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Mortgage cluster....

New Visitor

Mortgage cluster....

I have been in the process of qualifying for and getting a home now for over 50 days.  Original mortgage broker said "you should be no problem whatsoever" Well after 30 days they came back with 37 conditions and wanted 5% down for a VA Loan.  Went to a different company and they got me "approved" but communication has been less than optimal.  Got told on a friday morning (Oct 26th) that I would be signing docs as soon as they were received and that I could use a mobile notary or go to the escrow office (over an hour away) this was at 9 AM.  Well come 2 PM I hadnt heard anything so I called the LO and she said they were being sent over right now and that I would have to go to escrow but she would call me back in 10 minutes to make sure.  By 3 PM she still hadnt called and I left for escrow got there and found out that I had blindsided escrow by showing up and they just got the docs about 5 minutes before I got there.  Is this normal?

Message 1 of 5
4 REPLIES
Moderator

Re: Mortgage cluster....

No, not usually. I have found that those types of closings sometimes happen with bank owned (REO) properties. Their title companies are generally the worst and they rely on mobile closers/notaries who know nothing about the transaction. Even if you use the escrow co they don't provide the paperwork on time - its always a last minute rush. Did you purchase a bank owned property?

Message 2 of 5
Valued Contributor

Re: Mortgage cluster....

 


crzysailor wrote:

I have been in the process of qualifying for and getting a home now for over 50 days.  Original mortgage broker said "you should be no problem whatsoever" Well after 30 days they came back with 37 conditions and wanted 5% down for a VA Loan.  Went to a different company and they got me "approved" but communication has been less than optimal.  Got told on a friday morning (Oct 26th) that I would be signing docs as soon as they were received and that I could use a mobile notary or go to the escrow office (over an hour away) this was at 9 AM.  Well come 2 PM I hadnt heard anything so I called the LO and she said they were being sent over right now and that I would have to go to escrow but she would call me back in 10 minutes to make sure.  By 3 PM she still hadnt called and I left for escrow got there and found out that I had blindsided escrow by showing up and they just got the docs about 5 minutes before I got there.  Is this normal?


 

is this through a bank (REO) or a normal seller? Have you been under contract before and how were you able to get out of them? I would probably fire the LO and try to find a way out of the contract. Try to use someone local and stay up there butts.

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Message 3 of 5
New Visitor

Re: Mortgage cluster....

No it was a normal sale, a new construction that was part of their inventory.  My first loan didnt get qualified like I had planned so prior to signing I turned it down and went with the lender that the builder normally uses and I have not been too impressed with thier service.  My mid score is 641 and for some reason I have had a lot of problems getting qualified.

Message 4 of 5
Valued Contributor

Re: Mortgage cluster....

Have you looked into FHA? 

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Message 5 of 5