Mortgage Loans

[frugalQ]

Started the process on June 17th....closed on 10/25.

Before closing, LO sent the HUD sheet that said we only needed to bring $245 to closing. The last GFE that I received before today said we needed to bring $1,250. So, we got to add $1k to my savings.

I'm happy it's over. Closing and getting the extra $$ were the only two positive experiences during this process.

My lesson learned is to never deal with big banks for our mortgage needs again!!

[webhopper]

Congrats! I started my streamline refi on july 30 and we closed oct 22. Pretty painless process. We got to sign docs at starbucks. I'm confused, did you have to pay an additional 1k?

[frugalQ]

Congrats to you!!!

My LO told me I needed $800 to close, the GFE that I got in the mail said $1,250. I got this the day before the underwriter denied the loan because I only had $1000 in the bank account that I provided to them. (That's a whole separate story).

LO had to get mgmt involved and they overturned the denial....but was still told I needed $1,250. I had the funds just not in that account, and I was too pissed with them to extend the process by fighting it. I went to closing fully expecting to pay $1,250 because I was not sure what the HUD document was telling me.

I ended up paying only $245. My LO said they adjusted the credits which brought my closing costs down by $1K.

I'll take the $$$, but I don't ever want to go through the mortgage process with a big bank again.

[webhopper]

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frugalQ wrote:
Congrats to you!!!

My LO told me I needed $800 to close, the GFE that I got in the mail said $1,250. I got this the day before the underwriter denied the loan because I only had $1000 in the bank account that I provided to them. (That's a whole separate story).

LO had to get mgmt involved and they overturned the denial....but was still told I needed $1,250. I had the funds just not in that account, and I was too pissed with them to extend the process by fighting it. I went to closing fully expecting to pay $1,250 because I was not sure what the HUD document was telling me.

I ended up paying only $245. My LO said they adjusted the credits which brought my closing costs down by $1K.

I'll take the $$$, but I don't ever want to go through the mortgage process with a big bank again.

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I feel you, I went through 3 banks before I turned to a Mortgage Broker earlier this year... one of the banks pulled my credit 3 times (once per month) even though they denied me after the first pull (i had some inaccurate info reporting).  One of the banks, the one that issued the pre-approval, denied me after I was under contract. the sellers bank pulled my credit twice, just to take a look to see if they could help me, but they offered no help, and no advice.

The mortgage broker pulled my credit like 5 times, but they finally got me approved and my loan was sold to wells fargo.

It was a nightmare!  I walked away from that closing with over 15 hard inquiries on each report...

[Shogun]

Congrats!!!!!

[frugalQ]

Thank yo Shogun!!

I talked to a realtor who is in the process of refi-info her home with another big bank. She told me that she was supposed to close in July...and is still waiting. She got the same response I did about the increase in apps.

The banks knew these new guidelines were coming...they should have been more prepared. Thankfully, I wasn't in a dire financial situation, so I could wait it out. But, I feel bad for those who are in dire need to reduce their mortgage. Having to wait 5 months to complete a streamline refi is ridiculous.