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Home Loan Process Is Stressful

Contributor

Home Loan Process Is Stressful

Just venting, but last night I was wondering if all of this is worth it. Our LO said we passed the automated approval and our file goes to UW tomorrow or Friday. I guess the LO is being thorough, but she's asking for copies of everything the UW "may" ask for in advance. I guess it's better than waiting on the UW to request it, but I keep thinking some of the stuff she want's won't even be an issue.

 

Examples:

 

  • I just found out there is a state tax lien from 2005 that I called and confirmed I have to pay. It won't fall off until 2015. My LO said not to pay it until the UW asks us to. She said this is because we'd have to source the funds all over again. I asked could a family member pay it for us, and she said that it would pop up as gift funds. We already have more than enough in savings for our down payment, and the seller is paying all closing
  • I have a car from a tote the note lot. The payfoff is $4000 and the payment is $320. I disclosed this info to her in case they saw the payments from my checking account, but it is NOT reported on our creit report. Now she's adding the payment to our DTI, which isvery low, so not worried about that. Now she wants to add the account to a supplemental credit report and rescore me?

I am just venting, but have any of you heard of doing a supplemental credit report with a lot financing car loan? It makes me wish I never disclosed it, but I was being honest up front on our DTI. Even with adding the car payment our DTI is 11% without the mortgage payment and 31% with it.

Message 1 of 10
9 REPLIES
Moderator

Re: Home Loan Process Is Stressful


xecutech wrote:

Just venting, but last night I was wondering if all of this is worth it. Our LO said we passed the automated approval and our file goes to UW tomorrow or Friday. I guess the LO is being thorough, but she's asking for copies of everything the UW "may" ask for in advance. I guess it's better than waiting on the UW to request it, but I keep thinking some of the stuff she want's won't even be an issue.

 

Examples:

 

  • I just found out there is a state tax lien from 2005 that I called and confirmed I have to pay. It won't fall off until 2015. My LO said not to pay it until the UW asks us to. She said this is because we'd have to source the funds all over again. I asked could a family member pay it for us, and she said that it would pop up as gift funds. We already have more than enough in savings for our down payment, and the seller is paying all closing
  • I have a car from a tote the note lot. The payfoff is $4000 and the payment is $320. I disclosed this info to her in case they saw the payments from my checking account, but it is NOT reported on our creit report. Now she's adding the payment to our DTI, which isvery low, so not worried about that. Now she wants to add the account to a supplemental credit report and rescore me?

I am just venting, but have any of you heard of doing a supplemental credit report with a lot financing car loan? It makes me wish I never disclosed it, but I was being honest up front on our DTI. Even with adding the car payment our DTI is 11% without the mortgage payment and 31% with it.


It sounds like you have a good LO.

Both the tax lien and the car payment are important to disclose as they are both debts and the mortgage application requires you to disclose your debts even those that don't appear on your credit report.

 

The u/w is supposed to have a complete file to review in order to expedite your approval. The process runs much more smoothly if the LO and processor have done their jobs well by providing what the u/w needs.

Message 2 of 10
Valued Contributor

Re: Home Loan Process Is Stressful

Unless I find a home I can make an asset, I hope to never get involved in one that is a liability.

 

Just to much stress from what I read on here, and here current home owners talk about at work, or wherever.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 3 of 10
Contributor

Re: Home Loan Process Is Stressful

I am sure it will be worth the wait in the end. I just thought adding the car to my credit report when they don't report was odd. Heck, they even hand write me a receipt, so no computer printout is even available!

 

Thanks for the feedback. We love the house, and after cleaning up our credit the past year, we are very excited. I just didn't know it was this much work dealing with the mortgage folks.

Message 4 of 10
Member

Re: Home Loan Process Is Stressful

most likely it will improve your score as long as you haven't missed payments. I think it's a good thing now the lien thays another story. good luck
Message 5 of 10
Contributor

Re: Home Loan Process Is Stressful

Yeah, the lien did concern me, but it's from 2005 and the LO said they will want me to pay it and confirm that it won't deplete our funds for the down payment. The state said they will give me the docs confirming the lien release the same day I pay it. I doubt paying it will improve or decrease my score, even if it did, it's only reporting on my lowest score and our loan is based on my wife's middle score.

 

I am more relaxed today with the process than I was a few days ago. I have decided that we have done all we can do on our part, and we haven't lied or hidden any information that they already based our pre-approval on, so we just have to relax and wait.

 

The only thing now is I think this will move our closing date, which if they approve the loan, I can wait another week later. Smiley Happy

 

I think we are just experiencing first time home buyer jitters.

Message 6 of 10
Established Contributor

Re: Home Loan Process Is Stressful

I just closed on my first house December 31 so I can relate to your jitters.
If it helps my DTI was 49% which in 2014 will be much stricter with FHA that's why we squeezed it in before the end of the year.
Just know everything will work out and it will all be worth it.
CS 728- 01/13 from 554-12/11
Goal: 800
Message 7 of 10
Contributor

Re: Home Loan Process Is Stressful

Just an update, but we did close on our home last Friday. Been so busy moving, so haven't had a chance to get online. Thank you to everyone on here that has provided advice the past few months!!!

 

Thank you.

Message 8 of 10
Regular Contributor

Re: Home Loan Process Is Stressful


xecutech wrote:

Just an update, but we did close on our home last Friday. Been so busy moving, so haven't had a chance to get online. Thank you to everyone on here that has provided advice the past few months!!!

 

Thank you.


Congrats on making it to the other side of the process. I bet you're relieved now and enjoying the new home!

Message 9 of 10
Regular Contributor

Re: Home Loan Process Is Stressful


xecutech wrote:

Just an update, but we did close on our home last Friday. Been so busy moving, so haven't had a chance to get online. Thank you to everyone on here that has provided advice the past few months!!!

 

Thank you.


Congrats!



Message 10 of 10