I've learned a valuable lesson today. If you choose a business based on the person you speak with on the phone, only to get to the business and be handed over to someone else...you should worry.
If the person you are passed over to seems to be slightly incompetent and sloooooooow...worry!
If, every time you call that person and they bumble around and start 4 different sentences before finally finishing one...RUN!
Seriously.
So, obviously, I do not bear good news. I chose a mortgage company based on speaking with the owner on the phone several times and really liking him. He was older, in his 70's, and he didn't try to sugar coat anything, didn't try to do whatever it took to get my business. He was honest, told me the house I was looking into buying was NOT a good deal and I should hold off and keep looking. I respected that, took his advice, along with others, and moved on.
When it came time to purchase this house, I gave this man a call and set up an appointment to buy the house through them. But, upon arriving, we were handed off to his son, Bobby, who is in his 50's, and things went downhill from there. It seriously seemed like this may have been his 3rd mortgage ever.
But, we stayed. I think I regret that. I should have said, You know what, we need to talk this over some more...we'll get back to you. Then, drove off.
I guess I'm being melodramtic. I should mention that nothing severe is going on. We are still in contract. I'm just mad.
He told us we'd have no problem closing by the 30th. Then, last week I called him to see where we were at in the process. That's when he told me the investor had almost finished our paperwork then realized it was for a manufactured home, which they no longer loan on, and cancelled the deal.
????????????
Shouldn't he have checked that before sending all of our paperwork to him? For those of you not following the market right now, a lot of things changed recently, like in the past 2-3 months, regarding loans. Most importantly, most investors quit loaning on manufactured homes at all. Period.
The first question I asked every bank and mortgage company was, Do you loan on manufactured homes? 9 times out of 10, I was told NO. So, why didn't our mortgage facilitator know to do this?
I should clarify. Bobby & his mortgage company no longer loan money on homes, they just work with other mortgage investors who do. So, basically, all he does is shop around and find me the best loan. Which is what I was doing before I met him. Doesn't make a whole lot of sense to me now.
Anyway, they switched to another investor last Tuesday and I was told it would take him about 3-4 days, tops. I found out Friday, he didn't even get our paperwork till Thursday. Monday, I called Bobby again (you know they LOVE me there now, right?) and he hem hawed around again and said he'd check on it for me and call me right back.
Still waiting on that phone call, 2 days later.
I did get a call yesterday from the new guy, Brian. Seems they are concerned about our debt to income ratio. We are doing a VA loan and they have strict guidelines. On paper, it looks like we won't have enough money to make our monthly payment, because they can't take into account that we'll be using the Home Buyer Tax Credit to pay our van loan off completely, erasing the $250 monthly payment.
So, as it stands today, I have an appointment with Brian tomorrow to discuss our options. We can switch to a FHA loan, which has less strenuous guidelines. He also suggested we pay off our van loan before closing. Yeah, right, buddy. And maybe I'll win the lottery (without actually playing) too.
I'm mad and extremely frustrated. Shouldn't Bobby, our mortgage guy, have recognized all of this when he ran our credit that first day? Shouldn't this have been brought up before NOW, a few days from closing?
My real estate agent, Demetra, said yes, he should have been the one to bring this up, weeks ago.
I just prayed two days ago that, if this house is the one God has for us, let the process go quick. If we're going to end up there anyway, why not sooner rather than later?
The only answer I can come up with is this: God is more interested in developing my character than making sure I get what I want, when I want. And by character (Mom!), I mean HIS character. I do believe we are on this earth for a purpose that has nothing to do with material things. Off of the top of my head, we were made to worship Him. To glorify Him. To be His chosen people, His sons & daughters. And to show His character, His nature, to the world. So...He's allowing things to push my buttons and show me the areas I need to work on. Obviously, patience is a biggie ;)
So, please pray for me. I'm failing this test miserably, cause I really want to call up old Bobby and call him an drooling idiot for wasting so much time for us. But, I haven't yet, so maybe there's hope for me yet ;)
I feel better already, just getting all this frustration out. I'll try to come up with something fun & uplifting to post next time!
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