Kristin's Blog: Getting a home loan in 2010 ~ Can I get a beat?

Getting a home loan in 2010 ~ Can I get a beat?

We bought a second home a few weeks ago, having lived through this frustrating experience recently I know  what buyer's go through & thought i'd laugh about it, only so I don't cry........

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If you want a home with a yard, step back & recognize that getting a loan is going to be HARD.  You must have a J-O-B & you better put down those credit cards, you better be debt free!  Cuz' twenty-ten is the year of the perpetual loan, sit back & get comfy if you want a new home. 

There's paperwork galore, all of which you will abhore, if you get frustrated easily you might want to try and ignore....but get ready, The lender will ask you for all sort's of things, from bank statements to check stubs to letter's explaining your rings.  But the lender isn't the one that you should hate, there's a certain someone else very evil, hidden behind the gate, he's called an underwriter and by the end of your transaction he will turn you into a fighter. 

Rest assured he's after blood, he's got multiple eyes on him so he keeps himself out of the mud.   He's got a job to do and he takes it to heart, nothings getting by him so don't even start! 

These days are different, you will find out, there's verifications & re-verifications & paperwork that will make you scream and SHOUT! 

"Enough already! I give up! I don't want the home anymore, let's stay here!?" 

"But no, we're almost there, one step closer to our dream of living in Bel-Air!"

"So GO!  FIGHT!  WIN!  We'll give them what they want and we will do it with some smiles, even if it is just to have a new home within a couple of miles............

Kristin Moran

Specializing in San Antonio & surrounding cities
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RE/MAX Access - Realtor®/Owner

KristinMoran@Remax.net 210.313.7397 www.SistersThatSell.com

Buy a home from me, use the truck to move for free!

 

                

Comment balloon 10 commentsKristin Moran • December 14 2010 08:39PM

Comments

Congratulations on surviving the process! Best wishes for much happiness in your new home.

Posted by Margo Currie (Exit 1 Stop Realty) about 8 years ago

Hi Kristin...

It is very hard to assemble the documentation for a home loan, and many buyers do indeed give up. But you are a fighter and your perseverance will pay off!

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) about 8 years ago

Kristin: Welcome to home ownership. I'm sure the three of you will enjoy your new home for many years.

It sounds like it use to be back in the 60's when we purchased our first home.

Posted by Carl Winters about 8 years ago

If I bring my Flip tomorrow can we film this?  Please?

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) about 8 years ago

Great post, just went through all the trials and tribulations with a client this past month.  Best wishes to you and your's.

Posted by Gary Pike (Better Homes and Gardens Real Estate Metro Brokers) about 8 years ago

Kristin,

Very humorous, sad but true.  However it sounds better to a beat - maybe you could RAP this out?

Yeah, add inflation and higher interest rates and some days I wonder if more than 6% of the US population will actually be able to get a darn loan in 2011?

Glad it worked out!!!!

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) about 8 years ago

I sincerely hope you are enjoyingyour new home.  It's a pain in the you-know-what sometimes, but home ownership is well worth it :)!  Congrats!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) almost 8 years ago

Girlie you have been going through so much since I last talked with you!  We gotta catch up sometime!  Are you going to the State convention this year?

Posted by Tara Campbell, Broker/Owner, GRI, CDPE (RE/MAX Family) almost 8 years ago

Kristen,  You are right, it's a list of paperwork that is asked of the clients now days then a magnifying glass is used on those documents.  I've been doing mortgages for about 15 years now and since the big changes took place two years ago, I have noticed the second timers are having more of a difficult time with the mortgage process.  The reason is the because the first time around the buyers were usually only asked for a pay stub, w2, and a bank statement so it was a pretty easy process to buy a home.  Heck with some even easier then that if they went on a stated income and stated asset program.  Well, now a days you know much more items are expected to be supplied to the loan officer.  With the first time home buyers, I don't hear so much grumbling about the documents needed because they never went through the process before so they don't know what to expect.  It's a good business practice for the loan officer to set those expectations up front so the clients will know what to expect during the mortgage loan ride! 

Posted by Stephanie Stringer, Mortgage Loan Originator (First Choice Loan Services NMLS#210764) almost 8 years ago

And you're in real estate! I didn't know anyone in real estate is getting loans these days (regardless of how they're doing) Good for you!

Posted by Colleen Fischesser Northwest Property Shop, A Tradition of Trust in the Pacific NW since 1990! (RE/MAX Advantage | Managing Broker) almost 8 years ago

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