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Plaza Home Mortgage - Should I be worried?

Regular Contributor

Plaza Home Mortgage - Should I be worried?

Hi, everyone! Anxiously waiting on a closing date. My husband and I are puchasing a home. At first, I was going to take out the mortgage on my own as my score is higher than his, but my DTI increased way too much when the lender calculated it based on FHA guidelines. Since we had to add my husband and his score is much lower than mine, my broker submitted the new joint application with a new lender (Plaza). This whole DTI thing happened after we obtained a conditional approval, so someone dropped the ball. Anyway, my broker told me he only needed 7-10 days to close with the new lender. Today is day 5 and I don't even have a conditional approval. We are supposed to close next week, so I am a bit concerned. I reached out to him a few times yesterday based on my attorney's urging and no word back yet. Here are my questions:

 

1. ANyone have any recent experience with this lender and their typical response time?

2. Should I be concerned at this stage? 

3. Do you have any advice that will calm me down? I will take anything! ugh...

 

Thanks for listening. 

Starting Score (5/2017): EQ 528, TU 561, Ex 512
Current Score (8/2018): EQ 673, TU 692, EX 699
Goal Score: 700


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Message 1 of 10
9 REPLIES
Valued Member

Re: Plaza Home Mortgage - Should I be worried?

I'm probably not able to calm you down much but I will tell you that I used plaza years ago and successfully closed loans through them. I've never had any issues with them. If you have good, competent loan officer then you shouldnt have much to worry about.
Message 2 of 10
Regular Contributor

Re: Plaza Home Mortgage - Should I be worried?

Thank you. I guess I’m concerned because is never thought it would ever be possible to close that quickly after submitting an application.

Starting Score (5/2017): EQ 528, TU 561, Ex 512
Current Score (8/2018): EQ 673, TU 692, EX 699
Goal Score: 700


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Message 3 of 10
Valued Contributor

Re: Plaza Home Mortgage - Should I be worried?

I am assuming the appraisal and survey have been completed and accepted.
GOALS: Garden til DEC 2020 and 800 Club

Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Discover IT $15.7K || NFCU CLOC $15K || Macy's $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 10
Regular Contributor

Re: Plaza Home Mortgage - Should I be worried?

@CreditInspired Yes. With the previous lender.
Starting Score (5/2017): EQ 528, TU 561, Ex 512
Current Score (8/2018): EQ 673, TU 692, EX 699
Goal Score: 700


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Message 5 of 10
Valued Contributor

Re: Plaza Home Mortgage - Should I be worried?

? Now I’m confused!
Message 6 of 10
Regular Contributor

Re: Plaza Home Mortgage - Should I be worried?

By what? My original post stated that my LO has to submit an application with a new lender since I added my husband.
Starting Score (5/2017): EQ 528, TU 561, Ex 512
Current Score (8/2018): EQ 673, TU 692, EX 699
Goal Score: 700


Take the myFICO Fitness Challenge
Message 7 of 10
Regular Contributor

Re: Plaza Home Mortgage - Should I be worried?

By what? My original post stated that my LO has to submit an application with a new lender since I added my husband. We had completed all the conditions (appraisal etc.) before being told that my DTI was too high (the way FHA calculates student loan monthly payments).
Starting Score (5/2017): EQ 528, TU 561, Ex 512
Current Score (8/2018): EQ 673, TU 692, EX 699
Goal Score: 700


Take the myFICO Fitness Challenge
Message 8 of 10
Valued Contributor

Re: Plaza Home Mortgage - Should I be worried?

Hi OP
Hoping everything is moving along smoothly with PHM. Are you and DH on schedule to close?
GOALS: Garden til DEC 2020 and 800 Club

Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Discover IT $15.7K || NFCU CLOC $15K || Macy's $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 9 of 10
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Regular Contributor

Re: Plaza Home Mortgage - Should I be worried?

We were told we will be ready by the end of this week early next week. Nothing needed on our end. Things need to be updated on the LO’s end. Thank you for your words of encouragement.
Starting Score (5/2017): EQ 528, TU 561, Ex 512
Current Score (8/2018): EQ 673, TU 692, EX 699
Goal Score: 700


Take the myFICO Fitness Challenge
Message 10 of 10