Tuesday, December 29, 2009

More Loan Delays

Unbelievable. The lender on my loan (chosen by a broker who was referred by my parents' friend) didn't fund the loan today so escrow won't close tomorrow. Now they want to investigate the proceeds from my stock sale that's part of the down payment. I already wired the money into the escrow account, provided them with my bank statements, the stock transaction history from my broker account, and even the details from the actual sale. I'm not sure what other info I can even provide anymore. I have a 800+ credit score, only taking out 33% of the house on loan, and my mortgage payment is going to be less than my apartment rent. If I can't get a loan... who can? Maybe they're trying to delay the loan past my interest lock date so they can charge me a higher interest on the loan.

The broker says that lenders are very conservative... now. Like I ranted before, where was this financial discipline before the meltdown? Not only am I going to have to pay for the bailout, I'm now grouped together with these deadbeats on loan applications. Great. Maybe this is a preview of socialism: everyone gets treated equally... equally bad.

She also said that 70% of loan applications get delayed by the lender. I'm not sure if that's overall or just this specific lender, who will probably sell my loan to someone else next week. If there's a 70% failure rate, should something be done to fix the process?

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