Saturday, January 31, 2009

Down Time

Whell.

Unless you've gotten a mortgage since all the furor over subprime loans and the economic meltdown, you're not going to believe all this. But I swear it's true.

My live-in handyman and I closed early on our old house in order to take advantage of locking in an outstanding low rate on our new mortgage. I'm still glad we did that. That was accomplished on Thursday, January 15.

We were scheduled to close on our new digs on Wednesday, January 28, with a promise from the mortgage company that it could be a few days sooner. So we came to San Antonio on Tuesday. Along with the ice storm that hammered much of the country. Including Dallas, where our lender is.

Wednesday came and went. We were still homeless. Thursday, the title company calls us at 3:30 to ask why we didn't show up for our 3:00 closing. Hello? No one told us. So we zipped over there and signed our lives away.

Since it was late, we knew the loan wouldn't fund until the next day, Friday. However, glitches abounded. First, a new problem cropped up with the deed. It went missing. Around noon, the seller emailed it to the title company, but needed to send a hard copy that won't arrive until Monday. The title company closer requested funding approval from the lender, based on having a copy of the deed.

The lender didn't have a problem with it . . . but wait, there's more! All of a sudden, after all the papers have been signed by all parties, the lender decides they want proof that the appraisal was paid outside of closing, which is standard practice here. Lucky for us, our check has already cleared the bank and I was smart enough to write "for appraisal" and the address down on the note line. The mortgage company we went through had a copy of it and sent it on. Again. It was part of the original package.

So late yesterday, the title company finally received funding approval, but it was too late in the day to fund. We're told funding will take place Monday morning.

As soon as I have computer access after that, I'll let you know.

I think it will be mid-to-late week. I expect to have my computer on Monday or Tuesday, but I don't yet know when the cable company will hook us up.

Are we having fun yet?

2 comments:

Helen Ginger said...

Have faith Carol. It will all come together. Soon. For sure.

Helen Ginger

Michael Bracken said...

I have purchased two homes, and each time I provided the lender with everything they requested in their initial list of required documents.

Each time, I received numerous calls from the lender requesting various documents. Each time the answer was: "Look in your file."

Do they only hire morons? Or, are they so accustomed to working with people who DON'T provide all of the required documents that they don't even bother checking their files?

Good luck with your new house...whenever it officially becomes yours...