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The whole process has been a real pain for me. It all started out with the loan officer and real estate agent constantly at odds over trivial issues. Then they both kept saying they weren't getting each other's emails. I spent a lot of time verifying that both were getting emails on each end and calming the whole situation. I almost gave up at that point.
But it seems now everything is done but inspection, appraisal, and close. There shouldn't be any problem with my loan approval, though I have put an adequate amount of worry and research into it. But I am single and it requires a lot of effort especially since I'm on the road all the time and hard to schedule meetings and appointments. The inspection is next Monday. It's a condo for the limited upkeep since I'm gone all the time.
Yet now I'm beginning to think maybe I'll just put my stuff in storage and live in hotels. I guess the Realtor and loan officer wouldn't get any compensation for all the work they've done ? As much trouble as it's been I would feel bad if they didn't get anything after all this.
Buyer's remorse usually kicks in about now. normal. Go thru with the inspection and then check back.
I go thru this with every purchase. Been buying houses for 40 years now.....bith personal a d investment houses. Today I am waiting for a response to an offer I made last night and wondering if there is a counter offer should I even play or withdraw.
If you've just executed a contract and haven't even had an inspection yet, what "trivial issues" are the mortgage person and agent at odds with? Are you trying to do some weird loan program where the agent needed direction as to how to write it in the offer?
If you've just executed a contract and haven't even had an inspection yet, what "trivial issues" are the mortgage person and agent at odds with? Are you trying to do some weird loan program where the agent needed direction as to how to write it in the offer?
No you're right, the issues were not trivial. They've done a good job in the end. That's why you notice I said I would feel bad if I withdrew and they didn't get paid anything.
No weird loan. Conventional, 10% down, $70,000 condo, 801 credit score, no significant debt, 50k income, etc. I am nearly a perfect scenario except lenders don't seem to like condos. But with the condo dues I am still well within my spending range for a monthly payment.
I think the other post had it right about buyer's remorse. I'm a first time home buyer and definitely feels strange borrowing this kind of money. I don't feel like a customer, but more like a pawn between the lender, Realtor, title company, etc. I am basically selling myself off for the next 30 years to be saddled to this enormous debt. I know am getting a home out of it and could stand to benefit in the long term, but right now I feel like the old Biblical proverb rings true, "the borrower is servant to the lender."
But perhaps I am waxing too philosophical. Pay no mind to my useless ramblings. Carry on.
This loan is no worse than getting a luxury car note. If the condo project is in a decent location, has a good HOA, should be a good long-term investment. Just go with the flow.
This loan is no worse than getting a luxury car note. If the condo project is in a decent location, has a good HOA, should be a good long-term investment. Just go with the flow.
I'm all in it now, no turning back. Except now I'm a little worried about final approval. The more time I spend on this forum the more I worry.
This forum is like the rest of this site. Dominated by people bitching about stuff that doesn't really exist. You'd think every city on the planet sucks and is full of meth-heads if you took the "advice" with more than a grain of salt. Same here. Lots of people crying about having to document their income in order to obtain several hundred thousand dollars.
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