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Home Equity Loan

RobertJ
Established Contributor

Re: Home Equity Loan


@Adkins wrote:

All county offices were closed yesterday, so I got the new deed registered and the property taxes paid today. I called discover and had them set up two files to upload the documents into. Now I'm waiting for a call from them, asking permission to pull our credit one more time. It would be nice to get that call today, but I'm not holding my breath on it. 

 


 Holy moly, what a process.  Best of luck going forward and thanks for keeping us updated.




Message 31 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

We are still waiting to move unto underwriting because, according to our loan processor "the deed still needs to "indexed" for them to update on the Title Report. Indexed meaning it has to show on public records and since documents were recorded on the 4th, the county is currently behind about a week in indexing." Estimated date to be done is the 11th or 12th. As soon as it does, we can move on. 😒

Last HP 05-21-2022



Message 32 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

I got a call from Discover on the way home from work this morning. The deed showed up in the county's system and Discover was ready to move forward. However, since it had been so long, they wanted to pull our credit again. I gave permission and my phone started buzzing like crazy with all the notifications. 🤷 Hopefully we'll hear from them in the next few days. 

Last HP 05-21-2022



Message 33 of 54
tcbofade
Community Leader
Super Contributor

Re: Home Equity Loan

You got this!

 

Good luck!

05/02/22 Fico 8: EX 780, EQ 783, TU 772.
05/05/22 Fico 9: EX 769, EQ 766, TU No idea.

Zero percent financing is where the devil lives...
Message 34 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

I got an email Thursday afternoon from discover. My loan processor noticed that our house was listed as being in a flood zone. This was news to us, so I checked online and sure enough, our house is literally on the edge of a Flood Zone A. Our processor was surprised the computer prompted him to get it because this should have been caught early in the loan process.  So, now we are going to need flood insurance to match at least the price of the loan. And we need to have a policy by Wednesday. I spent my Friday morning on the phone with our homeowners insurance people, getting a policy set up. Unfortunately, since I needed to sleep, I'll have to finish it on Monday (they are, thankfully, open. My DH was working and couldn't do it.) We are having the worst luck ever or discover is really incompetent in our particular loan process. 👎👎

Last HP 05-21-2022



Message 35 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

And everything has been sent to the underwriters as of this morning. Unless I get an email or call for something else, now we are waiting for final approval. 

Last HP 05-21-2022



Message 36 of 54
ridgebackpilot
Established Contributor

Re: Home Equity Loan


@Adkins wrote:

 We are having the worst luck ever or discover is really incompetent in our particular loan process. 👎👎


I had the same experience with Discover. Even though we disclosed a 2nd mortgage on our property in our initial application, Discover didn't wake up to the fact that we have one until the underwriters caught it. That was enough to kill the deal for us. Incompetence! Hopefully you'll have a better outcome.

 

Message 37 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan


@ridgebackpilot wrote:

@Adkins wrote:

 We are having the worst luck ever or discover is really incompetent in our particular loan process. 👎👎


I had the same experience with Discover. Even though we disclosed a 2nd mortgage on our property in our initial application, Discover didn't wake up to the fact that we have one until the underwriters caught it. That was enough to kill the deal for us. Incompetence! Hopefully you'll have a better outcome.

 


Yeah, I would not recommend them at this point. 

Last HP 05-21-2022



Message 38 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

And we're finally here:

Finally!!Finally!!

Last HP 05-21-2022



Message 39 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

We have approval BUT they need a copy of the full trust. We only sent the amended version, so we're waiting on our financial people to send us a PDF of the entire document. I'm fairly certain we had a copy of it at home, I'm just not sure where it got stashed at. 

Last HP 05-21-2022



Message 40 of 54
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