The Art of Getting a Loan

In the midst of all the probate-court-ruiner-of-my-sanity-ness, I’ve been trying to work out the actual procuring of a mortgage. You see, I am on the cusp of actually qualifying for a loan in the first place. Or maybe I should say was on the cusp?

Waaaaay back in september, back before person-height snow banks and sleeping bag coats, I applied for a mortgage. My credit was as shiny as the undriven snow, if you will. (Okay, so there’s snow everywhere and there’s going to be more snow, all I got are snow metaphors). Anyway, so credit’s really shiny and interest rates are at the lowest point in HISTORY (and I’m typing this on an iPhone so I mean business when I say HISTORY) and I squeeeak by and qualify for a mortgage. Maybe two squeaks.

Fast forward to snow. I mean now. Where there is snow. History is history. I call my mortgage broker because I have a sinking inkling that rates have gone up. They have.

About 1/2 a point, from 4.25% to 4.75% means my payments have increased to the point where the system is no longer letting me sneak by.

Here’s what we will do, my favorite person who I’ve worked with throughout this whole process says. The system isnt clearin you right now. If you don’t mind doing some work up front – I will do all the work – Then we can start gathering documents and get a pre-approval going. Someone will take a look at everything you have and decide whether or not to approve the loan. Then, once the property clears, we can just move forward since we’ve already done the underwriting (oh yeah, this whole process is called underwriting).

Over the next few weeks, I gather documents, sign a bunch of redundant paperwork, and, actually, contact another loan officer. Because here is the reality. Even if I am pre-approved, the hike in mortgage payments is going to put me out in a way I am not sure I am prepared to be put out. I wouldn’t be breaking even anymore.

So even though I love love love working with this guy (Mario Trotta at wells fargo if you ever need a mortgage or loan, what a superstar!), I decide to go down the sonyma route again.

(Recap – sonyma is the new York state mortgage agency that has stricter guidelines but incredible interest rates)

So I went back to the sonyma site and made a few phone calls, doing my best to avoid the Chase’s and Citibank’s.  I called someone at Ridgewood Bank and Trust and spoke to a very sweet mortgage broker slash aspiring yoga instructor (really! You can’t make this stuff up!) who said that I might stand a chance after I told her my situation and my financials.

But of course I can’t start on that loan process unless I really commit.  Like money commit.  So that’s on hold.

Today, I got a call from an underwriter.

I have a few questions for you.

Okay.

**whirlwind of questions ensues, voice is slightly raised as I defend a few things, am confused by a few things, feel uncomfortable about a few things. It’s like my financials got patted down at the airport by someone of the opposite sex.**

And that’s what it’s like right now.  This whole buying a house thing – worth it right?