So here I sit at Starbucks pulling out what little hair I have left wondering why buying a home has to be so damn difficult. With the first lender, there was no real reason as to why my loan wasn’t approved, but I don’t feel like talking about that right now. Instead I’m going focus on my new lender and the frustrations that I have.
According to my credit report, I had two credit accounts that showed paid in full, and my bank statements show that payments were made respectively to each creditor. Albeit they were made from two separate checking accounts (in reality makes no difference). However, because the creditor for whatever reason, reported different balances owed on accounts, the payments don’t match up. For example, one account had a balance of roughly $1300 and the other about $1500 according to the credit reports. Payments I made were for roughly $650 and $890 to pay off the balance. Since there is a discrepancy of what I paid and what the credit bureau is reporting, I need to show documentation that amount paid equals what was owed. Of course, when I go to creditors web site, log in to view statements, they have been removed and I no longer have access to the accounts. I had to call customer service, and press 1 for English, however I got someone named “Jeff” and obviously thats not his name, or is in the United States. Jeff, struggles to speak English that is coherent and advises me that a request needs to be submitted and will have something emailed to me in 72hrs. Jeff also confirmed that the balance paid in full is in fact the correct amount but could not explain why the bureaus or company reports incorrectly. My only thought was that since the accounts were promotional with no interest for 12 months, maybe they were reporting full balance if carried to term. Regardless, loan is being delayed going to underwriter until documentation (ledger of both accounts detail) are received.
The anxiety and stress that I feel right now is driving me insane. I feel hopeless and there is nothing I can do. I think the system is broken and needs an overhaul. Why do lenders pre-approve you and then spring all this shit upon you last minute? They make you jump through hoops and make the experience more stressful than it needs to be. Original closing date was scheduled for June 30, now it seems like that this is not going happen. Did I mention, that since “pre-approved” they give you a fancy letter to show realtors and sellers what you can afford? In addition, advise you to pay for Home Inspection, Radon Test (older house), and sewer line scope, in addition to putting earnest money down. During this whole time, since you pre-approved, you feel good about getting a loan and are excited about the possibility of moving into your new house. Alas, this is all bullshit! It just seems that every step I take forward to buying a home, I get bitch slapped across the face and fall ten steps backwards.