Condo Update - The Firearms Forum

Vladimir · 11-23-2011, 02:30 PM

Argh got good news last week when the bank accepted my offer. As you might notice from the "argh" the good news stopped there. Apparently because I have always saved and purchased things outright this makes my credit history too short, today will be rooting through the files to submit 12 months worth of insurance and cell-phone statements, and then pull 12 months of checks to my parents, to show additional credit history.

Issue is this will significantly increase the time it takes to do the underwriting, and bank said it has to be closed by December 30th. I guess on the flip side if it falls through I can go buy that Triumph Speed Triple. Just need to make sure I finance it instead of BUY it.

*sigh*

Dirtypacman · 11-23-2011, 02:39 PM

Credit is a two edged sword...

Start too early and you could screw up pretty bad.
Start too late and your in the situation your in now.

Lucky for me I started young but not stupid and have been able to take advantage of my good credit with a home and a fine car, etc, etc.

Keep your chin up man, before you know it you will have your own castle to protect. Enjoy be safe and keep working hard.

geds · 11-23-2011, 03:05 PM

We've got our fingers crossed for you Vlad! Would it help for your parents or grandfather to co-sign the note with you? Just a thought...

Vladimir · 11-23-2011, 03:24 PM

It would but I doubt they would and I would rather them not. Not sure if that affects future credit?

I started young, I got my credit card about three days after turning 18. The problem is apparently I didn't get three credit cards!

geds · 11-23-2011, 03:28 PM

Vlad - It's too late for this finance deal, but the advice I gave my son is to get a credit card in your name. Get one that pays you cash back or points for something you use (I prefer cash back). Then use the card instead of a debit card and pay the balance in full each month. It will quickly build your credit rating, give you an emergency source of cash should you have a breakdown on the road somewhere, and give you a small discount on your purchases.

If you don't trust your spending with a credit card, get a check ledger booklet and log each transaction like you would a check book.

geds · 11-23-2011, 03:32 PM

Oops - just saw your post. I'm surprised you need three cards! My son had no trouble getting financing on his condo.

Vladimir · 11-23-2011, 05:22 PM

They want like three sources of stable/consistent payments. So we can show I pay my bills (insurance and phone) through my parents. Problem is it has always been on a "when its convenient" timeline (going for BOTH of us) so its not exactly consistent.

So I believe we have 1) Credit card, 2) Payments to my parents, 3) Using rent I paid during junior/senior year of university.

On another note, I found out my credit rating is 804, and I will definitely not let my parents live that down (I am higher woot!)

geds · 11-23-2011, 05:26 PM

Nice job on the credit rating! That is something to be proud of and keep up with!

Vladimir · 11-23-2011, 07:12 PM

Anyone know about this banking nonsense? My realtor is definitely trying to get me to jump ship to her mortgage guy- though she is ignoring the fact she keeps saying 30 days, 30 days, everyone closes in 30 days... well we don't have 30 days so...

It seems entirely logical that my lack of credit history is forcing a longer review process. Honestly I feel like the best advice I have gotten is from the gal at the bank, and she's also not the one looking at a paycheck from the deal (I assume anyway, she may get bonuses but confident she is not working on a commission situation). So I am inclined to believe HER. But at the same time I can't exactly go to her for advice about switching lenders lol.

geds · 11-23-2011, 07:20 PM

What is driving the deadline? The seller will likely extend the contract if they know you are diligently working on acquiring financing. The realtor will likely get a few $ if you move to his/her mortgage company. But, he/she could also be steering you that way because they see a red flag in the hoops your lender is trying to get you to jump through. Down here, closing typically takes about 30 days but can be rushed through in about 3 weeks if necessary.

If your deadline is based on interest rate lock, you need to decide whether the rates have moved up or down from when you locked and whether you can live with the move.

Vladimir · 11-23-2011, 07:39 PM

I am assuming deadline is because bank (Well's Fargo) planned to take the condo to auction in January, I assume they need time to prepare that and they want an out if I cannot close by then. I assume they will extend if it is looking really solid as I find it hard to believe they will get what I offered in auction.

