Mortgage problems... advice needed?
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My fiance and I are in the process of purchasing a house that we got under contract before construction had began on it. This was around January 2007. The house has been complete since May 15 and all of a sudden the lender that our mortage company was working with to get our loan, decided not to do business in Louisiana anymore. Now we have to basically start all over with another lender who is now asking for additional information, drawing out the process even more. This is getting very frustrating and my fiance is thinking about switching to another mortage company. How much longer do you think it would take? We were hoping to have been moved in by now. Any advice? The company we are working with is small and the originator is a family member, which complicates things even more.
Mortgage problems... advice needed?I'm sorry your going through this mess. I can imagine how anxious you and your fiance are in wanting to settle into your new home.
The loan process can be exhausting due to all the questions and documentation they require. Patience will be needed.
If you elect to hirer another lender it would only slow down the process more. Worst than that...it could effect your credit scores. Every time you apply for a loan the mortgage company will run your credit reports. This action will reduce your credit score. It is vital not to open any new credit cards or add any debit to current credit cards. The most common mistake new homeowner's make is purchasing furniture prior to closing on their new home. This act can destroy some people's loans.
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