1.) If you ever get the chance to buy a short sale, don't. I don't care how much money you'll save. Run, and run fast.
2.) Apparently 4 months is not long enough for a broker to get your affairs in order. Maybe 6 months is more appropriate.
3.) Make sure your mortgage broker did not get his degree from Online Degrees for $99.
4.) If your mortgage broker is calling you for information AFTER your appointed closing time, you might have a broker that got his degree for $99 from Online Degrees.
5.) Just because there's a mortgage crisis and banks are in trouble, don't assume they actually want your money. Apparently good credit and good jobs are strikes against you. (Maybe they get less bailout money if you actually pay your mortgage?)
BTW-We DID NOT close today. We likely WILL NOT close tomorrow. We MAY NOT ever close. We STILL DON'T KNOW ANYTHING. I am FRUSTRATED.
3 comments:
#1 - dont go thru a mortgage broker. They are generally crooked and dont know a damn thing (no training needed). Use a bank to get your mortgages. As soon as the deal was accepted by the sellers bank everything should have been done within a month.
#2 - If you are buying a house or refinancing, get to know your processor. They are the ones who actually get everything done on the loan, NOT the loan officer. LO's are just the facemen. You processor is the one who actually deals directly with the underwriter to get everything approved and they are the ones who know what you need to close.
And yes, I am a mortgage loan processor and now have no respect for brokers and even less for loan officers.
Sadly enough, it IS a bank, a big national bank at that. The same one we've used for years and bought two other houses and some land through, it's just a different loan guy since our usual lady was promoted...
So I've decided we need to write you in to HGTV, and have them start a new show called "Home Buying Nightmares". And of course you and Shep will be the premier episode!
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