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No-we further learned about what's happening with the economy right now and believed or not, we learned how to find comfort in not getting into the housing market now.
Also inquiries & denials esp. costs you hard earned FICO point-maybe, one of posters here might know exactly how much.
Look, Countrywide has been notorious among brokers (I'm not) for being "uncooperative" and they lost their position through the mortgage mess, if you take your business else where before you are denied it either 1) won't hurt you
2) they might hurry up just not to lose you.
I could give you some advise of what to do quickly if you don't get the approval, from my own experience, but I don't want to put you ahead of the still hopeful game, so to speak...
Are you by the way first time buyers, like us?
In which state are you applying, if you don't mind me asking.
Yes we are first time home buyers and we are buying in the state of GA.
Well as I mentioned in my first post, our LO forward all of our information to a mortgage Co. he will start working for next Monday. I got a call back today and we got a full loan approval with the other company. I'm not exactly sure what the hold up was on Countrywide's end. Our LO indicated that with BoA buying them out and lawsuits, things with the company are kind of getting messy. I don't really care where the loan comes from, I'm just glad to get that final yes. I still won't feel at ease until I have those keys in my hand.
Checked here to see if you had a happy ending and you do,
so happy for you. Guess the "other factors" contributed to the uncertainties & delays. You guys were soooo patient!
Hope all goes smooth & quick from here on!
I'm starting to get irritated on waiting. We've been pre approved, signed a contract and gave $1000 of earnest money towards the house. Well to this day, we have been gonig back and forth with Countrywide trying to get the final "yes". That's all I want to hear. Either say yes or no. Our loan officer said that he's been doing loans for over 15 years and that there is no reason why we shouldn't get approved. However, we've been waiting over 2 weeks to get the final yes. The only issue is with my DHs job. He's work hourly and have only been with this company for 3 months (we just relocated). Although he makes pretty good money and the paystubs we've produced are consistent with what he put as his monthly income. As a matter of fact, some of the paystubs show more. Then they had a problem with that. Ugggggh!!!! While all this is going on, we are due to close the 31st. My agent wants us to do the walk through and they are scheduling the appraiser. Is it just me or do we need some money first? LOL. Countrywide keeps telling us it shouldn't be a problem but apparently it is. I personally think they are dragging their feet. The underwriter's asst. said that we might have to produce some additional info. I told her to go ahead and let me know what it is and I'll go ahead and get it ready. She still hasn't sent me that e-mail. They are taking so long that my loan officer forward my information to a smaller mortgage company where he personally knows the underwriter. He said Countrywide is being ridiculous and that he's lost three clients this past month b/c of how long it took the underwriter to give final approval. Well I tell you what, it's about to be client #4. I honestly can't keep waiting and I think 3 weeks is long enough to determine whether or not someone can qualify for a loan. My God, you would think we were trying to buy a city!!!!! Is this normal? Am I being irrational? What are your thoughts.
I have two brokers doing loans for me.. One loan has been pending for A MONTH.. The other one.. sent a deal Wednesday and I was told I'd hear back Wednesday evening.. Well I havent.. of course..
btw, I have guaranteed income for the next 10-15 years, and have been receiving income for the last 2+ years consistantly from the same source, I have absolutely NO debt.. current home paid off, no car loans.. nothing.
If you think its bad for you, consider what your seller is going through.. They have been waiting for how long, and might have to sell your home in order to begin prequalifying for a new loan.
Everyones in the same boat.. dont feel bad, if I dont hear anything back by Monday, I'll be contacting yet a 3rd company to work on deals.
Can you still shop around for financing if you have already signed the papers to get a mortgage with a mortgage broker or lender? I didn't know you could do that. I have a long history of home ownership, a credit score approaching 800, good employment and little debt. I have applied for a loan with a mortgage broker company that offers 100% financing and who said I was "pre-approved", but then they sent my loan out to underwriters and I am still waiting going on three weeks later. The sellers of the home I have a contract on are getting a little antsy, and so am I. I am concerned that the home is a little out of my price range - if so, I need to know that because there are some homes I would consider out there in a lower range, but they are going to be gone by the time I get an answer on this! Frustrating!
Get it out. Release frustration re service loan application
I have to find some acceptable outlet to release all this stuffed down utter frustration with lending institution not getting things done diligently prior to submitting to underwriter. I want to scream, Growland have this outburst have some good results in having the submission have been correctly submitted back months ago.
I was preapproved for loan in July after having submitted several requests documents files. For days and days of new requests, searching through my files to find things. The first house I made an offer on was declined the second house offer on was mishandled and fell through. Then we found this house in Oct. 2 offer was accepted we applied for we spent weeks getting new requests for new documents. Now 9 weeks after contract was submitted. With little updates from loan officer we learn they are just now asking for a well water test sample! Lots of expletives here! That should have been tested and the report sent in with original submission. How does one manage the activities of loan offices!!!!!!
Your contract is your roadmap to the closing. It should be very specific with what is needed, as well as where the responsibility lies. I am assuming you read the contract?
If it's not in the contract, any property requirements will be listed in your loan application or in your appraisal. By law, you must receive a copy of the appraisal when it is released. Some government loan programs require well and septic and the appraiser can require it. But your agent should have also known a water sample was required.
Your lender is just the bearer of bad news - go read your contract, then the sppraisal.
I had a property where I was the seller and the buyer was with a loan company that was next to impossible. The buyer was approved, the appraisal went well, and the inspection was fine with minor/fixable issues. After everything was completed, the only problem was the lender. We had to sit through a weeks long process of feet dragging and attempts to sabotage (It very much looked this way.) the sale. I can imagine how frustrating that must be as the buyer, but the seller must be pulling their hair out. The longer it draws out the more money they put in the house they want to unload. I think there should be regulations in which lenders have to be completed within a specific time frame once the appraisal and inspection are completed.
I think there should be regulations in which lenders have to be completed within a specific time frame once the appraisal and inspection are completed.
Federal law requires lenders to make a credit decision within 30 days of application. The purchase contract dictates the appraisal completion date, and/or the process if the appraisal is low.
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Update
Get it out. Release frustration re service loan application
