Aug 23 2011

Hurry up and wait

That’s kinda where we are right now…just waiting for repairs to be completed on the house we’re purchasing, and for the closing date to arrive.

The seller is paying for some repairs to the house’s exterior, so hopefully the weather will continue to cooperate so the contractors won’t be held up by anything. It’s going to be cutting it close and we may have to delay closing if it’s not finished, but whaddya do?

I’ve supplied plenty of pay stubs and bank statements and PayPal statements and tax records and so on to our lender, and it’s sort of a weird, exposed feeling to have someone know exactly how much money we have and where we spend it.

I’m fairly open on my blog about our finances, but I haven’t come out and disclosed actual dollar amounts on things like Shane’s salary or our net worth.

I looked at my most recent bank statement and wondered if they’d be judgey about the fast food restaurants I’ve frequented lately. It’s been busy and I’ve been slacking. Whoops.

I think that’s probably the only thing on our recent bank statement that I’m not really proud of. We’ve been trying to keep spending to a minimum lately to conserve cash. But if they caught me on a more normal month, they might see purchases at big-box stores or on Amazon and wonder what in the world we were buying.

Usually, it’s justifiable stuff. There’s also a smattering of coulda-gone-without-it stuff that trickles in.

But still. When someone is looking through your financial records and making a business decision based on what they see, it does feel a little strange.

The underwriter does seem thorough, though. Got in touch with Shane’s former employer in Pittsburgh, got copies of my PayPal statements since that’s where my blog income trickles in, got our landlord’s info, etc. I don’t know for sure, but it seems like this is more intensive than it’s been in previous years. That’s fine.

I’m hopeful that closing will proceed as scheduled and we’ll be unpacking our boxes soon! Gotta finish packing those boxes first. Making progress, anyway!



7 Responses to “Hurry up and wait”

  1. It is very intensive. Our previous house was like wam bam and done! Not this time time. I’m on month 3 of trying to close, almost month 4. Every time they request a document and I send it, I’m hit with another “well we saw this and now need this”. I sold a baby swing on Craigslist for $60 and deposited that into my account and because I didn’t have a receipt (?!!) the underwriter suspended my loan for 5 days until they could figure out what to do. I understand needing to tighten the rules for lending, I absolutely do, but I am exhausted with this process. They have picked apart every single thing, even demanding a medical history letter (for years 2002!!! to 2010) simply because I took a maternity leave in 2010. lol. Good luck with your closing! I’m suppose to the Aug 31st, but we’ll see…!

  2. Underwriting is such a weird business. We had to send things, and send them again. I started feeling like we were mad. We made these little coversheets that said stuff like, Page 1, proof of income, Page 2, job contract, Page 3 Stocks info….I got so sick of it. The day before we close they started freaking out about 1000 check we’d gotten two months ago. I told them it was a graduation present from my husbands grandparents and they said, “Can you get us a copy of the cancelled check so we can see where it says that.” And I said, “Why don’t you just call them up and ask for yourself?” Crazy!

  3. We were approved based on Tony’s income alone because I didn’t want to deal with the hassle of finding a way to prove my independent income. It’s just so much easier to send a pay stub than it is to sort through PayPal records and all that junk. We knew we’d be approved for the amount we needed on Tony’s income alone, and my income is so sporadic that we didn’t want to count on it anyway.

    It’s funny, but I honestly never think about someone looking at my finances like that. I guess I just assume that they look at so many numbers all the time that they don’t care enough to look THAT closely at my bank statements. They just wanna see the bottom line. But maybe that’s not true. Anyway, I’m sure you and Shane are MILES more responsible than the average loan applicant they deal with, so I’m sure they’re not judging your fast food meals. Lol!

  4. Yeah we just used Shane’s income for the loan too, but they were seeing deposits coming into our bank account from PayPal and were like…’splain yoself.

  5. Wow! We turned in bank statements and the like, and that was IT. Nothin’ else. We didn’t include my income because I was quitting my job. I feel like all they did was look at total numbers It HAS changed.

  6. I do wonder if we’re having to do more because of the Mortgage Credit Certificate. Maybe that program requires more info? idk.

  7. Things are much more thorough. I make more than enough to pay for a $34,000 house in one year, but couldn’t get financing!! They went back YEARS. Last time I bought–in ’04 $110,000 house they looked at the most recent stuff and stamped it approved! I’m sure you’ll be fine–you’ve got a substantial down payment, no/very low debt etc. Not being at the job very long is the only thing I could see that might raise an eyebrow, but probably not with your down payment.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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