tag:blogger.com,1999:blog-25226414.post8455537752226455838..comments2024-03-27T20:45:10.861-07:00Comments on travel spot: What I Learned: Getting FinancingKyria @ Travel Spothttp://www.blogger.com/profile/05889638304509763419noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-25226414.post-76890028640559322262016-02-01T11:54:49.688-08:002016-02-01T11:54:49.688-08:00Oh man, that sounds like quite the process! When w...Oh man, that sounds like quite the process! When we got ours, we worked with a mortgage broker. All we had to do was send her the paper work and provide her with our financial information. She went and found us the best rate and then sent us all the paper work to be signed. It was so easy!Leighhttps://www.blogger.com/profile/18208084906252104079noreply@blogger.comtag:blogger.com,1999:blog-25226414.post-44197478418910740892016-01-30T13:41:45.899-08:002016-01-30T13:41:45.899-08:00We bought our house in 2006 and I don't rememb...We bought our house in 2006 and I don't remember much ha. We did go with a bigger bank with a local branch based on a personal recommendation of the person in charge of mortgages there. She was great to work with as first time home buyers who didn't know too much ha. We remember thinking they approved us for like 50,000 grand higher than what we wanted to spend. In the end I think we bought for about 15,000 more than what we were aiming for but still less than what we were approved for obviously. The Many Thoughts of a Readerhttps://www.blogger.com/profile/12261949837343560602noreply@blogger.comtag:blogger.com,1999:blog-25226414.post-55492420315666637322016-01-28T09:56:17.116-08:002016-01-28T09:56:17.116-08:00This was very interesting to read (since we also j...This was very interesting to read (since we also just bought a home).... I had no idea about the whole process, but were asked during a usual "financial advice session" with our Wells Fargo Banker why we don't consider buying (instead of renting) a house.<br />They ran the numbers for us (and gave us the pre-approval) and they interestingly they approved us for WAY MORE than I felt comfortable with.<br /><br />I also thought (like you) that they could just "run your numbers" and tell you what you can afford, but I learned that a) they run the nubmers on your gross income (not net) and b) they don't really care about other "commitments" (like taxes, retirement) that you might have.<br /><br />We told them that we wanted to be able to pay our mortgage on my income alone and they basically told me we can afford a mortgage that would have been a monthly payment of more than 50% off my net earnings. My question was HOW??? How am I supposed to be able to afford this?<br />They told us they just base it off the gross income, because they don't really know what other financial obligations we have and they don't take them into account. We ended up telling them what monthly mortgage payment (all included) we thought we could afford and based our loan off of that. <br /><br />We did decide to go with a smaller mortgage company in the end and were very happy with the customer service (although one thing I wasn't clear about is that they keep re-selling the loans to other companies, which will be a little bit of a paper hassle in the future, I guess).Sanhttps://www.blogger.com/profile/10196296268895103846noreply@blogger.comtag:blogger.com,1999:blog-25226414.post-49294502807816641112016-01-28T07:43:54.375-08:002016-01-28T07:43:54.375-08:00We went through our local credit union here, which...We went through our local credit union here, which made the process simpler and easier because we always had someone to contact. Then, the credit union sold the mortgage to Wells Fargo. We were quite lucky and privileged to have some financial help with our downpayment from Mark's parents, and that made things much smoother because, although we had moved up here for my job, I hadn't started it yet, and Mark didn't have employment when we bought. Raquelitahttps://www.blogger.com/profile/13138113830990586689noreply@blogger.comtag:blogger.com,1999:blog-25226414.post-29391484063887548772016-01-28T05:02:21.302-08:002016-01-28T05:02:21.302-08:00I got my mortgage through Wells Fargo when I bough...I got my mortgage through Wells Fargo when I bought my condo back in 2005. It was a different world back then as I had a 'stated income, stated asset' loan so I barely had to send in any documentation. The world has clearly changed for the better since then. I have heard that WFHM is one of the pickiest lenders and that they are not efficient, and I know this because I worked for the mortgage area for several years! Phil went with WF, too, and was so frustrated by the process. I think it's probably a better customer service experience to go with a smaller broker like you did as I think they are more customer service oriented, and you have more control over who you work with whereas at big banks you are assigned to a processors and you never know how good or bad they will be at their job!<br /><br />I think having every single piece of documentation that they could ask for at your hands is important. And I think shopping around for the best rate is a good idea, too. It can't hurt and you obviously aren't obligated to go with anyone if you aren't happy with their rate/financing package.Lisa from Lisa's Yarnshttps://www.blogger.com/profile/05335500882510597919noreply@blogger.com