The next day she told me Underwriting had the same requirement - inspect and make any recommended fixes to the sewer lateral prior to close and taking possession of the property or AimLoan could not fund the loan. The next day the Loan Processor asked me for all updated documents which I provided. Nine additional nerve-wracking days passed and the Loan Officer finally called with good news - if we agreed to a smaller loan amount of $30,000, we could go back through underwriting and be approved. A maddening week later the Loan Processor asked the Loan Officer again to call me. This was 13 days into our 30 day close! I called the Loan Officer and she immediately responded "How can you do work on a house you don't own?" She told me she was leaving early that day and would call me the next day to resolve. The next day she responded that was not acceptable and told me to find another Lender.
Our Realtor asked if we could agree to set money aside in Escrow that would not be released at the time of sale, but rather later once I proved the inspection and any work, if needed, was completed. She reiterated the requirement, even though it is not a City requirement the work be done prior to the close of escrow. He explained to her she was asking us to perform work on someone else's house. My Realtor also called her, but was provided the same information. On Monday she reported back the same requirement. I explained I could not do that as I didn't own the property. The first concerning thing to happen was for our Loan Processor to ask what a sewer lateral was! Later that day, late on a Friday afternoon, she told me that I needed to complete the inspection and if any repairs were needed, to complete the repairs prior to the close of escrow. We had agreed for me (the Buyer) to do so after the transaction closed. The parties can agree to have either the Seller or the Buyer take care of this. Nine days into the process our Loan Processor asked about a City Disclosure stating that at the time of sale the sewer lateral needs to be inspected. At first all went well, though our Loan Office failed to tell us we could pay points to pay down our interest rate and it took six days to be assigned a Loan Processor. Using that letter, I was able to have an offer on a home accepted, with a 30-day close date. AimLoan pre-approved me for a mortgage and provided me with a letter. Did 100 point drop as a safety, dont want to be surprised by a rate hike.In the past 25 years I have successfully used AimLoan twice before. I know that Consumer Credit score differs to what Mortgage companies use and it can be lower. I even lowered my Credit Score from 770 to the 660-679 range on AimLoan to ensure the rates and numbers stick. I am just trying to figure out why TD is so much higher. I have the entire line by line breakdown of the Closing Costs and Cash needed to close with AimLoan. ~245/month more and ~$3K in total closing costs/fees.~$1,890 all in, reduced to ~$1,850 when PMI drops in few months.
Only Escrow money to close, which is break even when I get check from TD.~240/month more and ~9K in total closing costs/fees.~$1,880 all in, reduced to ~$1,840 when PMI drops in few months.$235K Loan (lender said this was to roll some Closing Costs).Value now ~$285K (this puts us at about 18-19% so we only would have 5-8 PMI payments).30yr Fixed $1,595/month all in (yes PMI there another reason to refinance).Refinancing and paying the extra ~$250 lowers it by ~$20K In 3 years paying $250 more on my current will lower it ~9-10K. Usually I am for the "get a 30, pay a 15" thought process, however the 15 rates are so low compared to a 20 or even a 30. With the rates so low I was shopping around to refinance to a 15 yr. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.
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