@Amythyst wrote:But, I'm the same way as you... I just keep thinking something is going to happen like this can't be true or this can't be so easy... I read lots of mortgage horror stories on the boards and I get so freaked out that mine is just going smoothly. Its funny that we seem to panic more about stuff when nothing bad is happening afraid that something bad will happen then if it just didn't go smooth right from the get go.
I pepper my loan officer with questions all the time because I'm scared I will find out I owe more money then they have told me or they'll find something in my file that they overlooked before ... but he's really patient with me and always responds and assures me. I went with a local smaller builder and they seem to be very customer focused and informative.
They basically told me to relax and enjoy the process instead of freaking out so much.
They let me do my earnest money deposit in monthly payments, they let me push my closing date out really far from what they would have wanted just so I could save up more money, they agreed to give me more closing cost assistance then they would usually give, my lender allowed me to do an 80 day lock in for free and I get a 1 time rate reduction if the rates go below what I locked in. I'm getting a lender credit as well.... so far, I'm super happy with the process. I just need to stop worrying so much.
You really do. We just closed on our house last wednesday. It was a new construction. Late in January we were pre-approved, but we needed a point or two on my wife's credit scores before we could close. We had tons of time, as they weren't even set to excavate until March, but we wound up getting her score way up by the end of February. Anyway, the process was very simple and smooth. When a builder is putting their own money upfront to buy a lot, secure permits, pay for materials, and salaries, and so forth to start construction - they require a very firm, well-researched commitment from the lender to make sure that their is a very high likelihood that you're going to get the loan when the house is completed. It's very unlikely they would have overlooked anything that could tank your chances at closing.
Our loan officer was terrible. Getting any information out of her was incredibly difficult. she's an older woman, she's not well-trained with computers, and she thinks all she has to say, to ANY question is "relax, i'll worry about everything, you relax". So the actual loan officer made our process far more stressful than it needed to be. The truth was, our credit reports were very clean, we had the necessary funds in our account, and there really wasn't much to worry about.
If you have a loan officer that responds, and answers questions as honestly and efficiently as possible, then you're all set.
My process hasn't been quite like this. My builder just required the pre approval letter from the lender to start building. I actually haven't even met my loan officer face to face yet or even signed a form. (I'm not using preferred lender either). I have faxed paystubs, W2s, etc to the loan officer to receive the pre approval but I'm fairly certain UW doesn't even know I exist.
Your lender sounds amazing! Who is your builder?
Starting Score: 593They marked the lot with flags and paint spray and they will start digging at the end of this week. They scheduled the delivery date for the end of October. We have to meet with the construction manager soon but he didn’t call us yet to schedule a meeting.
