Update on Mortgage situation

[OnTheBrink]

I should have done what my instincts said and gone with a different bank. About 10 days after the visit with the first bank, I got a packet of papers in the mail--the good faith estimate. I had no idea that was coming and no idea what any of it was for! Just a bunch of papers with arrows pointing where I needed to sign. I looked them over, and the closing costs were 2x higher than what she told me. I took the papers to church to have a friend explain what all this meant. Most of the explanations made sense, but even he couldn't explain why the closing costs were so high.

 

So, I called the mortgage lady and left a message for her to call me regarding these papers. I was very specific about when I was available. No call. I called again. No return call. I called the third time, said I was home all day and would really appreciate a call in return. No call. I called again the 4th day. Again, explaining that I was unavailable after 2pm and would really appreciate a call before then. She called at 5. :glare: Left a rushed message that those were papers federal law mandates she send out, and she wasn't sure where we left things and if I had any questions to call her! Um, LADY, I'VE BEEN CALLING ALL WEEK!

 

So. I called the guy who did the mortgage on the house EX and I bought. He saw me the next morning (which was Friday--yesterday). I took all the documents I had put toget for the other bank and then told me the reason this bank was diddling around was because they can't offer me a mortgage because I have no credit and they aren't authorized (allowed? accredited? whatever) to do an FHA! She NEVER told me that! UGH!

 

So, Mortgage Man (herein referred to as MM) said, "You have no credit, so right now, we're going to create some for you." He had me get on the phone and had my utilities fax copies of my payment to him, including Netflix! (which, btw, you can print out yourself from your account page), he called the owner of my house and spoke with him, then faxed him a document to fill out, certifying I've made 62 payments on time. I then remembered I have a loan out with another bank for my medical bills, which won't show up on my credit report until it's paid off, so he had me call them to fax a statement. In the course of 2 hours, we had all the documentation needed to establish "unconventional credit" for FHA. He said he was very impressed I'd thought to come to the meeting with all the paperwork I had. He said most people don't and the process takes longer. I still need to fax him my tax returns and a statement from the state about my child support disbursements. I can get those next week. At the end of this, he was high-fiving me and telling me we were on the way. MM told me to "spiffy up the house" for the assessment. I'm not sure when that is; he said they'd call and make an appointment. So, I got new blinds for the living room (was planning on that, anyway) and new curtains for the bedroom. I have a plumber coming Wednesday to fix the stupid kitchen sink (yes, my sink is stupid), and I also have a friend coming Wednesday to help clean out the basement and haul off the junk (think Clean House).

 

Things are rolling! We're looking at a 3.7% rate for 30 years, and all closing costs, taxes and insurance fees are rolled into the loan. No out of pocket for me, unlike the stupid previous bank, who couldn't decide if the costs would be $1600 or $2900!

 

So, no school starting this week. Instead it's cleaning, painting, and hanging new window treatments. I'm calling my lawn boy to get out here to doll up the front yard; I want some curb appeal for this assessment! I told my boss Friday that I plan to have a headache and be irritable for the next 45-60 days. He sighed heavily. LOL

 

What a difference a MM can make!

[MrsBasil]

Good for you!

 

I like that your avatar is happy you found a decent MM to help you!!

[mommaduck]

Congratulations! And what a wonderful person (MM)!

[Harriet Vane]

Awesome! Way to take charge!!!!

 

On a different note, I think I'll tell my family that I am going to be headachy and irritable this month too. I am not signing a mortgage, but I am trying to plan four classes and still be superwoman at home, and I'm pooped. It's probably easier on all of us if I let them know now how it's going to be, lol.

[Blueridge]

Wow, how great for you! You are very blessed to have a MM who actually knows what he is doing, and has the work ethic to go the extra mile to see that you are treated fairly!