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I was preapproved for a mortgage for a home and I just won a bid on a house that I liked.?

I have been made aware of what my payment, interest rate, etc. would be. What should I expect during closing? Is there anything that could prevent me from getting the house this late in the process?

Public Comments

1. make sure with you bank that you still qualify for the mortgage because some times you credit rating change and bank refuses to give you the loan always send the paper work to lawyer in advance do all the stuff right hire a real estate agent its always batter
2. People make closing on a home much more nerve racking than it should be. The closing process is fairly simple from this point on. You're mortgage company or bank, will submit your paper work to the lender for underwriting. The underwriter will calculate the numbers and make sure everything fits. If all is well, they will issue a "clear to close" to the loan officer in charge of the file. The file is then submitted to the title company where the closing will take place. All you need to do is bring your ID, a copy of the Good Faith Estimate the loan officer or bank initially gave you, and compare it to the charges being made on the final HUD settlement statement. This is to make sure that all fees were noted prior to closing and that nothing is being changed. Other than that, stretch your muscles and have your wrists ready to do a lot of signing. The only thing that can stop the closing is if you decide to withdraw the loan (which you'd lose your earnest money by doing so), or if you were to unfortunately lose your job and something were to happen to change the status of the pre-approval.
3. As long as you have already submitted all of your financial paper work and it has been cleared you should be fine. If your worried ask your bank for a commitment letter and lock in your interest rate that way there are no surprises from them. Also, the house has to be inspected and appraised so problems could arise there but normally you can work something out with the seller. Good luck
4. There are a multitude of things that could prevent you from getting the house. Here are some that I run into: The buyer (you) making some big ticket purchases before the house closes. You can charge a nice dinner to celebrate, but don't open new cards, buy a new wardrobe, or close down some credit cards before you sign. Save your appliance, car or furniture purchase until AFTER the house closes. Changing (or worse) quitting your job. Some people feel that once they have an accepted offer or are just a few days away from closing, they can make a job change. Wait until after the closing. The house doesn't appraise for the amount you offered. If the appraisal doesn't come in at or above the amount you are under contract for, you will either have to come up with the difference or you won't obtain the financing. Home inspection problems. Some lenders pick through a home inspection thoroughly and want issues they are concerned about resolved before they will fund the loan. Missing or unfinished documents. In underwriting, some lenders want everything initialed, all the I's dotted, T's crossed, all the documentation in order. If somebody missed something, this can typically be easily rectified. What you should expect during the closing is to sign TONS of paperwork. Don't sign anything you don't understand, and don't feel embarassed to take a few moments to review everything you are signing. Good luck!