Closing the loan

Well, the loan closing wasn’t nearly as drama free as we had hoped. We were originally supposed to close on the 15th of March, but our date kept getting pushed back while they worked through the final numbers.

When we finally received what was supposed to be our 3-day closing disclosure the critical details were still not right. Our relationship discounts and credits weren’t reflected, which meant the interest rate and closing costs were higher than they were supposed to be. We were assured that everything would be fixed prior to closing.

As the new closing date drew closer, we still hadn’t seen an updated disclosure reflecting the correct details. To make matters worse, our loan officer was leaving for an extended international vacation. It turned out that the lender made a mistake with the rate lock and although they were able to get us the expected rate, we had to pay slightly more in discount points.

We weren’t very happy that they couldn’t honor the original details of the loan, but we didn’t have any good alternatives. If we had started over with a new lender, our rate would have been significantly higher and we would have had to go through the whole approval and appraisal process again.

Ultimately, we are relieved that the loan is finally closed and we can keep moving forward with the construction of our dream home.


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