topic Re: Mortgage Stress in Mortgage Loans

Mortgage Stress

ozzman469 — Thu, 01 Feb 2024 16:27:33 GMT

I don't think I've ever been this stressed out. Started a new job at the beginning of the year making significantly more money. This required me to relocate across the country. Found a house my wife and I both like and started the mortgage process last week. I'm a little over a week into the process and submitted the last piece of information they required this morning, the first paystub. I'm 76 documents submitted in and hope there's nothing else. My wife and kids are waiting until we close to move here and I'm bumming it out in the back of my car in the mean time as I'm too cheap to try and get a hotel room every night (expensive as hell too).

Re: Mortgage Stress

Horseshoez — Thu, 01 Feb 2024 16:56:53 GMT

Hang in there; it will only get better.

Years ago my wife and I built a custom home and all of our modifications and upgrades were on a cash basis, by the time of our closing we literally had less than $10.00 in our accounts, combined. Fortunately our new mortgage was for 80% of the property and the cash we had in far exceeded the 20% down payment, so we got a check for a tidy sum at closing. I actually had to borrow $20 from my attorney to pay for parking as the lot didn't take credit cards.

Re: Mortgage Stress

ozzman469 — Thu, 01 Feb 2024 17:17:26 GMT

Thanks. This breaks from our traditional method of renting first until we get settled into the area. What's different is that we're moving relatively close to the same area we moved from a few years back. I know my wife and kids are anxious to get back here, as so am I.

Re: Mortgage Stress

NoMoreE46 — Mon, 05 Feb 2024 03:08:35 GMT

Best of luck on the process. I was not happy with the amount of quarterbacking I had to do between the UW team, my broker and the title company when we bought two years ago. Looking back, it was worth it though.

Re: Mortgage Stress

ozzman469 — Mon, 12 Feb 2024 17:57:40 GMT

I'm in the home stretch now. We locked in our intrest rate today and the mortgage company is scheduling our closing with the title company for this Friday. I'm in shock that this entire process less than 30 days. Also relieved it went this quick because it just means my family gets to move up here sooner.

Re: Mortgage Stress

pizzadude — Mon, 12 Feb 2024 18:05:53 GMT

Congrats on getting closer to the end of the process, and hopefully no last minute requests from underwriting.

30 days from start to finish is actually pretty good - who is your lender ?

Re: Mortgage Stress

Horseshoez — Mon, 12 Feb 2024 18:07:11 GMT

@pizzadude wrote:

30 days from start to finish is actually pretty good - who is your lender ?

Beat me to the punch, I was going to ask the same question.

Re: Mortgage Stress

ozzman469 — Mon, 12 Feb 2024 20:53:09 GMT

We used Benchmark Mortgage. Small outfit that specializes in VA mortgages. Had a realitor friend who I served with in the military recommend them.

Re: Mortgage Stress

ddamage — Mon, 12 Feb 2024 21:25:36 GMT

Ozzman,

nevermind didnt realize Ozzman was the OP. I wanted to ask you your experience with Benchmark if you don't mind Sir but just realized you were the one who started this thread smh lol. Come May I will be 2 yrs post Ch 7 and like to move back to Texas and buy a home. Currently in the process of selling my home here in New Mexico. Thanks.