Current Events > the mortgage process is very unpleasant

(+) Yeah! (+)

i highly suggest renting until the day you die
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Thanks, but youre too late... I concur tho

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I didn't think it was bad. The actual house buying process sucks balls tho.

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eh, i can deal with mortgage, plus i now have several times as much equity as i had saved while renting

it's the dramatic property tax hikes that are getting on my nerves though
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i wish renting for the rest of my life was a voluntary choice that i have made, rather than coz i can't afford to buy

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looking forward to when you can buy a home on an app and cut out the realtors. They're unnecessary at this point. You'd save $10K or more just by cutting them out of the equation.

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AlephZero posted...

I didn't think it was bad. The actual house buying process sucks balls tho.

i have a billion lenders and banks trying to show me basically the same numbers rearranged in a different order and i have to somehow pick which debt i want to inundate me for the next 30yrs
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Romulox28 posted...

AlephZero posted...

I didn't think it was bad. The actual house buying process sucks balls tho.

i have a billion lenders and banks trying to show me basically the same numbers rearranged in a different order and i have to somehow pick which debt i want to inundate me for the next 30yrs

We never had to shop around for lenders. Our realtor directed us to the lender she's used for several years. The entire process was a breeze and we closed in like 15 days.
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Just gotta know what you're doing, but I much rather own a pay property taxes than to rent forever and have nothing to my name. Not a fan of paying someone else's mortagage.

I would rather put up with it and own my own property. Thats part of the American Dream. I dont want any more landlords.
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Doesnt matter who you use, theyre going to sell it and youll be dealing with another lender

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I'm IT for a mortgage company and yeah it sucks. Best advice I can give is to find a loan officer you can actually talk to and like (at least as far as you can like an LO) so you can have things explained to you or have an advocate in case things go wrong.

And for the love of Pete, have access to a scanner so you can send in docs whenever requested instead of taking a picture with your phone.

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What specifically is bad about it?

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R1masher posted...

Doesnt matter who you use, theyre going to sell it and youll be dealing with another lender

yea but idgaf where my mortgage is after i close, its just going to be another autopayment on my bank account
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Process was fine, the only issue was that my mortgage company is apparently run by a bunch of procrastinators

My process occurred during a month where I also had two work trips. So I flat out told them in unambiguous language on the phone and through email that if they needed more paperwork from me let me know because I'm about to be 5 states away and I'm not taking info with my SSN, tax information, etc with me. And then I was told they have everything they need.

On Trip 1 I get a call on day 2 saying they're missing a document, on Trip 2 I get a call third day saying they need my social security card (would this not be one of the very first things to ask for). Since I couldn't get a scan of it to them in time, we had to push the closing date back 3 days which caused a lot of headaches for me, my agent, the seller, and my parents (who had booked flights in advance to help me settle in to my new place)

So other than my fucking moronic mortgage company, the process of finding a place and agent to close out the deal was ez pz

Also the person I dealt with at the mortgage company sounded like some rando foreigner who chainsmoked and had broken English. When my realtor talked to her on the phone, she (realtor) told me she thought she was initially talking to some scammer

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Screw that. I'm not paying someone else's mortgage for the rest of my life. I don't look forward to going through the homebuyer experience in the future, though.
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Relient_K posted...

What specifically is bad about it?

so far we are just getting started with our lender after trying a bunch of different ones, basically they're all rearranging the same numbers in different orders to give you the illusion of a better deal, or a lot of their quote is based on estimates that a first time homebuyer has no perspective on, etc
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It takes guts.
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screw renting... just giving somebody else money so they can pay their mortgage. And in the end you move out without a dime added to your assets.
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My experience wasn't great, either. The Mortgage company literally lost my W-2 and called me at work for another copy, and if I didn't get it (within an hour or 2), I was gonna be out.

So, I had to get a copy from my workplace and THANK GOD I was able to do so (I was already at work and my W-2 was at home because, like a normal person, I don't carry around my W-2 at all times). They also were up our ass for documents, and nothing was ever good enough. They wanted to know the story behind every deposit in my bank account. Any kind of gift had to be verified by the person who wrote me a check and forced THEM to sign stuff.

It was ...incredible to say the least.

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I've gone through it a few times and really it isn't as bad as you make it seem.

Provide proof of finances, read terms of mortgage, agree to amount and sign.

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NES4EVER posted...

I've gone through it a few times and really it isn't as bad as you make it seem.

Provide proof of finances, read terms of mortgage, agree to amount and sign.

Some mortgage companies are better to deal with than others. Like I said, my guys literally lost my W-2 and put the blame on me.

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Closing costs were surprising, but understandable.

Owning >>>>>>>>>>>>>>>>>>>>> Renting

Caution999 posted...

They wanted to know the story behind every deposit in my bank account.

Oh yeah this was also annoying

There were only so many ways to say "the bank I've used for the previous x years doesn't have a chain in this state, so I transfer money to a bank down the street to withdraw from and pay my taxes as a contractor. Also this explains why there is a withdrawal equal to this amount from the non local bank account"

I kept them separate to keep my finances in check to know exactly what was for taxes and what was for not dying

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We just moved into our first house last weekend. The process was a pretty big pain but more so dealing with the trustees. The mortgage company wouldn't have been so bad but I made the mistake of selling some stuff for my cousin during the process (over $2k work of collectibles). They questioned that and almost ended up counting it as income. We would've lost our $6,000 grant if that wouldn't happened.
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