callmebackcallmebackCALLMEBACK!!! (long)

Miscellaneous and Personal Stuff I Must Share
1

I sit here, like a 50s teenager on Saturday night, waiting for the phone to ring. Only I’m waiting for my banker to call, not Biff the Football Hero.

See, a few weeks ago I was approved for a home loan. Much cheering and merry skipping ensued. I went house-hunting, found The Perfect House, made an offer, made a counter-offer, slaughtered a chicken and offered the entrails, and finally the sellers and I came to an agreement. I joyfully called my banker to tell her the good news.

“We’re having a little problem with your loan…” she said.

People on the other side of the planet wondered what that “thud” was as my heart dropped clean to the floor. Apparently there are some “items” on my husband’s and my credit report, and she needs more paperwork to show that we’re actually paying our bills and not hiding from our creditors under assumed names or something.

I wondered (but didn’t ask) how long she’d known about this, and if she was planning on telling me about it before I called. Whatever. I made some phone calls, husband made some phone calls, we begged and pleaded and groveled and debased our own humanity, and finally on Saturday there appeared in our mailbox the Paperwork we needed to Secure our Home Loan.

Yesterday morning I charged into the bank, established a bulkhead, put the banker into a chokehold, and stapled the mighty Paperwork to her forehead. Not really. I walked into her office and waited politely while she looked over it.

“This should be everything we need,” she said, smiling. Like a shark. “I’ll show it to my underwriter and call you back this afternoon.”

Anyone who has existed in this world for more than 20 minutes knows where I’m going with this. Of course I didn’t get a call yesterday afternoon! Of course I tried to call her back! Of course she had already left for the day! Of course she wasn’t in yet this morning when I called again! Of course I left a message! Of course she hasn’t called yet!

I’m giving her another half an hour and then I’m hiring a bounty hunter.

2

Ouch! When you do get that call, and the good news comes in, treat yourself to some chocolate or a nice dinner out if you can. You’ve earned some relaxation time to let go of the stress and worry. Good luck. sends good vibes

3

Has she called yet??

4

I could have posted sooner, but I was crying.

How are they gonna pre-approve me and then take it back? Everything they’re now saying is questionable was RIGHT THERE ON THE CREDIT REPORT which they ran at the very beginning. Bastards.

Okay. That was the bank. I called a mortgage company (name begins with an A; I basically just flipped open the yellow pages and started dialing), and told the guy exactly what was going on, and exactly what the bank’s underwriter said the problem was. He told me the bank was nuts, took my information, called his underwriter, called the Rural Development office, and called me back and said he as long as I have paperwork showing that we’ve been paying on the “questionable” items (we have and I do), there should be no problem with me getting a HUD loan.

I hope he’s not talking out of his ass like my bank was. I’ll find out tomorrow, I guess.

Gods, this is nerve-wracking.

5

Getting a mortage is more fun than should be allowed by law.
::: crosses fingers:::

6

Where are you? I’m just in the middle of a housing deal myself, and as I understand it all the mortgage companies are falling over themselves to offer you the lowest rates with the best re-payment terms.

If I were you, I’d get some bank recommendations from a conveyancy lawyer and take all my documentation around to everyone - first one to sign off on my mortgage wins.

BTW, paying bi-weekly can shave years off your mortgage. I recommend it.

7

I’m in Missouri. I’m hoping the mortgage company will be a little more forgiving of my less-than-stellar credit history than, apparently, the bank’s underwriter is willing to be.

I hope, I hope, I hope. I’ve got a contract on a house already, fer cryin’ out loud, which I wouldn’t have done if my loan officer hadn’t told me it was a done deal. Dad told me today I should have gotten it in writing. Which I probably should have. But I’ve never done this before, I thought if the bank said something was approved, they wouldn’t take it back a week later. Anyway, the realtor put a loan commitment date of July 14th in the contract, so I’ve got a couple of weeks to try to straighten this mess out.

8

:eek: I hope you get this straightened out soon. :frowning: Good luck, vent away we can listen.

9

Yeah, it’s funny, I usually enjoy getting screwed.

