Getting a Mortgage Sucks

[KLC77]

So, we are in the process of trying to buy a house. We just found out today that instead of the 10% we were going to put down, our mortgage co. wants us to put down 15%. Its a huge increase in cash we have to shell out. Oh, and we need to close in the next 12 business days or the seller (a bank) can cancel our contract! Now we are scrounging around trying to find thousands of dollars we don't really have and didn't want to have to use for the downpayment. This sucks.

[boscobel]

Oh, I am sorry, Kelly. How come the sudden change though? Did something change in the contract to require an additional 5% down?

[~*Kathy*~]

Awww that sucks, sorry to hear that! I don't know how getting a mortgage in the US is compared to Canada but we were allowed to put down a minimum of 5% up to however much we wanted. You don't have anything like that? We ended up putting down 10%

[~Nicole~]

Ugh Kelly, I feel your mortgage pain. It sucks, but just think, you'll have your own place and that feeling is awesome.... i love it, even with the huge payment that gets taken out of our account every two weeks lol!

[KLC77]

Well, I guess it is because our debt to income ratio is too close to the lender's limit. Right now just my husband will be on the loan and so its only his income. Adding up the cost of the mortgage our taxes and insurance, plus the other things that show up on his credit report (which isn't much) just puts us right over their limit, I guess. So, by putting the extra money down it lowers our monthly payment thus our debt to income ratio. I get it, but it still sucks! I'm trying to find an alternate solution, but can't come up with anything. This means we will have to put down 15k more than we were planning for. So, we won't have anything left over in savings or to furnish the house.

 

The worst part is that I thought this might be an issue a month ago when we were first applying for our mortgage and the mortgage guy kept saying not to worry about it. I should have known we would have to deal with it at some point. I asked him like 6 times if he thought it would be a problem.

[Jacilynda]

oh Kelly!!!! What a bummer!!! You know I'm thinkin aboutcha! I hope everything works out. You two have been through too much w/ trying to get a house!

 

I'm so excited for you guys! Whatever happens, happens. If it doesn't work out in the end then this wasn't the house for you. If it does and you can't afford to get new furnishings, then at least you'll have some time to look at different furnishings and how you want the house arranged, and I'll nominate you for Deserving Design on HGTV!!

[Blkatz]

that is a nightmare. Is there any way you could shop your mortgage with another place? That is a big increase. Good luck

[ebredhawk]

kelly i DEFINITELY feel your pain! we bought our house last year in a short sale and closing a house with a bank on the other side is not an easy thing! everything is last minute and can change in an instant. we had our downpayment change just days before close too, but jacilynda makes a good point! some of our best memories after just moving in were ordering pizza and sitting on pillows in the middle of an empty living room. you will definitely appreciate the furnishings once you get them and can put more time and thought into them!

 

plus, a nomination for "deserving design" wouldn't hurt either!

 

good luck and i hope everything goes smoothly here on out!

[Mrs. Martin]

I know exactly what you are going through! We just bought a house last month and we were originally just putting 10% down, but ended up putting 20% instead (we can only do increments of !0% here). I had a total meltdown and really started getting cold feet about the whole thing because including our closing costs, that was $89,000 we were putting down!! I didn't want to buy the house anymore but I'm glad my DH talked some sense in to me. Now our mortgage is even lower than we expected and we were able to avoid the monthly $300 PMI charges (mortgage insurance). So, hopefully you'll be able to come up with the $$ because it will be so worth it!! Good luck and keep us posted!!

[~Melissa~]

Yeah we just got pre-approved for a mortgage so i hope to avoid all this stuff. Did you get pre-approved as well kelly? And who did you go with if you don't mind me asking? We went with Wells Fargo and I'm hoping that was a wise choice. I guess it's just a pre-approval and we could always switch.