the new house

The process that started at US Bank on July 15th will finally finish with SWBC Mortgage Company tomorrow evening.  For a quick synopsis of our trip through the seven levels of mortgage hell:

  • July 15, T and I get pre-approved by US Bank for a home mortgage loan at a good rate.  I’ve banked here for 10 years and always been happy with them.
  • We spend a few weeks intensively house hunting, then find “the one.”
  • We make an offer that the sellers accept on August 1.  The contract gives us until Sept. 15 to close.  This seems like a ridiculously long time.
  • We fill out the initial paperwork with US Bank around August 11.  Our loan officer tells us that we should be able to close before the end of the month, he will be pushing for it with help from his boss.
  • The underwriters at US Bank ask for more and more documentation about a previous mortgage of T’s.  Bank of America now owns Countrywide, and they won’t furnish any of the documentation.  My long-held hate for B of A deepens.
  • August 30 comes and goes.  Our US Bank loan officer appears to take a series of 4-day weekends.
  • Around Sept. 7, we start getting nervous, and start talking about moving the loan somewhere else.  Hate for US Bank is now beginning to grow.
  • Sept. 10, we sign a contract extension with the sellers through Sept. 30.  I’m now afraid this won’t be enough time.
  • Sept. 16, still waiting to hear back from the US Bank underwriters for the second time.  I pick up our file, and take it over to SWBC Mortgage.  We decide the best course of action is to put the loan just in my name, which isn’t a problem.  The initial paperwork is signed that day.  From the USBW parking lot, I request that US Bank transfer everything to SWBC, and they agree, but our loan officer still wants to see what his underwriters will eventually say.
  • Sept. 21, US Bank underwriters ask for even more documentation.  Screw them.
  • Sept. 23, still waiting for US Bank to transfer the loan number to SWBC.  Loan number couldn’t be transferred before the loan was closed, loan officer didn’t tell us that when he asked to keep waiting on his underwriters. Hate US Bank for real now.
  • Friday Sept. 24, loan submitted to SWBC underwriters.
  • Monday, Sept. 27, loan approved!!

And now for the future:

  • Sept. 28, final walk through.  This will be the second time I see our new house.
  • Sept. 29, sign closing papers at title company!
  • Oct. 1, begin moving in!
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