Home buying thread

The closing cost thing is apparently complicated with a VA loan. That said, Penfed currently has no origination fee on top of those rates. So we're really tempted to go with them (although my wife called and they said that may end at any time). So basically it comes down to whether we should worry about the appraiser issue.

I did my car with Penfed back in 2013 and I'm a fan. Got a .99% rate for 60 months.

I *think* (or at least the way it was explained to me during my recent re-fi) is that there are appraisal firms/companies that the banks hire out. They don't really have their own appraisers, but rather every single lender will contact whatever appraisal firm(s) in an area and that appraisal firm will assign a local appraiser.

Yeah, I ended up sort of answering this after doing more research. Since 2011(?), the lenders are required by law to outsource the appraisals and it's some sort of round robin system. So they basically don't get to pick at all.

In the end it sounds like it comes down to whether your lender is timely. You may have a local lender who won't answer the phone and one across the country who does. The only thing I really need to be concerned about is whether someone on the east coast has a 24 hour a day way to reach them (or at the least, will be around at say 5 or 6pm pacific time).

A lot of what I read basically said the lender doesn't actually matter so much, though. Essentially that it's all a game of balancing fees and interest rates. The online lenders have super low rates to entice people but make up for it in fees, whereas a local lender may have higher rates but can lower the fees. The explanation that made the most sense for this is that everything is an MBS at this point anyway, so the lenders don't care as they're going to bundle this shit up anyway and sell it to someone else. Since everything is ending up in the MBS pot in the end, it's all an illusion that different lenders are offering different rates (I know that's simplified and there's obviously some difference, but it's close enough for me).

In an effort to be not that asshole customer. I wait from Friday till Today to make contact with the mortgage lender again. While they were waiting on "internal documents". When I call in, everything is in order and I ask how are we doing on the early close I requested? She says oh, you want an early close? I say yes. She says when. I say asap. Hemming and hawing about not picking a date on her part etc. So I ask how long will it take to close everything up. It sounds like 4 business days. So I pick the day after. Well I don't know if we can get it done by then... So then I suggest another date.. Well I'm not sure by then either. Then she recommends the 17th. After spending 2 minutes explaining why she didn't want to pick a date etc. So the conversation ends with her saying she'll call me back by the time she leaves today with an update on ordering the mortgage insurance.

10 minutes later I get an email saying the ordering of the mortgage insurance will take 48 hours instead of 24 hours. She'll try to get everything wrapped up asap. Because she'll be on vacation all next week... This is where my head explodes. This will be the 3rd time in my loan process that someone is out sick or on vacation. If I hadn't called until Monday. There is no way I could close on time with her being on vacation for a week.

This is all after asking me if I had locked in my loan rate yet... When she was on the phone with me while I did it and did it the first day possible, to get the earliest closing date possible. I guess I'm just shocked that the process can be so sloppy for one of the largest purchases I'll ever make in my life.

So with the call back. They are saying the appraisal that they ordered, the comps used are not insurable and thus invalid and need another appraisal to be done. This reeks of bullshit. I called another lendor and they took a look at the appraisal and said it looks just fine to them and had never heard of comps needing to be insurable? Said it sounded like they were stalling. So we went from closing early to them asking if I can ask the seller for an extension so they can get another appraisal. Which they are going to pay for, and they say they'll waive the loan lock extension fee.

The new lender who has great yelp reviews etc. Says he can't make the closing date of the 24th. But could pull it off in 3 weeks. So now I'm at a crossroads, do I try to get the seller to agree to letting me use another lender and extending the close date, or do I let it ride and see if the original people can get their shit together. I feel like trying the new guys is the right move. It'll cost me more money I'm sure with out of pocket appraisal and the rates have gone up a bit.

Get. A. New. Lender. JFC.

Are they trying to get you to PAY for a second appraisal that THEY ordered and is invalid? Lol

They say they'll pay for the second appraisal. But yeah I'm working with a new lender but it'll be subject to whether the buyer allows it.

Yeah, I meant the seller. And yes switching would breach the contract as the other lender is quoting 3 weeks to get it done. Which is a few days after the closing date. Although it's going to look very dumb considering yesterday becu quoted us an early close and we notified the seller. Now we'll be coming back and asking for an extension..

wormie_sl said:

Yeah we usually assume 2-3 months from start to clear to close here. A week is a pipe dream.

Click to expand...

Lol 2-3 months? I closed in 6 days starting from prequal with all paperwork prepared thru appraisalunderwriting signing and escrow.

I guess you are or deal with shitty buyers or lenders a lot?