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Getting a Mortgage Sucks


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#11 CrystalM

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    Posted 23 July 2009 - 11:29 AM

    Holy crap. We're just starting to go through this. We're doing a preapproval through BoA and unfortunately have no other choice with banks. We're planning on doing 3.5% down for the preapproval letter but give them 5% at closing. If they raise it to anything higher we're screwed.

    Mrs. Martin, we're looking for a house that costs as much as your downpayment!!! I guess that's the perk of not living in SoCal though.
    I have a fabulous photographer I can share in the United States Virgin Islands in late April/early MayP.M. if interested!http://img.weddingco....pvbh7hxc5u.png

    #12 amygirl1169

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      Posted 23 July 2009 - 11:40 AM

      I'm going through the same thing! I was hoping to have that money for furniture and closing costs... but I guess we'll just have scrimp and save for the next year! (it's a new development, so we don't close until next June)... Good luck to you!

      #13 KLC77

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        Posted 23 July 2009 - 10:08 PM

        Quote:
        Originally Posted by ~Melissa~
        Yeah we just got pre-approved for a mortgage so i hope to avoid all this stuff. Did you get pre-approved as well kelly? And who did you go with if you don't mind me asking? We went with Wells Fargo and I'm hoping that was a wise choice. I guess it's just a pre-approval and we could always switch.
        We got pre-approved to put as little as 3% down, but we are going thru a broker and not directly thru a lender. So, I know there's a difference there. Things just changed once they actually submitted the loan for approval.

        Today, things have gotten worse and with the PMI payments we have a $4,000 fee/ penalty for having to have PMI. I'm a little confused as to what's that's for and have to call the broker in the morning. I'm still hoping it will work out, but I'm super stressed.

        Thanks for all your support ladies! It nice to know we're not the only ones who've gone thru this.
        ~Kelly

        Our Awesome Wedding Pics: http://www.delsolpho...ings/kelly&ron/

        #14 cbell

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          Posted 23 July 2009 - 10:52 PM

          Is this your first home purchase? If so now's the time so just think you're getting an $8K credit! While the lenders are more strict this at least helps offset some of that..... Buying a home is so stressful, when it's all over you'll feel so much better.

          #15 boscobel

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            Posted 24 July 2009 - 08:56 AM

            Man, Kelly, that really sucks! When will it all get figured out? Are you on a time crunch? I know things have to be filed and done within a certain amount of days and stuff like that...

            ...Today, things have gotten worse and with the PMI payments we have a $4,000 fee/ penalty for having to have PMI. I'm a little confused as to what's that's for and have to call the broker in the morning. I'm still hoping it will work out, but I'm super stressed.


            #16 drtracy

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              Posted 24 July 2009 - 10:36 AM

              Hope things are improving for you here. Just a thought ~ if you are a first time homebuyer you can withdraw from an IRA without penalty (just taxes). That may help you with the additional funds. DH and I are supposed to be closing on a house on 8/15 and we went with Wells Fargo. So far no big surprises but I can keep anyone interested up to date. I've heard most of the crap that happens is from the underwriters vs. the brokers, sometimes they don't even know what is going to happen or what the UWs will say regarding a loan. Everything I've read though says that if you can put a big down payment and avoid PMI you'll be happier in the long run.

              #17 Mrs. Martin

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                Posted 24 July 2009 - 11:56 AM

                Quote:
                Originally Posted by CrystalM
                Mrs. Martin, we're looking for a house that costs as much as your downpayment!!! I guess that's the perk of not living in SoCal though.
                Yeah, it's crazy expensive out here even during this economy. But, we still got the house for a steal though because it was previously sold in 2005 for $700K and we purchased it for $391K. So, it was a great price for what we got! Good luck with your house hunting!

                Kelly- I was about to explain the PMI, but Carly explained it perfectly. That's exactly why we ended up having to put down 20%, it made a big difference.

                #18 march132010

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                  Posted 24 July 2009 - 12:07 PM

                  We are closing 7/28/2009 with boa and we have no problems--- sorry about your pain it will be all worth it in the end---- your home
                  good luck

                  #19 CrystalM

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                    Posted 24 July 2009 - 12:49 PM

                    Quote:
                    Originally Posted by Mrs. Martin
                    Yeah, it's crazy expensive out here even during this economy. But, we still got the house for a steal though because it was previously sold in 2005 for $700K and we purchased it for $391K. So, it was a great price for what we got! Good luck with your house hunting!
                    I know what you mean about the house prices, my fiance is from Sacramento. We were out there in March visiting family. We looked at houses and actually found a few in Granite Bay we could afford! He doesn't want to move back though - the politics.

                    Thanks! We need it!
                    I have a fabulous photographer I can share in the United States Virgin Islands in late April/early MayP.M. if interested!http://img.weddingco....pvbh7hxc5u.png

                    #20 alkoch

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                      Posted 24 July 2009 - 12:57 PM

                      That sucks, good luck, I hope everything works out. We just started looking and we want to buy but I am worried about hidden costs!




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