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

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

I Got Pre-Approved!

Realtor.com So, I guess I’m really doing this now. After hemming and hawing for the last few months, I’m finally ready to begin the mortgage/home search. And what better way to start than getting pre-approved.  Last week, I spoke to a mortgage consultant and after submitting W2, pay stubs, banks statements, etc, I got pre-approved for a mortgage. The mortgage approval amount is pretty much what I expected if not too aggressive for my liking. I’d liked to find a lower priced property than the pre-approval amount.  Also, I’m not opposed to buying a property that needs a little work, I’m just not into doing any major renovation work.  I’m moving cautiously but the bottom line is, I’m once again looking at properties.  I’m really excited. I feel more comfortable, confident this time around. I'm a lot calmer. Maybe because I've been through this process before. I know what I want. I know what I need. I know where I want to be. I'm not intimidated by cost or...
Post a Comment
Read more

Furniture Shopping

One of the things I love about New York is it’s accessibility to shops.  I love window shopping, especially for furniture. Yesterday my friend Dominique and I went shopping.  We looked around Pier 1 Imports but there were nothing really that stood out or grabbed our attention. Disappointed, we wondered around the mass of people on the overcrowded street until we stumbled upon a store called Restoration Hardware.  Neither of us had been there before, so we decided to have a look. First impression, this was definitely an upscale furniture store and nothing like down-market Pier 1 Imports.  The furniture  hankers  back to that old Hollywood style that appealed to me. Dominique on the other hand hated it. She felt it was too over the top.  We both agreed though that the look was definitely not for apartment dwellers. The furniture was large and  over-sized.   Personally I liked the upholstered headboards, the dining chairs, But it ...
Post a Comment
Read more