I paid off the computer on the 0% Bestbuy card. I have 10 more months of 0% interest, but I have the money now and don't want it on the credit report. So that's done.
Working on bank pre-approval for a mortgage. I initially went on lendingtree a few months ago and was pre-approved within a few hours...but it didn't feel legitimate. We are somewhat risky on paper and they just didn't ask enough questions... I don't want to start a house buying process to have the financing fall through.
So we went to WAMU and have the opposite problem. They are very non-personal and are only looking at a certain set of numbers and not listening to the explanations we provide around the numbers. After waiting almost 2 weeks I get an email asking me to provide an explanation for purchasing a primary residence in GA when BB is contracted to work in TX.They also asked why BB worked for 4 different companies in a span of 6 months...("its not companies! It's teams!") they are not really taking our situation into account. They keep saying BB was "fired" when he was traded...Thats a blow to the self esteem to hear (trading is good! Firing is bad! Dont label me fired!)...Then they also want an explanation for buying a duplex rather than a SFH. BB just got fired up at their emails and then no response attitude.
So we are now working with a woman in GA who so far is friendly, listens and works hard. We just priority mailed off our paperwork to her so hopefully we will have a pre-approval that I feel comfortable with in a week or two.
So that is 3 agencies who have checked our credit in the last 3 weeks...our excellent credit is our most valuable asset at this point and I do get nervous allowing all these people to check the credit but it is what it is.
The woman in GA of course asked all our income and sadly I couldn't talk about ebay without IRS problems-which is too bad because I have been earning a normal middle class salary off of ebay. oh well- I will keep earning and the lender will keep asking where all this money keeps coming from and I will just keep saying I am downsizing to move to the smaller space. Which is true. I'm just downsizing pretty hardcore.
we have a pre-approval situation
November 22nd, 2008 at 05:21 pm
November 22nd, 2008 at 05:51 pm 1227376288
November 22nd, 2008 at 06:26 pm 1227378416
November 23rd, 2008 at 01:11 am 1227402716
I think if it were me, i would try a good, well-established local bank or credit union. Becus i think the smaller regional banks and credit unions largely steered clear of the whole sub-prime lending debacle. And so they have more $ to lend. And if you compare credit unions mortgage loans to banks, regardless of type, i think the CU will always be a little better, becus credit unions are non-profit and aren't there to make money but to serve their members. It's worth looking into.