@lmh6 wrote:
@Anonymous wrote:
@lmh6 wrote:
@Anonymous wrote:
Imh6 when did you find out you had to show reserves? Is the amount of your reserves just two months of your mortgate payment?Sorry for the late response...I forgot to check in on this thread after I posted.
My LO told me about the reserves requirement prior to my preapproval. I asked what all was needed to get approval and reserves was one of the items. It's 2 months of mortgage payments (PITI- payments, interest, tax, insurance)
It could very well be a lender overlay. I'm going through Chase, and I've heard a lot of complaints about their process
Do not go to Chase. I'll be positing my story about them soon.
I'm already in bed with them. I read about you having difficulties with them after I had already applied. I've already gotten the Inspection & Appraisal done. The underwriter has looked at the file once and requested additional information. I'm waiting now on followup. I'm just praying I don't have any major issues and can close on time
Eh, people generally only post negative stuff online and that's just a fact of Internet life. Chase closes an absurd number of mortgages.
Chase was just fine for me even the first time, second time was stupidly easy: every holdup was my own fault and they still cut through the process like butter. Like anywhere it depends who you get for a LO: I happened to get a good one who had an excellent reputation even inside Chase and apparently for good reason. On the whole statistically there may be better options, but don't sweat it yet.