I didn't mean my realtor wants me to use her guy for money, but I wonder if she knows the reality of the mortgage situation. I am not sure how many 24 year olds with no credit diversity she has worked with. Her clients might all be closing in 30 days, they might also all be millionaires!

geds · 11-23-2011, 07:47 PM

Have you considered applying for financing with Wells Fargo? They definitely have an interest in seeing the deal closed. The rates they offer will likely be very competitive.

Vladimir · 11-23-2011, 07:51 PM

Quote:

Originally Posted by geds

Have you considered applying for financing with Wells Fargo? They definitely have an interest in seeing the deal closed. The rates they offer will likely be very competitive.

I haven't heard good things about Wells Fargo. I would jump ship except that (and think what you will about them but this isn't about politics) I have always gotten fantastic service from Bank of America.

geds · 11-23-2011, 07:56 PM

You gotta remember that who you finance with won't be who your mortgage will wind up with. The mortgage company will sell your mortgage within a month or so of closing. And you will have no choice in the matter. You just write your check to whoever they tell you to. We've had several mortgages wind up with WF and had no trouble with them. In fact, we currently are with them. We never started with them, but they are who we wound up with. This same thing happens with refinance deals.

I did shop them as an existing customer when we refinanced and found better terms with an independent mortgage broker. Funny thing was WF bought the mortgage as soon as we closed, so we wound up back with them.

11-23-2011, 02:30 PM	#1
Vladimir Advanced Senior Member Join Date: Jan 2008 Location: Issaquah WA Posts: 3,558	Condo Update Argh got good news last week when the bank accepted my offer. As you might notice from the "argh" the good news stopped there. Apparently because I have always saved and purchased things outright this makes my credit history too short, today will be rooting through the files to submit 12 months worth of insurance and cell-phone statements, and then pull 12 months of checks to my parents, to show additional credit history. Issue is this will significantly increase the time it takes to do the underwriting, and bank said it has to be closed by December 30th. I guess on the flip side if it falls through I can go buy that Triumph Speed Triple. Just need to make sure I finance it instead of BUY it. sigh __________________ -JVRR меня зовут Владимир или Джеймс. Я знаю только немного русский язык (я американец, но мой пра дедушка русски). STEAM (CSS, TF2, etc): Ask me! Xbox LIVE! GT: "Vlad is Rad" PS3 PSN: "Vlad_Is_Rad" -->

11-23-2011, 02:39 PM	#2
Dirtypacman Senior Member Join Date: Mar 2008 Location: Merrimac Valley, MA Posts: 908	Re: Condo Update Credit is a two edged sword... Start too early and you could screw up pretty bad. Start too late and your in the situation your in now. Lucky for me I started young but not stupid and have been able to take advantage of my good credit with a home and a fine car, etc, etc. Keep your chin up man, before you know it you will have your own castle to protect. Enjoy be safe and keep working hard. __________________ Member HHRG and HSC, NRA Life Member, GOAL Member LTC-A

11-23-2011, 03:05 PM	#3
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update We've got our fingers crossed for you Vlad! Would it help for your parents or grandfather to co-sign the note with you? Just a thought...

11-23-2011, 03:24 PM	#4
Vladimir Advanced Senior Member Join Date: Jan 2008 Location: Issaquah WA Posts: 3,558	Re: Condo Update It would but I doubt they would and I would rather them not. Not sure if that affects future credit? I started young, I got my credit card about three days after turning 18. The problem is apparently I didn't get three credit cards! __________________ -JVRR меня зовут Владимир или Джеймс. Я знаю только немного русский язык (я американец, но мой пра дедушка русски). STEAM (CSS, TF2, etc): Ask me! Xbox LIVE! GT: "Vlad is Rad" PS3 PSN: "Vlad_Is_Rad"

11-23-2011, 03:28 PM	#5
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update Vlad - It's too late for this finance deal, but the advice I gave my son is to get a credit card in your name. Get one that pays you cash back or points for something you use (I prefer cash back). Then use the card instead of a debit card and pay the balance in full each month. It will quickly build your credit rating, give you an emergency source of cash should you have a breakdown on the road somewhere, and give you a small discount on your purchases. If you don't trust your spending with a credit card, get a check ledger booklet and log each transaction like you would a check book.

11-23-2011, 03:32 PM	#6
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update Oops - just saw your post. I'm surprised you need three cards! My son had no trouble getting financing on his condo.

