Waski_the_Squirrel
Resident of the least visited state in the nation.
I figured my next post on homebuying would be to report it was bought. Today I got some bad (and some good) news.
The mortgage company decided to reject the appraisal. Their reasoning was that there were no comparable houses. (I mentioned in my last post that the 6 comparable houses on the appraisal were larger and more expensive.) So, the mortgage company has decided that stringing me along for 3+ months, they're turning me down. The only comfort there is I'm being turned on for reasons out of my control, not because of my finances.
So the silver lining is that the local bank has decided to make an exception for me on its loan policies. The bank itself will loan me the money with a higher downpayment and interest. Also, it will be a 10 year mortgage rather than a 15 year mortgage. I can afford it, but it won't be as comfortable.
Oddly, they made this decision very quickly, compared to the long time the mortage company spent twiddling its useless thumbs.
So I am getting the house, hopefully closing on the 20th (that's not for sure yet). But, what a sickening end. But, two big lessons come out of this: one is the importance of reputation. The bank made an exception for me because of my reputation. The other big lesson is the personal dimension: by using a small bank, I'm working with people who actually know me. I'm not just a number.
The mortgage company decided to reject the appraisal. Their reasoning was that there were no comparable houses. (I mentioned in my last post that the 6 comparable houses on the appraisal were larger and more expensive.) So, the mortgage company has decided that stringing me along for 3+ months, they're turning me down. The only comfort there is I'm being turned on for reasons out of my control, not because of my finances.
So the silver lining is that the local bank has decided to make an exception for me on its loan policies. The bank itself will loan me the money with a higher downpayment and interest. Also, it will be a 10 year mortgage rather than a 15 year mortgage. I can afford it, but it won't be as comfortable.
Oddly, they made this decision very quickly, compared to the long time the mortage company spent twiddling its useless thumbs.
So I am getting the house, hopefully closing on the 20th (that's not for sure yet). But, what a sickening end. But, two big lessons come out of this: one is the importance of reputation. The bank made an exception for me because of my reputation. The other big lesson is the personal dimension: by using a small bank, I'm working with people who actually know me. I'm not just a number.
