Anxiety. That's the word I would use to describe how I've felt over the last few days up until today when I met with the loan officer. Kenny is on travel for work and couldn't call into our meeting so I took the rest our documents that we hadn't already emailed to her and went to the mortgage company's office.
I expected the meeting to be pretty long but it actually ended being relatively short, only about an hour. It was kind of an overview of the whole application and approval process. She asked a few questions and then showed me our estimated payment amount based on what interest rate we qualified for after running our credit - nothing unexpected there.
The most time consuming part of the meeting was signing all of the documents acknowledging that all of my information was correct, that the mortgage company works with the builder and on and on.
Then she went over how closing will work, which is the part I was especially nervous about. Because we're building the house, we can't lock in our interest rate yet. According to the loan office, we'll get a pre-approval and then closer to the closing date they'll run everything again and we'll lock in our rate. But that lock in won't come until about 60-90 days prior to closing which won't be until right near the end of construction.
Now we wait for our application to be reviewed by the underwriter which takes about three weeks. I thought I was anxious before. Turns out that was nothing.
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