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I've been hearing since Y2K that my job is obsolete. Nope, not going to happen, even (or should I say especially) with the millennials. Real estate agents take it for granted that they know and understand everything because Siri is explaining everything as they move along.I had an applicant yesterday, under contract, been shopping for a home since September and he told me today he was confused about The HOA, the homeowner's insurance and mortgage insurance. Momma mortgage not going nowhere.
I don't know why people are surprised they have a great mortgage experience. That could be compared to someone in marriage bliss visiting the divorce-from-Hell forum, then piping up they don't understand why everyone is so unhappy.
I agree. There are lot of moving parts in getting a mortgage compared to say a credit card or a car loan.
A knowledgeable loan officer is REALLY important especially for first time home buyers. When an underwriter looks at the file, they usually look beyond the numbers of credit score, income etc.
I encourage a first time home buyer to interview several loan officers/mortgage brokers and see who is most knowledgeable and can atleast accurately understand your situation and identify potential problem areas and find solutions.
I had a great LO guide me thru the process and am happy to provide a recommendation.
Am I the only one with an easy mortgage process? I email the lenders some documents, such as tax returns, bank statements, and pay stubs. I signed some loan documents online, print it out and mailed them to the lender and that's it. House closed and nothing was provided to them other than the original documents requested.
Did you go with a big bank?
We went with a big bank that had the lowest rate at the time. We were taking out a loan for less than half of our pre-approval amount and we were putting down 25% with money still leftover in the bank. Great credit scores, no other debts, etc.
I don't know how many times they misplaced our documents that had been sent. I don't know how many times we sent documents that they told us they never received. I don't know how many times we were told they finally had all of the documentation, and when we tried to go to the next step, they'd say, "Oh, but you never submitted a letter about that $8 that was deposited into your bank account two years ago." (Or some other issue that appeared out of no where that hadn't existed beforehand.) Honestly, the guy we had been dealing with was an idiot but I don't think everyone is like that, so I don't think everyone has an experience like that.
We were getting no where and I had to walk down to the bank and ask to speak with a manager about their incompetent employee and that the seller was about to start asking me for monthly payments because my side was holding up the deal. I was livid and I told them I was going to make this their problem. And then when a second person got involved, all of a sudden things started to finish up and we were finally able to close.
We went with a big bank that had the lowest rate at the time. We were taking out a loan for less than half of our pre-approval amount and we were putting down 25% with money still leftover in the bank. Great credit scores, no other debts, etc.
I don't know how many times they misplaced our documents that had been sent. I don't know how many times we sent documents that they told us they never received. I don't know how many times we were told they finally had all of the documentation, and when we tried to go to the next step, they'd say, "Oh, but you never submitted a letter about that $8 that was deposited into your bank account two years ago." (Or some other issue that appeared out of no where that hadn't existed beforehand.) Honestly, the guy we had been dealing with was an idiot but I don't think everyone is like that, so I don't think everyone has an experience like that.
We were getting no where and I had to walk down to the bank and ask to speak with a manager about their incompetent employee and that the seller was about to start asking me for monthly payments because my side was holding up the deal. I was livid and I told them I was going to make this their problem. And then when a second person got involved, all of a sudden things started to finish up and we were finally able to close.
I am the original poster. I read horrible stories about big banks. Moving, buying a new house, changing address, getting new electricity account, etc. are hard enough. I ain't got time for other issues.
I decided to ask my real estate agent for 3 lenders (mortgage companies) that she had good experience with , ask for quotes from all three and select the one with the best rate/closing cost. A week after my selection, the interest rate dipped, and I asked him to lock it.
I emailed them the first set of documents they asked for and then the I mailed them the signed loan document. I didn't hear from them other than the fact that they have received my stuff. 3 weeks before closing, I checked to see if everything was okay and they said yes, except that they are going to pull my credit one more time and verify my employment. 1 week before closing, I checked to see if they have everything and ready to close, and the answer was "yes." And, a week later, we close with no issue.
It took us years of saving to be able to do that and in June we are hoping to purchase the one acre with a home on it next door to us the same way. Then we will have 2 acres, 2 homes and not purchase any more real estate for a while.
I need $385k to purchase the house next door. If you can do that than kudos to you. But if I am driving a car worth more than your house, yeah not much of an accomplishment.
Actually if one would purchase a home that was within their financial means by paying cash it would save a lot of money in the long term and the companies that *your* home is rented from for 30 years would be non existant.
Quaker, *he* is a *she* and Mr. CSD and I are not showing off, we are an example of what can be done IF one is diligent with saving, paying cash for everything, including vehicles and not having credit cards or debt. We do not rent our lives or possessions from anyone, we actually own it all.
No monthly payments, no interest, no credit score, no fico score, no identity theft worries, no bowing to the whims of a bank, mortgage company, underwriter or seller. We make an offer and if it is accepted great, papers signed, check written deal is done. If not accepted fine, we walk away and find someone else who is happy to take our money.
While I believe in saving and not having debt also, depending where you live, saving to pay cash for a house is just not practical.
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