We applied for a mortgage last week. We had our appointment on Monday afternoon. By the time we finished, it was too late for them to work on it. He told us that they were a little behind because it was the end of the month crunch time. He said it would be 7-10 days. Wed. they closed early for Thanksgiving and were closed til Monday. Hubby called yesterday, and she was just starting to work on it, and then it had to go to underwriting, where it would take 24-48 hours. She said we should hear by Thursday. I keep checking our reports, but they haven't pulled them yet. I'm so nervous, and want the waiting to be over. Hubby thinks it'll go through no problems (he's the eternal opptimist, I'm the pessimist--but I prefer realist!) I won't feel good about it until I know for sure. I'm hoping they get it done early, like tomorrow!! (or now! LOL)
in this day and age... If you can BREATHE, you can get a mortgage. (even if you had bad credit, no SS#, no money, and no brains!!) so, if you one has even two of the things metioned... YOURE A SLAM DUNK
well, we don't have any $$$ to put down. our broker is rolling our closing costs into the loan, and no down payment. But, our debt/income ratio is sketchy. There are alot of little things that could go wrong. Hubby is right, and it'll all probably go as planned. the broker that we're dealing w/ is a senior broker in this firm, and does a lot of the approvals himself. He told us that he wouldn't waste his time if he thought he couldn't get us approved. As long as he can get us approved w/ the terms that he told us, I'll be so excited. 2 more days
Unfortunately, it is rather foolish to get a mortgage if they are going to charge you 21% interest...so whether or not she gets the mortgage probably isn't really her concern, but rather if she gets it with acceptable terms. L
yes, whyspers, you're right. Well, getting it at all is making me nervous too, but getting a decent one is just as important. Right now the rate for Maine State Housing is 4.95% (or it was before Thanksgiving) He told us the rate changes once a month, at the end of the month. So, I have no idea what it's at today, but whatever it is, it should stay there for a few weeks. If we get the mortgage, and find something we like to put under contract by the end of the month, we should still get a great rate. I just hope they approve us!!
Not completely right Nestea. If you can breathe, and you have no unpaid chargeoffs or CA's after you, then you can get a mtg. The ficos's and the fakos are negligible if you don't mind paying a higher intrest rate.
Our reports aren't a concern for me at all. I have no derogs left, and hubby has one but it's old. Scores are good. It's the debt/income, and the fact that we have no $$ in our accounts. Broker isn't concerned, and we'll have the $$$ that we he told us we need to come up w/ upfront, but there are just too many things to worry about for a worrier like me! LOL Now that our credit repair is almost done, I'm focusing on this to worry about! Thank God Christmas is coming, because it's giving me something else to focus on!
Tracy I'll be thinking of you! good luck , just try to stay busy I guess while you wait. Did you try any of the mortgage calclulators? When i put in our debt/income info they gave me the amount we would be approved for and it was right on with what the mortgage company told me. anyway congrats on your great credit, all your hard work, and make sure you post right away with your good news. jody
I got an A paper, conforming mortgage about 8 months ago with NOTHING but unpaid charge-offs and collections. I had to pay everything at closing. I only had 1 paid as agreed acct. Sad I know.
