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Here is my horror story. I live in NY in the metro area. I applied for a loan from CHL. I was referred by my agent. The agent assured me that the brokers and officers were hands on and would guide me through the process and as long as I submitted paperwork and documents on time , we could close in 2 months. Well...... 5 months later I am still waiting FOR a closing date. I am so lucky that the sellers had their own problems clearing title and that bought me time. I submitted paperwork over and over and over again. Phone calls never returned. Emails never returned. My wife and I make enough to cover mortgage.... High credit scores. Zero debt. And cash on hand from sale of previous home. We are living at relatives. Horrible situation. Storage fees. Small children in limbo with school. Just horrible. Wouldn't wish this on worst enemy. Here are some low points. This is a conforming conventional loan. 50% down. No PMI no points. Cash to cover closing costs. Bank calls to tell me I need to pay off our car loans. We did it. Then we had to submit proof that they were paid off.. Over and over and over. Then they wanted to know where the money came from.... Ha. Really??? They have my bank info.. They can see it came out of my seasoned funds.. Omg. It took a month for UW to accept that info. Then they wanted another 30k down... Omg. We agreed to that. Then they questioned where the 30k came from. My rate lock was 1500... They had the nerve to question WHY 1500 came out of my checking... Insane... 5 months later and I'm still waiting... Bank tells me we can close this week.... I call today and they tell me my officer and originator and UW are all on vacay for two weeks.... I swear there is a hidden camera ... I'm fuming. I called FTC to get info on my rights.... All this time I could have gotten another loan and would have been HAPPY with a higher rate... Now I'm in the hole for the two cars and all the fees associated with a mortgage... I'm 30 points down on my credit scores cause CHL keeps running my credit monthly. Sellers pissed off.... And they keep dangling the carrot. There has to be a better way. I should have went all cash...... My pressure is up and my wife and kids are stressed out. I need calgon.... Uhhgggg
Just in case you are wondering.... I am not a drug dealer. I send my stubs in every pay day. All bonuses and sales receipts from my furniture. I even send them my paid parking tickets... Uhhhggggg
Just for curiosity..which bank and which state is that??
I just closed on my house...Went with my credit union bank. 20% down, conventional 5/1 ARM loan. The day I submitted my sales agreement for loan, I was asked to furnish few documents which included my statements etc..etc..within 5 days. And after that within 4 days I was told that the bank has approved the mortgage and we can close in one week. I chose to go by the bank's attorney as I was paying for it even if I dont use that attorney.
I had my closing date after 2 months..so had to make the bank wait...The closing went smoothly. No hassles
Just for curiosity..which bank and which state is that??
I just closed on my house...Went with my credit union bank. 20% down, conventional 5/1 ARM loan. The day I submitted my sales agreement for loan, I was asked to furnish few documents which included my statements etc..etc..within 5 days. And after that within 4 days I was told that the bank has approved the mortgage and we can close in one week. I chose to go by the bank's attorney as I was paying for it even if I dont use that attorney.
I had my closing date after 2 months..so had to make the bank wait...The closing went smoothly. No hassles
This is not the first time I've read that mortgage's through credit unions go smoothly. I'm guessing you have to be a member of that credit union?
This is not the first time I've read that mortgage's through credit unions go smoothly. I'm guessing you have to be a member of that credit union?
Yes, you must be a member but there are a lot of credit unions who ask nothing more than you be a resident of their city or county. Check into the credit unions in your area and see what they require for joining. Credit unions have been around a long time and are so much better than a regular bank. Hope it works out for you.
It's clear that many are not happy with Wells Fargo and I've made note to avoid them, can anyone recommend a good company that you had a pleasant experience with?
Most people I know do not discuss their mortgage process with anyone for free that they will jinx it. I don't know anyone that has had a pleasant experience after 2008.
Which state are you looking for...
I am in CT. I also know a very good credit union in MN
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