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What a Roller Coaster!
This week has been such a mix of highs and lows! Tuesday we found out that the underwriter wasn't happy with our debt to income ratio (they couldn't take my income into account since I wasn't working when we applied and then we have MUCHO in student loans). We were informed that we would be fine if we a) refinanced the car or b) paid it off, either way we needed to have this information to the loan processor by 5pm on Wednesday in order to close on Friday.
Wednesday morning at the bank at 8am and wire the money to pay off the car, get the official notice at 12:30 that the car is paid off (it was also faxed to the mortgage company), 12:45 we get a call that federal regulations have changed and we can't close till Monday. I argue that these new rules don't start till November 1st.
SOOOOO.......our realtor calls the seller and works it out that we are going to rent from him for 4 days for the same amount of interest that he will lose/we have to pay. We'll be moving in tomorrow but not signing till Tuesday.
I don't understand how the lender made a mistake and we are left stuck. I figured out that it would have cost an additional $1000 if we closed on Tuesday. I am incredibly grateful to our realtor (whom I met through the nest!) And that's it, I don't ever want to do this again.
Re: What a Roller Coaster!
Lenders and Underwriters mess up all.of.the.time and they like to blame it on someone else, always. I feel that every other deal that David has gets pushed back because the underwriter or leander has given some funky information, or became "unhappy" with something two days before closing.
I am glad it seems to be working out for you! Good luck with everything else that comes along with moving and closing the deal!
Ditto what Ali said. If you have any hang ups related to buying a home, it's the bank's fault 99% of the time. They're lazy and always do things at the last minute.
But, the important thing is that you got it all worked out, and by this time next week you will be homeowners!!