First Home Style

Yesterday I received my mortgage denial letter from HSBC, I wouldn't bore you with the details but basically it cited my student loans as a reason for the denial. Fair enough. I was not angry.  I wasn't disappointed. I guess I just became accustomed to bad news.    And though my loan application is pending with another lender, I've been reflecting on my experiences over the last few months. There have been a lot of lessons learned along this home buying journey. One of those being that buying a home can be extremely stressful. I had a very modest upbringing   and by no means did I grow up with a silver spoon in my mouth. I grew up seeing my parents and their families working.   W hen they had a goal they created steps to attend that goal. Similarly I have worked hard to achieve my goal of home ownership. Anyone who has really known me over the past five years knows the sacrifices I’ve made to achieve this long held goal of being a homeowner...

I’m feeling extremely anxious.   I’m nervous waiting for a mortgage commitment letter from my new lender.   I guess it’s a case of once bitten twice shy but I can’t shake this feeling. I’ve felt a lot of emotions since I started this home buying journey, but this feeling is very different to any I’ve had before. It’s a type of nervousness that comes with nausea and a slight headache. I’m physically ill thinking about whether or not I will be approved for a mortgage.   And the humidity here in New York isn’t helping either. Yesterday I paid $445 for the property to be appraised (though the appraisal has not yet been scheduled). I also paid $12 for a credit check. Today I fax signed disclosure documents to the lender and now all I have to do is wait.   I’m exhausted. I don’t think I’ve had a full night’s rest since the first application was denied. My loan officer believes that we will hear something back as soon as this week. My loan offers knows of my history ...

Today, I was still pretty distressed about the mortgage loan denial. But I’ve been trying to put a positive spin on things, maybe it wasn’t meant to be. As I mention yesterday, my attorney had given me the contact information for a new lender who is now reviewing my documents (2 years tax returns, pay stubs, bank statements and student loan repayment schedule and the cooperative financials). At this point, I was looking forward to my HSBC denial letter as is required. After writing that long blog post yesterday, I had mentally prepared myself for yet more bad news from HSBC. But then I was stunningly surprised by the email I receive this Evening.   The email was forwarded to the loan officer from the underwriter and copied to myself and my attorney. The email states as follows, “the borrower provided a document indicating that her student loans are currently in deferment until 2015. A deferment on a student loan for more than one year indicates that the borrower is still in schoo...

Is it odd that though I haven’t got a closing date, I have already chosen paint colors for my new home? Forget closing, I haven’t even gotten a mortgage commitment as yet.   Like I have mentioned before, I have chosen to focus on the more positive aspects of homeownership than on the things that are out of my control, such as the underwriting process. As frustrating as the mortgage process has been, there is no doubt in my mind that I will not receive the approval. This waiting is just part of the journey.   Most things now appear to be so instantaneous (we get emails and text messages on our cell phones. We can track the arrival of the buses and trains on an app) that we have become accustomed to having everything right away. But there seems to be something for that old adage, “all good things comes to those who wait” or “patience is a virtue”.   I’m trying to put it all into perspective. This morning at about 9:20 am, I received a forwarded email from my attorney re...

Yesterday, I received a telephone call from my attorney, who informed me that the sellers are requesting information regarding the mortgage commitment. Apparently he's getting a lot of push back from the sellers attorney. I explained that I haven't heard  from HSBC in the past week. In fact, my five telephone calls to the loan officer went unanswered. My attorney suggested that I send an email to the loan officer letting her know the urgency. I called the loan officer and to my surprise she actually answered the phone. I relied the information regarding the urgency of the matter and she agreed that my frustrations were warranted, However she says, my file was no longer with HSBC but with the underwriter. She suggested that I write an email detailing the urgency, which she would then forward to the underwriter. I wrote the email and sent it to the loan officer, copying it to my attorney. At about 8:49 pm, I received a letter from the loan officer stating that the information was...