Check this out. Here's what I've gone through for a home loan. I hope this will be of some use to others (unless you're Adam Reinke, and getting a loan is as easy as a snap of the fingers). Oh and the closing date for all this is March 8th.
1/15/2007: Contact several brokers
1/25/2007: Start loan process with broker of choice. 30yr fixed loan through Wells Fargo. Broker repeatedly emphasizes my paticular loan is designed for someone who just graduated college.
2/1/2007: Send broker rental history, bank statements, and pay stubs
2/2/2007: Send broker proof of employment, college transcript, and other misc docs
2/3/2007 - 2/28/2007: Broker repeatedly sends updates about everything looking perfect
2/28/2007 - Broker says Wells Fargo needs more proof of me paying bills online. I send broker copies of power bill, cable bill, car insurance bill, copies of checks from rent during college, document showing payment of ASU tuition on time
3/1/2007 - Broker says Wells Fargo underwriter is ignoring calls. I ask for underwriters phone # so I can strangle said underwriter
3/1/2007 - Broker states we're going with another loan cuz Wells Fargo is the devil
3/2/2007 - Broker asks for more copies of bank statements
3/2/2007 - Broker repeatedly states new loan will be ready on Monday
3/5/2007(Monday) - Broker states loan docs are ready
3/5/2007 - Broker backpedals and says the piggyback loan needs to go to underwriter for approval, states docs will be ready tomorrow
3/6/2007 - Docs are NOT ready
3/7/2007 - Broker needs proof of employment again, copies of bank statements again, and a signed letter from my dad stating he has not given me any monetary gifts. broker says loan docs will be ready tomorrow morning
3/8/2007 - ????
Tomorrow is closing, so if the loan is not ready, I might end up losing about $3,000. This whole loan process has been the MOST stressful thing I have ever done. Considering I went to U of I for engineering, I think that says a lot. Here are my words of wisdom for all the future home buyers out there:
1) start everything REALLY early
2) a broker promising a loan is different from you getting that loan
3) call your broker daily and make sure your loan is approved ASAP
4) be ready to provide documents of every dollar you have ever spent/received
5) be ready to go through hell
6) realize that you might lose several thousand dollars. . . I'll find out tomorrow about my $3k