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My lender is asking for documents NOW that I don't think I can obtain immediately in order to process the loan in time for our closing on Monday. There's no reason they shouldn't have known they would be necessary weeks ago, and this is just one frustration in a long list of things that have happened to make us want to run the other way from Wells Fargo.
The sellers of our new house are scheduled to close on their new house the same day. My fiance wants to start the loan process over at our local credit union, partially out of spite for our lender, but I'm worried the transaction will fall apart if we have to delay the closing very long.
The thing is, we have the money to buy the house outright. Would it be insane to do that and try to get a home equity loan after the fact? My fiance is starting a business (which is what we'll need the money for) and I will be a medical student this fall, so our only income will be the salary he sets for himself from his new business. I think I know the answer, I guess I just need someone else to tell me we would never get a loan under those circumstances. I really like this house and the idea of starting the home search over makes me sick to my stomach.
The business will need to have been existence for 2 years in order to count it's income. What types of documents is your lender asking for? What income is being used to qualify for the mortgage right now?
Even if you get a 2nd mortgage and not a 1st technically its still your 1st mortgage.
Wells Forgo (intentional misspelling) seems to pull this stunt a lot as it may cause your closing to be delayed and your lock in rate might expire and a new "slightly" higher rate will have to be used. Bad for you..good for them! For go them and use a credit union.
What you are experiencing is not uncommon. Lender these days are always looking for "just one more thing" at the last minute. They seem to think that their process is more important and the sales contract has no bearing on anything.
While it is never too late to change lenders, you will likely need an extension if you do.
Buying the house cash then trying to refinance is not the best solution. Financing after the fact will be harder (it will be a cash out refi), cost more and you may be required to wait before you can accomplish it. This should only be a last resort.
I would just keep escalating your complaint through Wells Fargo until you get some who will act.
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