How many of you niggers have every purchased a home with a mortgage...

how many of you niggers have every purchased a home with a mortgage? i got a conditional loan commitment from my mortgage company with a few small conditions. i sent in the conditions and now they're saying the loan has to go back out for underwriting approval. it's been over a week and they haven't given me a straight answer if i'm going to be given a mortgage now

>bought new car week before this house fell into my lap
>wasn't even looking for a house
>car payment went up $19/month, make $110k/yr, about 25% debt to income ratio
>told mortgage guy up front that i just bought a new car, sent proof in before i even got my pre-approval to look at this house
>mortgage company is acting like this car is a huge surprise and throws my finances out of whack

pic related, what i wish my house looked like

Attached: 1507542430485.jpg (1647x1073, 338K)

Sweet lability you signed up for there OP, 360 payments of a most likely variable rate mortgage....Surprise, the bank want to fuck you....

Loan officer here. Them making a big deal about the car is a bit weird but them sending it back into underwriting after you sent in the conditions is normal. Underwriter has to approve every condition before Loan is approved. Even if you send in the docs that you think meets the condition, it may not in reality so it has to be verified.

Sounds pretty standard. Wouldn’t be worried

I did. I signed their paperwork and told them not to worry about finances moneys there.. just gotta tell em to fuck off otherwise they fuck you around

it's fixed rate, 4.25%

got it. i guess i was just a confused about it, because i told them up front about the car and gave supporting docs at the time to my loan officer. i spoke to the girl who sent my conditional loan commitment and she made it seem like it's the first she's hearing of it. my closing is on/about aug 17 so it's damn near time

See, that's exactly how I wanted it to go. I make good money, have more than enough for the down payment and closing costs, 750+ credit score, and on paper can handle the mortgage just fine. This whole process is retarded

4.25 isn’t that bad in today’s market so kudos unless you’re paying a fuckton in fees.

But don’t worry about the processors ignorance too much. You have to understand they have on average 30-40 files they’re working on at any given time (at least at my company) so they won’t remember dick about anything you sent them even a day ago. If your DTI is that low it won’t be an issue if you sent the proper documentation. Hopefully they have a halfway decent processing team. If you’re clearing final conditions it should be easy to close by the 17th but I’ve seen some dog shit processing teams before so idk.

Mind if I ask what bank?

>it's fixed rate, 4.25%
Good job on that OP! atleast you know what your liability is.

was able to snag a 15yr/3.125% a few years back, felt good.

That makes sense, I honestly didn't even think about their other stuff going on. Like I said, with closing in 2 weeks, I was just taken aback that it's been over a week and can't get a straight answer. I'm going through Homestead Funding - I had never heard of them before, but my cousin did his mortgage through them and referred a bunch of his friends as well. Up until now, it was all going swell

Haven’t heard of them but if it’s a referral then they must have done something correct at some point.

Yeah admittedly when they’re dicking around and not giving you a straight answer it’s a little more concerning. I mean if it gets down to the wire and you’re still not getting a straight answer you can always threaten bad reviews online. That gets someone to move real quick, especially in management. For a purchase you really want to have everything finalized at least a week in advance of closing so if you don’t hear anything back by then, start making calls in to the LO, processor, whoever and raise hell for a straight answer. Honestly that’s still somewhat last second but you can be somewhat patient until then.

You cant make any big purchases during the process retard you denied desu

Kikes gunna kike, user

I'm thinking if they don't get back to me by 4pm Monday, I'm going to start calling.

I sent all the conditions last Wednesday, their underwriting rep said she would forward it all along and have response within 48 hours. I didn't hear from her, so midday Monday I emailed her and she said that the credit supplement just came back and she was submitting it to underwriting. On Wednesday, I emailed my loan officer asking for an update and he said they were working on my debt ratio "issue" and would know soon. This morning my home insurance policy went into effect and payment was due..I emailed the loan officer asking if I should pay it and send the confirmation and he said, I quote, "sit tight on that, it'll only take a few minutes to do". I wrote back asking why not and he didn't respond.

I bought a house last may for 500k. Paid 80k over asking and only beat next best offer by 3k. 3.375% rate, 7/1 ARM. I didn't get a fixed because I plan to pay the whole thing off well before 7 years so it saves me tens of thousands to go with adjustable.

