seeking my first mortgage. Recommendations to tidy up before I go apply?

[awp317]

Well IM still waiting for a formal bank response. The LO said that my assets should more than make up for the 45% overage, so he insisted on asking to borrow that amount. 

Because this annoyed me I have gone and looked at other banks. Looking at a couple local banks, and wells fargo.

I do have another question. I currently have a Line of credit for my business with this bank. As of right now the collateral is my house, and this is the only lien on the property. I was told 6 months ago when I started looking for a house that they would just transfer the collateral. Now I have been told I need to close it out and re open it on the new house, and that it would be much more difficult since it is no longer the only lien on the property. However After my downpayment and house sale I should have less than 50% of the appriased value borrowed against the house, why would this be a problem? My big problem with this is its a second closing, and I would loose my 2.75% apr thats on it. 

[awp317]

I went to a second bank and was pre approved at 4.375% on a 30 year fixed. My first bank "thinks" he can get me 3.795% but is still waiting for underwriting and appraisal before he can confirm. Atleast I have money for closing on the 15th of november. 

[awp317]

Well figured I would update this, the 15th has come and gone, Im still not closed. 

The problems started when my offer was accepted as contingent on the sale of my property, I do have an offer on my property but its not set to close until the 20th of december. Since I missed the 15th of nov closing date for my house, the sellers now want to remove the 3% closing cost assist, and make it non contingent regardless of the sale of my property and close on the 15th of december. Built in to my contract thanks to my realtor is a 20 day extention with existing terms no matter what allowing me to close on or before the 5th of december, But beyond that the sellers could demand more, take away current negotiated extras, or walk, whatever way I loose the house. IM just so frustrated. My bank is willing to approve the loan while I still own my current house, I just dont want to be stuck with both houses, as part of my down payment is from the proceeds of my house, meaning until my house is sold, my mortage payment is almost 45% higher until mine sells. I could put more cash down from savings/investments. But I hate messing with my assets when I dont have too. Im not sure what to do at this point. I really love the house, But I almost dont want to buy it because of how much of a jerk the seller is being, especally when theres a couple other houses out there that I do really like. Its just they are more expensive and im starting the buying process over again. The other stickler is BB&T does have me locked in at 3.75% but that lock expires on the 12th of december. Whats annoying however is im starting to loose the excitement of buying a house.