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Home Equity Loan

expatCanuck
Super Contributor

Re: Home Equity Loan


@Adkins wrote:

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. 


I feel your pain.  About 3 years ago, TD (which I rather like as my day-to-day bank) took so long to process a HELoan that a second pull was needed.  I've since refi'd and consolidated, and refi'd again. 


2022 Goal: save 3 months' net income

Starting FICO8: 666 (give or take)  [ Last INQ 15-Mar-2022 ]
EQ8145 INQ (2 CC 2 mort, car)7y0m
EX7986 INQ (4 CC, 2 mort)6y11m
TU8272 INQ (2 mort)6y5m
4/243/12AoYA 2m | AoOA 23y4m< 1%
Message 41 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan


@expatCanuck wrote:

@Adkins wrote:

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. 


I feel your pain.  About 3 years ago, TD (which I rather like as my day-to-day bank) took so long to process a HELoan that a second pull was needed.  I've since refi'd and consolidated, and refi'd again. 


That's a bummer. 

Last HP 06-03-2022



Message 42 of 54
expatCanuck
Super Contributor

Re: Home Equity Loan


@Adkins wrote:

@expatCanuck wrote:

@Adkins wrote:

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. 


I feel your pain.  About 3 years ago, TD (which I rather like as my day-to-day bank) took so long to process a HELoan that a second pull was needed.  I've since refi'd and consolidated, and refi'd again. 


That's a bummer. 


In the scheme of things, no biggie.  We got the loan, which allowed us to create a nicer backyard living area with space to entertain.  In three seasons, anyway.  When we have another 10-15K to invest, we'll make it a 4-season room.


2022 Goal: save 3 months' net income

Starting FICO8: 666 (give or take)  [ Last INQ 15-Mar-2022 ]
EQ8145 INQ (2 CC 2 mort, car)7y0m
EX7986 INQ (4 CC, 2 mort)6y11m
TU8272 INQ (2 mort)6y5m
4/243/12AoYA 2m | AoOA 23y4m< 1%
Message 43 of 54
tcbofade
Community Leader
Super Contributor

Re: Home Equity Loan

...and now it's Feburary.

 

Any news?

06/01/22 Fico 8: EX 746, EQ 768, TU 763.
06/06/22 Fico 9: EX 735, EQ 765, TU No idea.

Zero percent financing is where the devil lives...
Message 44 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan


@tcbofade wrote:

...and now it's Feburary.

 

Any news?


As of five days ago, it was in the final stages at underwriting (according to our loan officer). 🤷

Last HP 06-03-2022



Message 45 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

And finally got our closing papers!  The three day wait starts today and since it's Thursday, and the weekend doesn't count, we can finalize the loan on Thursday, the 17th! 

Last HP 06-03-2022



Message 46 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan


@Adkins wrote:

And finally got our closing papers!  The three day wait starts today and since it's Thursday, and the weekend doesn't count, we can finalize the loan on Friday, the 18th! 


And we live in a state that requires the papers be signed in person, and notorized. 🙄🙄 So we have an appointment Monday morning to do this, then three day wait and it'll be finalized the 18th. I'll update this thread when it's finally closed and done. 

Last HP 06-03-2022



Message 47 of 54
tcbofade
Community Leader
Super Contributor

Re: Home Equity Loan

Yay you!

 

...and we do too.  DW went with me to sign closing docs on the home equity loan that I recently took out... must be signed in person in front of a notary... who never asked to see our ID....  smiley-laughing021.gif

 

You're in the home stretch!  Yay you!

06/01/22 Fico 8: EX 746, EQ 768, TU 763.
06/06/22 Fico 9: EX 735, EQ 765, TU No idea.

Zero percent financing is where the devil lives...
Message 48 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan


@tcbofade wrote:

Yay you!

 

...and we do too.  DW went with me to sign closing docs on the home equity loan that I recently took out... must be signed in person in front of a notary... who never asked to see our ID....  smiley-laughing021.gif

 

You're in the home stretch!  Yay you!


The notary called this evening to tell us where they were and then texted the address. It's starting to feel real. 

Last HP 06-03-2022



Message 49 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

We signed everything that we possibly could sign digitally, before our appointment with the notary today. My hand hurts, since I don't write much at my job, other than the occasional initial or signature (yay digital records!) The odd part is Discover included our middle names on the paperwork, so we had to sign and intial with them. For me this was weird because I never sign with my middle name. We have until Wednesday the 17rh to change our minds, if not the money will be dispersed on the 18th.

 

Nearly done! 

Last HP 06-03-2022



Message 50 of 54
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