I meet with the new mortgage company at 1:30; I’ve got all my paperwork gathered up and if they require it I could throw in my firstborn son; right now he’s dropping crumbs all over the couch and watching tv so he’ll be easy to catch.

I just hope if he tells me “no” I can wait until I get home to burst into tears. Thanks for the crossed fingers, guys! Do you think maybe you can cross your toes, too?

10

Done.

I know what you are going through. Nothing like waiting until the day before the closing on our first house, to discover that there is something on the credit report that you need fixed. Just what were you looking at 2 months ago when you preapproved us?

11

Best of luck to you!! Something this big hanging over your head is just awful and depressing.

I hope our experience helps. When we bought our house in Texas about 10 years ago, everything started out just like your post did.

…Then they needed more paperwork.

—Then they needed some more paperwork.

When they asked for my income tax returns going back FIVE years, I pulled the plug. Told them NO, they were getting no more paperwork from me. Oh, but they needed it in order to make a decision. I told them they had all they needed to make a decision, even if it was only enough for a decision of “No.”

Two days later, we were closing on the house, so have hope!!!

12

Well, the new mortgage guy only wanted the last 2 years W2s, so that wasn’t too bad.

He went over all our stuff, asked us questions, went over the seller’s disclosure on the house we’re wanting to buy, did everything but a body cavity search, really, and finally he told us that he’s gotten R.D. loans for people in worse shape than us, and he’d call us Friday to let us know what was going on.

I won’t have any fingernails left by Friday.

13

I don’t know if this mortgage person is sub-prime lender or not, but you need to CYA and triple check any and all docs you sign, and make sure there is no pre-payment penalty for the loan.

If you are not going to get a favorable rate due to the past credit issues you at least need to be able to shed the loan without penalty when your credit scores improve and you can get a more favorable interest rate with a new loan.

14

See
Common Mortgage Rip-Offs and How to Keep From Getting Burned

I should have noted that if your credit is poor and the broker has to get creative with a non-conforming loan, there may be no way to completely avoid a pre-payement penalty of some kind. If you can’t avoid it at least make sure it’s time limited to no more than 5 years or so.

15

Good luck, Marl. We’re closing on our first house day after tomorrow, and we’re nervous wrecks.

16

I’m reading this with my legs under the chair, crossed at the ankles. Does that count?

I’m going to be on that rollercoaster soon… I like rollercoasters but prefer the mechanical ones where the ride lasts a few minutes :frowning:

17

Ooooh, good luck! I can’t even get approved for a credit card to buy an Ipod, so you’re obviously in better shape than I am! And I hate it when people don’t give loans to people who are geuinely willing to pay them back, but people in worse financial situations can get them and blow their credit in one chunk. I hope you get approved!

~Tasha

18

I used to sell real estate, and I was always amazed by the mortgage companies pulling this stunt. **Every **time that I had a sale, there would be a delay with something like this. It usually meant NOTHING. I believe that it is some sort of pressure thing, marketing thing, who knows what. People I knew that had perfect credit would have the same stunt pulled on them 1 day before closing. Disregard this and 1. make plans to enjoy your new home, and 2. plan bloody revenge on the bank.

hh

19

Today’s Friday, right?

No call. And the mortgage guy wasn’t in when we tried to call him. Which means it’ll probably be Wednesday before I know anything.

Grrrr. Grrr, I say! Have these people no souls?

20

Bump for an update:

After a lot of blood, sweat, and tears (and some twisted sister and motley crue) and faxing and signing and nail-biting and offerings to the gods…

I HAVE A HOME LOAN!

7.25% interest. No pre-payment penalties. Closing costs (what the sellers aren’t covering) and whatnot rolled into the loan. With a little luck, we can still close by the 28th; RD has to send an inspector and an appraiser out, but I’m not worried about that (much); the roof is less than a year old, the whole house was just re-wired 6 months ago, the heating and cooling systems are only a few years old, there’s no visible water damage anywhere, fresh paint and new carpets - it should inspect and appraise out, no problem.

I’m probably not going to be totally at ease until I have the keys in my hot little hand, but I’m going to start packing tomorrow. And next month, my daughter’s getting a kitten for her birthday!