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Hurry Up and Whoa, the Underwriter Said ...

By Tina Gleisner

Services for Real Estate Pros with Home Tips for Women

May 05, 2012 04:48 AM

Are you getting a steady stream of home financing letters? My mailbox is starting to fill up with mortgage offers (3 or more offers each week) and catalogs I haven't seen in a while. The questions though, is who can you really trust? I'm ready to refinance my home but ...

Every once in a while I get to jump in with a personal story and today is one of those days. We started the refi process with our existing mortgage company GMAC, who I've liked because in the past they held their loans versus flipping them. I live in a wonderful condex in Hampton, NH ... with views of the harbor, and a short walk to the ocean beach. Our condex is 2 units and now I'm wordering why there are condo docs when there are no condo fees? The day before closing, GMAC left a message that it's another $2,000 for the "condo penalty". If you want to learn what this is about, read Condo Financing Comes with a BIG Penalty.

I'm worried that the home financing industry is already back to its tricks, and I've read so many horror stories on ActiveRain, I'm really not sure what to expect. My question for folks here at Active Rain is what % of your deals:

Closing on original schedule?
Closing after one or more delays?
Never getting to closing?

Will keep you posted on whether I get a deal I'm willing to go with or switch loan companies. from mortgage applicationt to closing

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Cheryl Thomson REALTOR Ret Army

United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA

Associate Broker in Northern Virginia

Hi Tina. I don't blame you to be cautious..you never know who has your best interest...what did you decide to do?

May 15, 2012 07:28 AM

Tina Gleisner

Home Tips for Women - Portsmouth, NH

Home Tips for Women

Cheryl, We decided to switch companies rather than get scammed ... and amazingly they came back & waived the extra half point, so closing is Friday now.

May 15, 2012 09:50 AM

Debb Janes

Nature As Neighbors - Camas, WA

Put My Love of Nature At Work for You

Tina, congratulations. I am happy that you resolved this - and with a better loan too! Good for you.

Jul 13, 2012 04:21 AM

Thanks Debb, Feels like it was a year ago that this all happened.

Well it's interesting & later someone also said that they can't change the HUD closing amounts after they've given them to me ... although obviously they do it all the time. Just a shame people have to take the abuse.

Jul 13, 2012 04:53 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Hi Tina -- glad to read in your comments that there was a happy ending to this story. While mortgage rates are at all time lows - the number of hoops, hurdles and hazards along the way can make a borrower(buyer) quite weary. We don't want to go back to the days when a pulse was qualification for a mortgage but things need to be streamlined.

Nov 01, 2012 01:56 AM

Wow, that seems like a year ago but it's not really. While we're saving a bit (most going to pay down principal), the real bonus with this closing was finding our new insurance agent. She even contacted me on Tuesday to make sure we didn't have any hurricane damage ... good old fashion, customer service!

Nov 01, 2012 08:04 AM

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

Tina you bring up a good point. The mortgage brokers were soooooo fat and happy back in the day that I'm also afraid they're going to come back with the old way of doing business. The new ones want some of that easy cash they have read about. Ho Hum!!!

Jan 04, 2013 10:40 PM

Chris & Dick, I'm afraid to say it but seems like lots of the same old stuff happening, i.e. people buying houses with no down payment? Wish we'd just go back to a minimum of 20% down or you're not ready to buy a house as I was just talking to a friend & they're ending up providing 100% of the down payment, it's stupid to let kids live beyond their means ... when & where will it stop?

Jan 05, 2013 04:53 AM

Wayne Zuhl

Remax First Realty II - Cranford, NJ

The Last Name You'll Ever Need in Real Estate

I don't think I've ever done the actual statistics, but once a deal is signed, it's rare for it not to close - maybe once a year?

On the other hand, I'd say the majority don't close on time - maybe 85% after one or more delays, and once or twice actually ahead of time. The date on the contract is rarely - maybe 10% of the time - accurate.

Feb 04, 2013 05:21 AM

Yes, I should have expected the delay but didn't appreciate if as I moved another meeting so I coudl be available on their schedule. Oh well & hopefully we'll only be buying 1 more home & then I can let the realtor worry about this nonsense

Feb 04, 2013 06:58 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Tina, the mortgage originators are sending out more information, and it is tough for the public to know which to trust.

Jun 14, 2013 10:14 AM

Roy Kelley

Retired - Gaithersburg, MD

Home owners and prospective home buyers need to be very careful with the selection of a mortgage company and the loan officer. And, all need to be alert for excessive fees.

Feb 05, 2014 11:04 PM

Inna Ivchenko

Barcode Properties - Encino, CA

Realtor® • GRI • HAFA • PSC Calabasas CA

I agree with Roy.

There are a lot of options there, but one should be careful who to trust.

Feb 28, 2014 04:33 PM

Hurry Up and Whoa, the Underwriter Said ...

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