i am under contract to close on a house approx one month from today. i have already applied for a mortgage about 2 weeks ago. the bank is now coming up with newer requirements and additional documents every day. what bothers me is that once i comply, they sit on it for at least 3-4 days before asking for new things. (standard answer: our specialist is reviewing your case) they have given me fax as the only option to submit documents and most of the times -'oh.. we didnt get your fax"..
what can be done in this situation? am i totally at the mercy of these cronies now? can i threaten them with going to another bank? is going to another bank even an option left in front of me? (after thought - i do realize that another bank is not going to be any friendlier than this one!)
2007-07-09 09:50:07 · 7 answers · asked by irobot 1 in Business & Finance ➔ Renting & Real Estate
The only way to pick a mortgage company is to talk to friends that have gotten a mortgage recently and they are happy with the service. Working with the bank you have a checking and savings account with seems smart, but it rarely works.
There are lots of good mortgage companies out there that do their work in a timely fashion.
If you were here in North Texas I could tell you some very good local loan officers to use. Pick someone that allows you to walk in and talk to the loan officer face to face.
2007-07-09 09:59:33 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
Don't go for any of the scams here, you will loose more then the house!
Actually, these things usually are a PIA, more so if you have credit issues, there are liens on the property, or anything else out of the norm.
Talk to your real estate agent. They have a vested interest in helping you get this loan taken care of. They very likely have a couple of favorite mortgage brokers that they know will be able to get you an appropriate loan in the time frame you require.
2007-07-10 13:19:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Rely heavily on referrals if and when you need your next mortgage. Stories like yours are everywhere. Our goal is to close a loan in 2 weeks. It surely can be done but you need everyone on the ball. And, yes, you can pick up your marbles and go play somewhere else. Depending on your timeframe you may want to - hard to say without more info.
We're www.nationsfirstloans.com -- you can email me for info or advice. Too many folks just call up the local bank - this is such an everyday story I'm sorry to say.
2007-07-10 11:07:45 · answer #3 · answered by Giardini 1 · 0⤊ 0⤋
The quality of service you are receiving is unacceptable. If this is an example of how they are going to handle your loan request your closing will be late, your lock will expire, and you may not get what you were promised anyway.
You ALWAYS have the option of going to another lender. You have plenty of time right now to apply to a new lender and make your closing date. If the appraisal has already been done, it can be reassigned to the new lender.
Look for a loan officer who has the ability to approve you on the spot subject to the appraisal and any closing conditions. at application, supply them with everything you have given your current lender and ask for a written list of any other documentation they think may be required.
With today's technology there is no excuse for this. Your loan officer hasn't done their job. You deserve better service, demand it.
2007-07-09 17:04:14 · answer #4 · answered by mazziatplay 5 · 1⤊ 0⤋
If they are giving you a good rate, stick with them. Maybe you should call to confirm receipt after you send them a fax. I assume that they know the deadline and have agreed to meet it. Getting a mortgage and closing on a house is always a complex, muti-step process.
2007-07-09 16:53:59 · answer #5 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
of course you can ALWAYS go to another bank. Did they approve your loan yet have you signed any docs? if u haven't then go to another bank and say the words "time is of the essence" it's real estate lingo meaning i need this A SAP. Trust me you'll sound more like u know what u r talking about...enough to get the job rushed at least.
2007-07-09 16:56:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
i'm a loan consultant, once you have had an inquiry into your credit report you have 14 to shop around for the best loan for yourself without it neg. affecting your credit score. its called de-duplication (www.creditinfocenter).com your local bank will take a long time, a broker will get your loan done very quickly 3-5buis. day just have to be careful they aren't "shady" because well to be honest the buis. can be shady. and of course. Our web-site may help answer additional questions www.equityconsultants.com
2007-07-09 17:02:38 · answer #7 · answered by Anonymous · 0⤊ 1⤋