We are homeowners!!!!

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DaniJude
You're My Home <3

Member since 11/06

14815 total posts

Name:
Danielle

We are homeowners!!!!

What a whirlwind... Thank you to everyone for your support, posts, FMs, etc over the last almost SEVEN months of this odyssey!!!

The major problem: the lenders that we went with were not honest with us about what we needed to get approved. They told us we had commitments that we didn't have, etc. On top of that, everything that they did took such a long time to do b/c they have processors and people in various states... So, to get an answer from our broker meant he had to call Ohio, then Texas, then Upstate, etc. It took DAYS to answer one question.

The issue was that Vinny's job wasn't considered 'permanent'. To us, this was not an issue - if he can't teach, he works for his father's business and makes the same amount of money. He just LIKES teaching lol vs. working there. However, in the banks eyes - working for family 'doesn't count'. Umm a paycheck is a paycheck. We were told that we could not 'use' that as legitimate. Umm what? There ARE people who work for a family business out there lol.

Finally, after two failed lenders who basically took us on trying to worm the loan through and jerk us along in order to see if it would work and they could make money. We were told, afterwards, that these two lenders take on "anything" just to see if it'll stick - and if it doesn't, then oh well.

I know things are strict now but c'mon. We put something like 35% down - maybe a lil more actually. God knows at this point because we have saved up so much additional money during this lengthy process. We have credit scores above 800. We have ZERO credit card debt. We were told we'd be fine. However, the problem with Vinny's job came when they went to do employment verification and they cannot 'guarantee' his job. Again, we know that he'll be fine as he has a back up plan to work for his father which is actually more than most people do. Strange.

Finally, as we thought we were going to lose it all after the second failed attempt my SAVIOR of a real estate agent casually mentions his mortgage guy. That maybe we should give him a try. OK, fine. He said that he is a mortgage banker -- that everything is under one roof... him, the underwriter, the lender, etc. So that things don't take forever going from state to state or whatever. DISTRAUGHT and about to give up, we met with him on a whim. This was the end of June - about one month ago or so. We have been trying to take care of this since we went to contract in January...

Dan looked at our numbers, looked at all the good points about us and said, I think you got jerked around by the other two places. They weren't honest. I will look at this closer and if I can do it, I will tell you and it WILL happen. If I can't, I can't and I will tell you that too. He looked at it and said all it needed was to be structured properly and that we needed a co-signer just to ease the bank about Vin's job uncertainty.

My father was so great and stepped in to sign for us. We started from scratch again - with a new lender. I don't know HOW or WHY the seller stayed but she did. She is a SAINT. I got her a really ncie gift for a spa day, btw! She was so good to us. We actually wrote her a letter right after meeting with Dan explaining everything - and mailed it. She was so kind. We are VERY VERY VERY lucky.

Just three/four short weeks later - bam, clear to close. We got a REAL commitment from him - not just lip service. He told us, if you get one from me you WILL close. He was FANTASTIC. Answering a question from an underwriter with him? Simply walking UPSTAIRS. Done. He never lost anything, he never needed anything twice, he never asked for needless crap. It was AMAZING. What a NIGHT and DAY difference from the other lenders. I worked with him and ONLY him. It was fantastic and EASY!

I can't tell you how many times the other lenders lost my social sec card or my license copy or our paperwork, or stuff they requested and we had to send it fifteen times. NEVER happened with Dan's company. We were told we had a commitment and had the clear to close twice -- TOTAL LIES. It was insanity. And we would be forwarded to these 'handlers' from out of state - it was just so detached.

Our saving grace aside from Dan obviously was our Real Estate Agent. We worked with a buyer's broker (John). We met John at an open house back in DECEMBER! We were just looking on a whim and he explained that he could work for us but would get paid by the seller of whatever we bought. Great! He found places for us, emailed me daily with new places and found our place for me the DAY it was put on the market.

We went in, it was gorgeous, I put a bid on it before it even had an open house. We were able to negotiate about 25 grand off the price - easy, no open house, no haggling, etc. Seller was happy -- little did she know it would take six months Chat Icon I still feel so bad but she insists it is "no problem"

John was there to offer advice, help us, do the job of my freaking lawyer who was CONSTANTLY missing in action and never calling us back. He was phenomenal and I will use him for everything I ever buy/sell for the rest of my life. He was a Godsend and it would not have worked without him. He negotiated for us from start to finish so we didn't have to and we didn't even have to pay him! We got him a very nice GC to dinner with his wife though lol. And thankfully, he referred us to Dan so in the end he was a complete lifesaver. He took us to about 12 condos -- maybe 15 the most. We put offers on maybe 4 of them. Most didn't even counter (these sellers lol). And we didn't really lowball but it was early in the season -- it worked out for a reason though b/c nothing we saw even compared to the place we got.

We did the walk through yesterday and then last night we got the numbers, then today this morning we went to the bank... TD bank was great every time we needed statements and ridiculous paperwork faxed over allllll the time. Vin knew every single emloyee by name and when we walked in this AM they were like "is today the day?!!" LOL how freaking ridiculous!!! Chat Icon

So, then we got the closing table and signed like to the point of it being insane. It is just crazy.

And then that was it... done. It was so easy after such a nightmare.

My lawyer, luckily, at the table was good - with the numbers was good but I suggest to everyone - go with someone who has an office and does this and only this. My guy is retired and does this along with five other hobbies or whatever. So, he was MIA all the time. And kind of a jerk lol. And not cheap! It was terrible.

Once we closed it didn't feel real.

Dan, the mortgage savior of our life, brought Champagne for us to the closing - that was so nice. We had it tonight!

We drove to our home like it was so easy -- just drove up and went in. How did we get here?? It feels fake - still does! We have lived with my IL's for about four years.... FOUR. That's crazy. We have never been alone since we've been married. We both just cried.

The place is so beautiful I find myself just laughing in shock... The community is so pretty and the people are very friendly. We are so fortunate.

Let me share the info of Dan and John since they were the SOLE reason we got this place......

MCS Mortgage Bankers
Daniel Coppola
Sr. Mortgage Banker
Office:631-475-9800 ext 145
Cell:631-431-5554
Fax:631-574-4725
NMLS #36622

John Gardner
REMAX / Condo Connection
JOHN L. GARDNER
(631) 428-7065

John was amazing - any question or whatever, I had a call or text back within minutes. I can't tell you how many times I said "thank God we have John" lol to Vinny. like 84587458 times.

Message edited 7/28/2010 12:03:14 AM.

Posted 7/27/10 11:31 PM