In UW for 3 wks, and I know nothing...

[racer-x]

Denied.

[TimeToRecover]

Oh no.  what happened?

[racer-x]

I pulled the plug.  I could have made it happen, but as i said earlier, i was losing interest fast and I did.  It's all good though.  It was a snap decision to buy a house this year.  I wasn't ready and I knew it.  I'll be in better position in a year.  More saved money.  Lower debt.  Even higher scores than my current.  I am a firm believer that it all works out for the best.

Chalk it up as a learning experience.  Moral of the story....STAY AWAY FROM MORTGAGE BROKERS.

It is awful peculiar how the broker and realtor have been blowing me up today to try and close the deal.  Offering solutions, telling me don't give up...yada yada.  I'm over it.

Thanks for all the well wishes.  Good luck to the rest of yas.

[TripleD4Lyfe]

Hey I just got crock of bull from my broker too, but luckily I have started the process with a actually mortgage banker.  Right now my file is with the processor getting all of the required documents.  My broker called me and said that the company that she works with, doesn't work with them anymore.  She said that she hd been lied to this whole time. (BS)  I was not mad becasue I had already began the process with this company that I am working with now, but I had the walk-through in the house yesterday, and the house that was built beside mine, the buyers were moving in already. (we started the process on the same day).  My broker called me and said that she will look for other lenders, but I told her not to waste her time because I have already went through another lender.  All of a sudden she was said, 'I got you a conditional approval."

  This amused me because still I haven't filled out any paperwork, because I applied for a VA Loan, and the appraisal haven't taken place, how can this be true?  I told her I am not going to work with her anymore because I've been in this process since March and if I was disapproved, she should have been told me and not dragged me alone this whole time. 

  With the other company I have paid for my appraisal, it has been ordered and most likely completed, they are just waiting for the documentation.  And I've filled out a 50 page loan application/documents along with submitting all kinds of documentation.  I feel a lot stronger about this process.  My credit is not too strong, as I am pushing a 625 and my DTI is kidna high, but I am over the 20 percent residual income.  Just like it was said before, DO NOT USE A MORTGAGE BROKER...USE A MORTGAGE BANKER, as I am learning the process the hard way.

[StartingOver10]

It is unfortunate that mortgage brokers have that reputation....I haven't used a mortgage broker in many years. All the lenders I work with fund their own loans (mortgage bankers/correspondent lenders) - and the service you get from a mortgage banker is heads and shoulders above many mortgage brokers IME.

Racer-x, don't let that bad experience with the mortgage broker keep you from getting a home. Buy when you are truly ready and go to someone that actually funds their own loans.

I'm sorry you had a bad experience. I hope the next one is successful - and pleasant - to make up for this one.

[topa]

---

@StartingOver10 wrote:

It is unfortunate that mortgage brokers have that reputation....I haven't used a mortgage broker in many years. All the lenders I work with fund their own loans (mortgage bankers/correspondent lenders) - and the service you get from a mortgage banker is heads and shoulders above many mortgage brokers IME.

Racer-x, don't let that bad experience with the mortgage broker keep you from getting a home. Buy when you are truly ready and go to someone that actually funds their own loans.

I'm sorry you had a bad experience. I hope the next one is successful - and pleasant - to make up for this one.

---

I'm going through the same pain - and pretty much gave my LO the ultimatum today. He's got until Wednesday to give me an answer - after that - I will move to a banker.

The bad part is that now I have over 10 pulls in the last month (most count as 1 anyway), but what a waste. After 2 months going out to different brokers, I still don't know if I qualify or not. Amazing...

[topa]

Correction on my post above. I just checked with my LO and the company is a direct lender - LOL. Maybe I just have the wrong lender?

Either way, we gave him until the middle of next week.