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11 May 2005
Mortgage Hunting Is Exhausting Even Over the Internet (Despite Constant Entertainment From Kittens)
As promised, I have to show off the kittens I am babysitting:
As usual, I could not get my camera to play with my computer, so this is a photo sent to me shortly after they were found.
I had to leave them alone all day today. During lunch I went to French Table for the first time (to hear and speak French with others who have no idea what they are saying), and then I had a big "Goals" session with my manager.
When I came home and burst into their little room, I found that they had grown at least an inch. Really amazing. Kittens are so easy to train. These guys used their litter box for the first time today, and they're already on solid food. And they're only 4 weeks old! (This is all very exciting for you, I know, but this is the first time I have really witnessed the wonder of baby animals.)
Today was the day I was supposed to get pre-approved for a mortgage. Well, I guess that was achieved, because they are going to send me my letter in the morning, but I didn't get to ask them much at all (okay, anything at all) about their loan programs. I wasn't overly impressed with their process, so I set out to find other lenders on the Internet. That's when I discovered the whole "0% down payment" is not what I was expecting. Closing costs are astronomically expensive. Unbelieveably. Obnoxiously.
I still want to look at houses. Maybe I can get the seller to help me with closing costs. I'm just exhausted from looking at every stupid mortgage site on the planet. *Sigh*
Posted on May 11, 2005 at 11:17 PM | Permalink
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Comments
Danger Girl, I stumbled across your excellent blog by accident, and I'm just happy to know there IS a Danger Girl, because after all, I am Danger DAD -- as you can see here. Thanks and remember my motto: "Stop and Think!"
Posted by: Danger Dad | May 11, 2005 11:43:37 PM
hey you!
i've closed on a few houses and know what a pain mortgage hunting can be. a couple of pointers, if i may?
1. don't use a broker - adds anywhere between $500-$2000 to your closing costs.
2. try going to the bank where you have your personal account - depending on the bank, they might get you into a good product.
3. ask the seller to give you "repair credit" which you can use for your closing costs - make sure it's not mentioned in the actual contract, but in an addendum - if you have a knowledgeable realtor they should be able to help you with this. (Essentially, your closing costs will become part of your mortgage and you'll not spend a dime out of your own pocket.)
4. Do shop around, but the internet is the worst place - all that happens is that a bunch of places run your credit, which may affect your credit score - and then your spam increases about ten-fold. Though it's more time consuming, go to a few local banks and talk to the loan officers face to face.
5. Also, pull your own credit report from the 3 credit reporting agencies and bring it with you whenever you go to a bank. As long as it's no older than 30 days the bank should be able to use it to estimate what you would qualify for (once again this helps from your credit score suffering from too many credit checks.)
okay that's all i got for now! good luck!!
ps. great meeting you!
Posted by: frozenmojo | May 12, 2005 10:37:06 PM
ummmm...can we say awwwwwwwwwww?
Posted by: Sarcomical | May 14, 2005 9:53:50 AM
Ya know... USE a broker if you can find an excellent one. You want an OVERALL great deal, not just trying to skimp on closing costs and rate. F'in rate isn't the biggest deal if you nearly die getting the loan. Or if they just hide tons of junk fees.
A bank or anyone else will still be required to pull your credit even if you bring in your own report. They trust the sources that THEY pay for information more than the buyer's credit report.
Loan officers at banks are great sometimes, but realize that they are limited in who they can send your loan package to. While an independent mortgage broker/loan officer can take it ANYWHERE, and a great one will know exactly where to take it to.
Oh... and depending on how bad your case actually is... you should aim to only be charge 2pts by the loan officer...
Ha... this sucks for a first ever comment on your blog... I'll try to make smaller dumb comments in the future!
www.MarkRoX.com
and of course.. if you really get desperate... drop me a line... what else have you got to lose?
Score! I Rock!
Posted by: MarkRoX.com | May 17, 2005 9:56:25 PM
