Closing... - Home Sweet Home

Trey · 10-01-2008, 11:54 AM

What happens if we don't close on time?

Ellen · 10-01-2008, 11:56 AM

Nothing - they will schedule it for a different time. Is everything ok?

Shaky · 10-01-2008, 12:01 PM

What do you mean? I hope everything is ok!

~~Bex~~ · 10-01-2008, 12:01 PM

Your agent will ask for an extension if there's a holdup

Everything ok?

Trey · 10-01-2008, 12:10 PM

Well there are a few problems...

1. USAA dropped the ****ing ball... they took 9 ****ing days to get loan documents, so we were supposed to sign today, but they sent them to the wrong place.

2. Our interest rate lock is good until our close date (which is the 3rd), so now we have to pay a fee to extend it or take the "worst case scenario" rate?

So frustrated right now.. Thanks for the support ladies.

princessbunny197 · 10-01-2008, 12:22 PM

That sucks, make sure you get an extension ASAP on your rate and your contract. Rates got a little better today but in general rates are going up. I do mortgages, feel free to PM me with questions.

Trey · 10-01-2008, 12:24 PM

Originally Posted by princessbunny197

That sucks, make sure you get an extension ASAP on your rate and your contract. Rates got a little better today but in general rates are going up. I do mortgages, feel free to PM me with questions.

So what is a worst case scenario rate then? Is that something I can look up to see what we are working with?

USAA updates their rates only once a month they said.. something like every Tuesday I think?

~~goldilockz~~ · 10-01-2008, 12:26 PM

Worst case scenario rate will be whatever the rate is at closing. I would get the extension.

They'll extend if you don't make the closing date. We had the same worry because our mortgage lender decided at the last minute they needed this-this-and-this

Shaky · 10-01-2008, 12:26 PM

USAA sent the papers to the wrong place, their mistake, they should pay for the extension.

Trey · 10-01-2008, 12:27 PM

Originally Posted by Shaky

USAA sent the papers to the wrong place, their mistake, they should pay for the extension.

That's what our realtor said too. I think I'm going to request (demand) that. It's $400!!!

10-01-2008, 11:54 AM	#1 (permalink)
Trey Jamie's favorite. Be jealous. Join Date: Sep 2005 Location: Where the surf meets the sand... Posts: 23,298 Classifieds: (3) Activity: 70% Longevity: 71%	Closing... What happens if we don't close on time? __________________

10-01-2008, 11:56 AM	#2 (permalink)
Ellen Loving Life! Join Date: Feb 2006 Posts: 21,995 Blog Entries: 4 Classifieds: (2) Activity: 6% Longevity: 64%	Nothing - they will schedule it for a different time. Is everything ok? __________________ My Guys!!

10-01-2008, 12:10 PM	#5 (permalink)
Trey Jamie's favorite. Be jealous. Join Date: Sep 2005 Location: Where the surf meets the sand... Posts: 23,298 Classifieds: (3) Activity: 70% Longevity: 71%	Well there are a few problems... 1. USAA dropped the **ing ball... they took 9 **ing days to get loan documents, so we were supposed to sign today, but they sent them to the wrong place. 2. Our interest rate lock is good until our close date (which is the 3rd), so now we have to pay a fee to extend it or take the "worst case scenario" rate? So frustrated right now.. Thanks for the support ladies. __________________

10-01-2008, 12:22 PM	#6 (permalink)
princessbunny197 Hi, I'm Amy :) Join Date: Aug 2008 Location: Connecticut Posts: 2,873 Classifieds: (0) Activity: 0% Longevity: 21%	That sucks, make sure you get an extension ASAP on your rate and your contract. Rates got a little better today but in general rates are going up. I do mortgages, feel free to PM me with questions. __________________ Wifey to r-a<3derek and USNavywifey21 and Firefly'sGirl and HisHeart and elizabethb883 and Lover to KaTuP

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10-01-2008, 12:01 PM	#3 (permalink)
Shaky Miss Puerto Rico Join Date: Mar 2004 Location: FL Posts: 27,985 Classifieds: (0) Activity: 78% Longevity: 97%	What do you mean? I hope everything is ok!

10-01-2008, 12:01 PM	#4 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	Your agent will ask for an extension if there's a holdup Everything ok?

10-01-2008, 12:26 PM	#8 (permalink)
~~goldilockz~~ Banned Join Date: Feb 2007 Posts: 25,823 Classifieds: (0) Activity: 0% Longevity: 47%	Worst case scenario rate will be whatever the rate is at closing. I would get the extension. They'll extend if you don't make the closing date. We had the same worry because our mortgage lender decided at the last minute they needed this-this-and-this

10-01-2008, 12:26 PM	#9 (permalink)
Shaky Miss Puerto Rico Join Date: Mar 2004 Location: FL Posts: 27,985 Classifieds: (0) Activity: 78% Longevity: 97%	USAA sent the papers to the wrong place, their mistake, they should pay for the extension.