!

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ayy i know.. it runs out may 1st.. i really hope that we get an approval. .im not sure whether or not to ask for an extension or not.. what if we get approved before then n then our closing is pushed later.. (cos in our case, the sponsors decide).. but then if we dont ask for an extension and dont get our mortgage, we're screwed.. ayyyyayayyyy

You should definitely use a bank. My sister is a Mortgage Load Officer at Chase and she can help you out. If you are interested FM me.

DO NOT use a mortgage broker, they charge you brokerage fees. It's crazy to pay extra when you don't need to.

I am not familiar with the home buying deal, but I wish you the best and hope they will get their acts together.

That is what mortgage brokers/bankers do. They work on the deal to shop it around and see what they can find. They are making a big commission on this deal regardless of what they tell you - Perhaps contact another broker or your bank to inquire about a mortgage.

I called bethpage Federal Credit Union and was given my mortggae rate/quote over the phone in minutes with no fees - ANyone can be a member there and they have lots of locations - check into it Good luck with your new home !!

Yes they make it really difficult to coordinate w/ every one, especially w/ the laywers and banks and everyone.

But hopefully it will all work out!!! And you will have a new