Buying A House Feeling Strung Along

by Anonymous
(USA)

Regarding Buying A House Feeling Strung Along: Just recently, my wife and I went on a bit of journey purchasing our second home. Much like everyone else buying a house, we searched and searched for homes that fit our income, as well as the home loan options available to use.

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Much to our dismay, the availability of home loan options in the US economy has dwindled down to virtually two. Nonetheless, after finding our home we proceeded to process the paperwork necessary to begin the funding of our loan but there was a catch.

Just before the day we were to have our loan funded, our mortgage lender notified us stating that the program we had qualified for was erroneous because they had forgotten to thoroughly read the stipulations of the loan program. Now, the lender and their representatives had nearly 6 months to hash out any issues with the loan but apparently it wasn’t until the last few weeks that they decided to look at the guidelines with a fine tooth comb.

At this point, with all the emotions, wanting and waiting of our home, we were tired. Tired of the same ol’ mortgage lending bait and switch technique.

Roughly 12 hours after informing us of the problem with our home loan, the mortgage lender was able to provide an exception to the bank and all was well with the world. Yea right!

The amount of money we had to come up with out of pocket for the down payment was more than what the lender originally quoted us. All in all, the home loan experience for buying a house was eventful and I presume mediocre for the rough times the US economy is experiencing.

Dear Buying A House And Feeling Strung Along

Your experience of feeling strung a long while buying a house does not sound enjoyable to say the least.

The shortage of loan products is certainly a sign of economic weakness. Unfortunately being subject to bait and switch is not unique to the current economy.

That's why I've always advised homeowners and home buyers to qualify a lender before applying for a mortgage.

My friend Robin learned a hard lesson - read her refinancing story here and my solution to low mortgage payments which details how to choose a qualified mortgage lender.

I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. Of course, all of my information is free.

So remember to bookmark Get Your Best Mortgage Rate to your favorites and visit it often for up-to-date homeowner tips, news and advice.

You can also invite friends to comment on this page or contribute to one of their own.

Best Wishes,

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You can also ask Kate about your mortgage at Ask Kate About Buying a House.

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