Funny thing is I paid a chunk of the down payment with crypto and when it when to underwriting they would accept kraken's bullshit logs as proof of income so I had to wash sale some of my stocks to clean up the money. What a fucking joke system.

Dude if they’re emailing back about a DTI issue there’s something else going on. Are you 100% certain that your DTI was 25% with all debts? The more you explain the more I think there’s an issue that’s popping up and a $19/mo increase wouldn’t throw off a 25% DTI from qualifying.

Actually yeah you should blow their shit up for an answer on Monday. There’s a bigger issue if everyone is giving you the runaround like that

Holy shit I wish I worked with underwriting that would not be dicks against crypto. I have several clients that would benefit from that. Good on you

When I had initially spoken with the loan officer, gave him all my info and he ran my credit. He did his calculations, asked about money down etc and calculated my DTI to right about 25%[ I think his actual number was like 26.3%]. Even me doing my own math and tallying up all my worst-case expenses, it's less than 35% [right about $3000/mo going out, $9000 coming in].

Do you think they might have fucked up and this car is their excuse for not having to proceed with the loan?

That’s really strange. The car would only be an issue if it created a DTI issue. So maybe they could have fucked up but I’m at a bit of loss as to what. If you have a steady salaries job, excellent credit, low debts, and verifiable assets; I have no idea what the fuck is going on.

Blow their shit up until you get an answer

where is this house in your pic? what city?

That's the plan! I probably won't sleep all weekend, waiting for Monday

Good luck bro. Just stay on top of them and you’ll make it

>being so leveraged that an extra $20 a month sinks your mortgage chances
>needing a mortgage in the first place
Let me guess: you're a nigger

Thx loan officer user. Worst case scenario, I get denied. Do you think it'd be worth it to start fresh with another bank?

If what you’re saying is correct, yeah definitely. Hopefully the seller won’t be a dick and try to back out of the contract though.

If they deny you, do whatever you can to get an exact answer as to why. It could honestly be something they fucked up that can be an easy fix for another company.

Luckily, the seller is someone I know personally. I don't think they would back out, but you never know. I plan on making that phone call to the mortgage company Monday if they don't get back to me -- I don't know why it's so hard to say "hey user, so yeah our underwriters are having an issue with your debts. Can you maybe pay off this credit card to clear up $44/month and be approved?"

>needing a mortgage in the first place

You’re a dumb cunt. Because taking $200, $300, 500k+ whatever out of your liquid assets or investments to pay for a house in cash which will appreciate regardless of whether or not I’ll finance it is a super great idea. I have plenty of clients who get mortgages who have enough money to pay the mortgage off 20x over because they can write it off on their taxes and get an actual return on their money.

You’re the nig

Yeah I get that. Honestly we have to deal with WAY less reasonable people on a daily basis so unfortunately the default sometimes goes to avoid/ignore

30 year fixed/3.625 for me... its nice feeling tossing an extra $100-$1000 at it every month.

agree, but depends on how quickly you intend on selling your house.. took a mortgage out on my 725K house, ended up paying off the principal of 565K within 1 year with investment money.. sold the house 2 years later for 1.2M. Easily the best financial decision i've made, but it's certainly on a case by case basis.

If you cant get 4% off ur investments ur a fucking retard

That’s fair and good on you. I guess my point was you could have hypothetically made more of a return on that same amount of principal that you paid down in the long run and still sold your home for a profit. But again, kudos.

I'm buying this house for about $50k below market value in an area that's seeing house prices trending upward very quickly. Extremely low supply, great school district, local amenities etc. I fully expect to live in this house for 4 or 5 years and sell it for $400k [and I'm buying it for $250k]

Also, from a 'financial' investment standpoint, its also an emotional investment to pay off your crib as early as possible, and while you're as young as possible... People 50+ still paying mortgages scares the fuck out of me.. I preferred the 'never having to worry about a mortgage payment forever' type of mentality, which in it of itself is priceless. But again, i DO agree with you.. Making smart investment choices will grow your portfolio a fuckton quicker than paying off a house, as well as using the house, mortgage interest payments as a tax shelter.. to each is own

housing bubble could crash, too.. ya never know player.

Totally get and respect that. I was looking at it from a pure financial standpoint but you’re absolutely correct, there’s another emotional/personal aspect to it that applies. Again, congrats man.

I wanted to do that, but honestly why bother? I'm getting 29% in the market.