11-23-2011, 05:22 PM	#7
Vladimir Advanced Senior Member Join Date: Jan 2008 Location: Issaquah WA Posts: 3,558	Re: Condo Update They want like three sources of stable/consistent payments. So we can show I pay my bills (insurance and phone) through my parents. Problem is it has always been on a "when its convenient" timeline (going for BOTH of us) so its not exactly consistent. So I believe we have 1) Credit card, 2) Payments to my parents, 3) Using rent I paid during junior/senior year of university. On another note, I found out my credit rating is 804, and I will definitely not let my parents live that down (I am higher woot!) __________________ -JVRR меня зовут Владимир или Джеймс. Я знаю только немного русский язык (я американец, но мой пра дедушка русски). STEAM (CSS, TF2, etc): Ask me! Xbox LIVE! GT: "Vlad is Rad" PS3 PSN: "Vlad_Is_Rad"

11-23-2011, 05:26 PM	#8
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update Nice job on the credit rating! That is something to be proud of and keep up with!

11-23-2011, 07:12 PM	#9
Vladimir Advanced Senior Member Join Date: Jan 2008 Location: Issaquah WA Posts: 3,558	Re: Condo Update Anyone know about this banking nonsense? My realtor is definitely trying to get me to jump ship to her mortgage guy- though she is ignoring the fact she keeps saying 30 days, 30 days, everyone closes in 30 days... well we don't have 30 days so... It seems entirely logical that my lack of credit history is forcing a longer review process. Honestly I feel like the best advice I have gotten is from the gal at the bank, and she's also not the one looking at a paycheck from the deal (I assume anyway, she may get bonuses but confident she is not working on a commission situation). So I am inclined to believe HER. But at the same time I can't exactly go to her for advice about switching lenders lol. __________________ -JVRR меня зовут Владимир или Джеймс. Я знаю только немного русский язык (я американец, но мой пра дедушка русски). STEAM (CSS, TF2, etc): Ask me! Xbox LIVE! GT: "Vlad is Rad" PS3 PSN: "Vlad_Is_Rad"

11-23-2011, 07:20 PM	#10
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update What is driving the deadline? The seller will likely extend the contract if they know you are diligently working on acquiring financing. The realtor will likely get a few $ if you move to his/her mortgage company. But, he/she could also be steering you that way because they see a red flag in the hoops your lender is trying to get you to jump through. Down here, closing typically takes about 30 days but can be rushed through in about 3 weeks if necessary. If your deadline is based on interest rate lock, you need to decide whether the rates have moved up or down from when you locked and whether you can live with the move.

11-23-2011, 07:39 PM	#11
Vladimir Advanced Senior Member Join Date: Jan 2008 Location: Issaquah WA Posts: 3,558	Re: Condo Update I am assuming deadline is because bank (Well's Fargo) planned to take the condo to auction in January, I assume they need time to prepare that and they want an out if I cannot close by then. I assume they will extend if it is looking really solid as I find it hard to believe they will get what I offered in auction. I didn't mean my realtor wants me to use her guy for money, but I wonder if she knows the reality of the mortgage situation. I am not sure how many 24 year olds with no credit diversity she has worked with. Her clients might all be closing in 30 days, they might also all be millionaires! __________________ -JVRR меня зовут Владимир или Джеймс. Я знаю только немного русский язык (я американец, но мой пра дедушка русски). STEAM (CSS, TF2, etc): Ask me! Xbox LIVE! GT: "Vlad is Rad" PS3 PSN: "Vlad_Is_Rad"

11-23-2011, 07:47 PM	#12
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update Have you considered applying for financing with Wells Fargo? They definitely have an interest in seeing the deal closed. The rates they offer will likely be very competitive.

11-23-2011, 07:56 PM	#14
geds Advanced Senior Member Join Date: Mar 2011 Posts: 3,706	Re: Condo Update You gotta remember that who you finance with won't be who your mortgage will wind up with. The mortgage company will sell your mortgage within a month or so of closing. And you will have no choice in the matter. You just write your check to whoever they tell you to. We've had several mortgages wind up with WF and had no trouble with them. In fact, we currently are with them. We never started with them, but they are who we wound up with. This same thing happens with refinance deals. I did shop them as an existing customer when we refinanced and found better terms with an independent mortgage broker. Funny thing was WF bought the mortgage as soon as we closed, so we wound up back with them.