Skip to main content

Waiting for Mortgage Approval

I wanted to title this blog post, HSBC mortgage services sucks. But then though better of it.
There have been so many highs and lows in this home buying process and right now we're at a particularly low ebb.
It’s been almost two months since we went into contract on the property and yet I'm still in HSBC mortgage services limbo. I still have not been approved for a mortgage. I thought about shopping around to other mortgage lenders but I had chosen  HSBC because I was already enrolled in their first time home-buyer program (First Home Club). As part of my enrollment, for 10 months I saved $188 in an regular HSBC savings account. HSBC would then match my savings by 4. Over the 10 months, I have saved $1880 with the financial match, this becomes $7520. This program is designed to assist home-buyers with closing cost.  I also had to attend a home buying seminar at a community organization.

 Despite my student loans, I would consider myself to be credit worthy. I have had the same job for 5 years and been in my chosen field for 7 years. I repay my bills on time and have a 800 point credit score. I have two credit cards, but mostly rely on one card for recurring monthly bills. I pay my bills on time. I have been careful with money, putting away a portion of my paycheck each month into an high interest savings account. It’s daunting to me that I have yet to receive mortgage commitment.
I think that my mortgage lender is avoiding me. She has not responded to my  calls nor emails. Maybe my anxiety is causing me to be a bit impatient.
I've been soliciting advice from people who have been through this process before. One coworker was in contract for six months on her coop. Six months? good grief, I don’t think I can wait that long.
My real estate attorney, tells me that this is to be expected as in New York where it's not unusual for this process to drag on for several months, especially when you purchase a cooperative or condominium.  
After mortgage approval, the next step will be for the property to be appraised by the bank. Then I have to be interviewed by the coop board! I will keep you posted on any new developments.
Labels:

Comments

Post a Comment

Popular posts from this blog

My Urban Cottage

I’ve finally moved into my first home.  I’m bursting with excitement and happiness to share all my design and décor ideas that I’ve been pinning from google images and home décor magazines for many years. I am now the proud owner of what I’m calling my “urban cottage”, a small three-bedroom, two-bathroom ranch house in New York.  I’m so excited to make this home my dream home.   For the past several weeks the cottage has been under renovations. Within days after closing we realized that there was leaking behind a wall in one of the bedrooms (which wasn’t noted on the home inspection report).   Apparently, there was an issue with the gutters and instead of falling away from the house when it rained, the water was seeping through cracks in the brick façade. Thankfully we were able to identify the source quickly and fix it. Initially, the renovation work was estimated to take about five weeks, however it’s ended up at nine weeks. And as I’m writing this no...
Post a Comment
Read more

I bought a house!

This morning I woke at about 4:00 am and couldn’t return to sleep. I was too happy knowing that in just a few more hours I would get the keys to my new home.   All that was left to do was sign a bunch of papers and this charming home would be mine. Well, I didn’t get the keys to my new home. Last night was the final walk through and to my surprise the sellers were still in the home and hadn’t packed a single thing.   They informed me that they needed more time and that they hired movers who would haul away their belongings on Monday. What? I was trying to be super understanding so I smile and nodded. However, my internal voice was screaming. At the closing, my attorney tld me that I would be compensated for every day that the sellers remained in the home.   On Tuesday afternoon, I will meet the sellers at the home where I will complete another walk through and then will be provided with the keys. Still, I bought a house, a house that I will not have access to for se...
Post a Comment
Read more

Guest Bedroom Reveal!

I have a long to do list for my home. The problem is trying to priorities that to do list. Every item in my home was purchase, from the farmhouse chandeliers in the upstairs bedrooms to the doorknobs. All the door knobs. Furnishing a new home is quite expensive. Even though I am giddy and excited to get this home completely furniture and renovated, I have had to take a step back. I have had to just learn to live in a minimally furniture home.   I love it. I love the bare walls. I love the space.   I love the feel of not having clutter. On my last blog post, I showed some pictures of my kitchen and dining room, Today I want to share a few pictures from some of the other parts of the home. It's not perfect. I still need a dresser and a mirror but those will come in time.  In the meantime, this is what it looks like.
Post a Comment
Read more