The loan was NOT ready on Thursday (close of escrow). The purchase contract was breached, and the seller could walk away from the deal. I would have lost $3k.
On Thursday, the broker asked for my 401k info and my most recent pay stub. I'm not sure if this was some sort of stall technique or what. Then the broker said the internet wasn't working at their office, so they were unable to "pull the docs." This was all very funny because THEY WERE SENDING ME E-MAILS.
Also on Thursday, I get some info in the mail from ABN AMRO (the bank making the loan). The amounts and terms of the loan were incorrect. WTF?! I call my broker (even though he hasn't been answering my phone calls for the last week). Lo and behold, he answers the phone. I ask him about the discrepancies and he says it's "typical" and not to worry about it. The loan docs that I will sign will be correct. I ask him if the docs will be ready tomorrow. He says they should be ready. He states that he will be in the office at 6am and that he will give me an update ASAP. 9:30am rolls around, and I finally get an update. Guess what? The internet isn't working. Since it's my day off from work, I decide that I should show up at the broker's office and ask to see the president/manager of the office.
So I get to the office and demand to see the manager. The manager comes out and says she'll be right with me. 15 minutes later the manager comes back out and voila, the loan docs are ready. Wow. People must really hate confrontation.
After all this, I went to the title company and signed all the paperwork. Some of the terms of the loan were different from what the broker promised, but there's nothing I could do at that point. The things that were different weren't that significant, but the fact that I had been lied to repeatedly really pissed me off.
I will be filing a complaint with the BBB and all other applicable agencies.
On Monday we should be getting the keys.
Jennie and I were REALLY lucky that the seller did not chose to walk away from the deal.
I've had a few irish car bombs if you can't tell.
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