Posted on: 19th Jul, 2010 04:02 pm
I'm getting really frustrated with the firm I'm dealing with. Because of new lending laws and something to do with an unwarrantable condo complex (less than 50% sold still, new building) the complex has ties with a specific bank that will be able to give mortgages on the property. I looked around - they weren't lying. No one else will consider it yet.
We met with a loan person there 3 weeks ago, they said we prequalified for the loan we needed. That person took our info and tax & income documentation, ran our credit (over 820 each). We have $0 debts right now of any sort - no mortgage, no car loans, no student or credit loans. Should be A++ borrowers, right?
2 weeks later (no idea the delay) they ordered an appraisal, it was done and came out fine - above the asking price actually. For the past week, EVERY DAY the loan officer has been requesting additional documentation.
-Where did your down pmt money come from? (we have jobs!)
-Why do you want to move? (seriously??)
-Why did another bank run a credit check last month (because we wanted the loan through them but they wouldn't do it).
-Verify with a letter that money from a joint account be used for the down pmt (really? - the same joint people are on the account as buying the house)
-Sign another form to let us get a tax return transcript (2 times!!)
It's getting ridiculous. I feel like they're stalling to try to find something wrong. Based on their original time estimate, we thought we'd be in the place last week. Still waiting. Is there any limit to how long they're allowed to keep pestering us for random info? We gave them some stuff twice by now, and seriously - we have no finance issues.[/list]
We met with a loan person there 3 weeks ago, they said we prequalified for the loan we needed. That person took our info and tax & income documentation, ran our credit (over 820 each). We have $0 debts right now of any sort - no mortgage, no car loans, no student or credit loans. Should be A++ borrowers, right?
2 weeks later (no idea the delay) they ordered an appraisal, it was done and came out fine - above the asking price actually. For the past week, EVERY DAY the loan officer has been requesting additional documentation.
-Where did your down pmt money come from? (we have jobs!)
-Why do you want to move? (seriously??)
-Why did another bank run a credit check last month (because we wanted the loan through them but they wouldn't do it).
-Verify with a letter that money from a joint account be used for the down pmt (really? - the same joint people are on the account as buying the house)
-Sign another form to let us get a tax return transcript (2 times!!)
It's getting ridiculous. I feel like they're stalling to try to find something wrong. Based on their original time estimate, we thought we'd be in the place last week. Still waiting. Is there any limit to how long they're allowed to keep pestering us for random info? We gave them some stuff twice by now, and seriously - we have no finance issues.[/list]
most likely not stalling rather proceeding cautiously. Back in the day before the morrgage meltdown, the process normally took 45-60 days. I see no reason at all that you will not be approved but these banks have all taken a beating and learned some valuable lessons along the way! Give them another week and by all means, call daily in the meantime to keep them on the ball.
So, within half an hour of my writing the above question, we got yet another email... this time asking for verification that we paid $9,000 in earnest money. They had no record of anything but an initial $1000 hold on the unit and our contract mentioned $10k earnest money total. That went straight to title like 6 weeks ago when we wrote the initial offer. Seriously - they can't be this disorganized?! Luckily I could pull off the canceled check from my bank website, but again... shouldn't they know that title has all of that? Seems like stalling.
I had prior mortgages twice, and had absolutely no issues closing quickly because I had my financial ducks in a row. If this is what top credit people face going in for loans, I can only imagine what average credit will get you and really wonder if anyone will be allowed to buy homes.
I had prior mortgages twice, and had absolutely no issues closing quickly because I had my financial ducks in a row. If this is what top credit people face going in for loans, I can only imagine what average credit will get you and really wonder if anyone will be allowed to buy homes.