Did you all even know that years ago it was so easy to buy a house? I am one of those people whom experienced the home buying process and it was so simple with no stress at all. The only tough part was deciding which home and location worked for me at the time. You would not even believe how easy it was for me years ago and that time was the year 2003. Now, I will tell you that just a couple years ago myself and my spouse started to look for a loan a pre-approval and we could not get one because we had what they called debt to ratio that was more than our income would equal out to and that was completely untrue. They use a whole new calculation these days. In 2014, I bought a new Harley Davidson and had excellent credit and all bills paid on time with money left over to keep in the savings and checking account. I was working seven days a week busting my butt just to make lots of extra t really show a large amount to place as a down payment. I had no idea that it was not a good idea to get a new loan even though the new loan would not break my bank. So, after all this hustling my spouse and I were so excited thinking we will start to look for a home and not renew our rental lease. Well, we were so wrong about that. I was so upset and devastated as this was my dream to buy again. If you are wondering what happened to my 1st home, I sold it due to a divorce in 2007.
Now, my debt to ratio was calculated approval per their new calculation rules. Now, we started to shop for a house. The journey now begins for us with excitement along with confusion on where we should look. We finally found our home of our dreams! We have a lender and a pre-approval and our taxes I have sent to the lender before the pre-approval and I asked the guy, is this ok are you sure? The lender was full of lies and we come to find out when it all went to Underwriting that we were missing a K form. We have a business and the person whom prepared our taxes missed this which ruined the loan for us with complete devastation emotionally. Now, remember I asked the lender to show the forms to the underwriter 1st before we got all excited. What we did now was go to a CPA not just a tax person as a CPA is more experienced and safer and after paying over a grand to fix and paying the IRS 14 K that was supposed to be on our K form which we had no idea as we are not tax people at all. The taxes are fixed and we go to the IRS building and wait at 7 am at the door so we can be in and out and we get what the Lenders need now is called a tax transcript for 2014 and 2015. We go to the lender and he is avoiding us as if he is so busy he does not need more commission. We now find the best lender out their Cross-Country Mortgage and the guy whose name is Eric Rosemary looks at the taxes and he is very knowledgeable and tells me what I need up front because I did not mention before the other lender would email and state we are good to go and they have all they need and then same day email stating they are missing something and this went on and on. I have at least close to one hundred emails on just nonsense that should not have happened from the other lender. These days you need a mold inspection form and man, so many things it is crazy. The process was so frustrating I found myself in tears and angry moments also that I almost gave up and said forget it and just rent. Now, I was lucky because the house we wanted was under contract but the persons contract fell out as they had some financial issue so we again where under contract for the same house.
Now, it is closing day and the title company is an hour away from our job and where we resided. We were never told a time to be at the title company and only where told it was that day and we will be called when to immediately head over. Are you serious! So, now my spouse and I call out of work which is not smart esp. if we are going to be having a house loan and both our employers are not the best to deal with. My spouse and I get up and make sure we are just a few miles away by 9 am just in case they call us. We just wasted gas and drove around walking in store looking to kill time while we are so anxious. We also find out that just that day the Title company is needing to verify one more thing. Really?? We get a call just before 5 pm to get the cashier check and then we find out they need almost 2 k more. No joke at all and we planned to use that for furniture. We get the cashier check and head right over and now I forgot to mention we paid $35.00 wire fee and the Title company charged us also $35.00 wire fee. Rip off! We sit at a table and now the place states they still have not got the wire from the lender and we may not close today. First of all, they did have the money and just did not look. Man, I was pissed beyond pissed. Thinking, is this real, is this legal to treat people this way and try and make their American dreams so difficult? I then call my lender even though the title company stated not to and the lender gets the woman on the phone from the title company and in 15 min. we are out the door with our keys. What a bitch and no fun. This may seem as this is about a title company but it is not. I have spoken to many others and they all have issues with something. There is no heart in this process for buyers. I thank Eric every day in my mind for my house.
In a nut shell, buying a home now sucks and is so hard but you also have to keep on the Realtor and everyone involved. I was lucky this lender was pushy like me and gets things done or I would have given up and rented a town house. There where way more issues that I had to deal with but way too long and you would not finish reading so I had to break it down best I could. Basically, I was told because of the crash in 2006 or so the home buying process has to be strict. That is bull as I feel if you could not afford your loan years ago and got one that is on you as you are an adult. I mean things happen as you can lose a job, get ill and on and on but we have to prepare as adults and make sure if something happens we can pay the loan.