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First time home buyer, what does this mean? Help?

 
amywood71605
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User ID: 26105359
United States
10/22/2012 06:21 PM

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First time home buyer, what does this mean? Help?
Applied almost 4 weeks ago. After a few days after I did the application online the bank sent us a packet of papers to sign - basically just stuff saying if approved.... and asked for copies of pay stubs, bank statement, etc.

This past Friday made 3 weeks since we handed it all in. I tried getting in touch with the bank that day, and got an email back from them today. It said:

I hope you received the email I forwarded on 10/15, explaining the process of your application.
Your loan was decision-ed on Friday 10/19 by our underwriting department.
You will be receiving the information in the mail this week.
If any questions, give me a call.


I never got the 10/15 email, have not heard ANYTHING in these few weeks, nothing since we got those papers and brought them in in person. What does underwriting mean? Yes, seriously, I've never done this before. Just frustrated at the lack of communication from the bank - was never even told when it went into underwriting, then almost 4 weeks with nothing heard from them.
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
User ID: 25004536
United States
10/22/2012 06:27 PM
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Re: First time home buyer, what does this mean? Help?
more than likely, it means you were denied and a letter was sent out stating why.

i work in mortgage lending.
Anonymous Coward
User ID: 25004536
United States
10/22/2012 06:28 PM
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Re: First time home buyer, what does this mean? Help?
btw, underwriting is the term that refers to the department that is in charge of reviewing your loan application.


your loan is in underwriting.
your loan is in <insert dept name here>.
amywood71605 (OP)

User ID: 26105359
United States
10/22/2012 06:30 PM

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Re: First time home buyer, what does this mean? Help?
We applied to two banks, btw - local.

The other bank said "no" within 2-3 days, so if this is a denial too, why so much longer? Just wondering.
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
User ID: 25312109
Canada
10/22/2012 06:30 PM
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Re: First time home buyer, what does this mean? Help?
Best of luck.

bump
Anonymous Coward
User ID: 25312109
Canada
10/22/2012 06:31 PM
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Re: First time home buyer, what does this mean? Help?
We applied to two banks, btw - local.

The other bank said "no" within 2-3 days, so if this is a denial too, why so much longer? Just wondering.
 Quoting: amywood71605


If one bank said no..don't expect much from the other. Just a gut feeling.

Keep trying.
amywood71605 (OP)

User ID: 26105359
United States
10/22/2012 06:33 PM

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Re: First time home buyer, what does this mean? Help?
We applied to two banks, btw - local.

The other bank said "no" within 2-3 days, so if this is a denial too, why so much longer? Just wondering.
 Quoting: amywood71605


If one bank said no..don't expect much from the other. Just a gut feeling.

Keep trying.
 Quoting: Anonymous Coward 25312109


Yeah I know, I dont either =)

We've decided is this is a no too that we're going to wait for awhile, after the holidays, have that much more saved up and try again after seeing why they said no - work on that stuff.
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
User ID: 25312109
Canada
10/22/2012 06:33 PM
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Re: First time home buyer, what does this mean? Help?
Bought my first house 2 years ago...went easy, but as soon as they accepted I lost my job..

Got back on track pretty quick.
Anonymous Coward
User ID: 25312109
Canada
10/22/2012 06:35 PM
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Re: First time home buyer, what does this mean? Help?
We applied to two banks, btw - local.

The other bank said "no" within 2-3 days, so if this is a denial too, why so much longer? Just wondering.
 Quoting: amywood71605


If one bank said no..don't expect much from the other. Just a gut feeling.

Keep trying.
 Quoting: Anonymous Coward 25312109


Yeah I know, I dont either =)

We've decided is this is a no too that we're going to wait for awhile, after the holidays, have that much more saved up and try again after seeing why they said no - work on that stuff.
 Quoting: amywood71605


Yeah...just keep saving for a bigger cash down I guess and keep looking for an more affordable house, I know I was sick to live in an apartment. Would rather be a hobo riding box cars...lol
amywood71605 (OP)

User ID: 26105359
United States
10/22/2012 06:36 PM

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Re: First time home buyer, what does this mean? Help?
Just wish she would have said "no" in the email instead of the way she wrote it, haha. How hard is that?
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Guenwyfar

User ID: 24419775
United States
10/22/2012 06:37 PM
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Re: First time home buyer, what does this mean? Help?
We applied to two banks, btw - local.

The other bank said "no" within 2-3 days, so if this is a denial too, why so much longer? Just wondering.
 Quoting: amywood71605


Have you considered trying the process with a credit union?
Guenwyfar

"Karma is like a rubberband.. it can only stretch so far before it comes back and smacks you in the face."

"Women who seek to be equal with men lack ambition."

"Religion is like a penis, it's fine to have one and be proud of it, but when you take it out and wave it in my face, that's when we have a problem."
Anonymous Coward
User ID: 25312109
Canada
10/22/2012 06:39 PM
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Re: First time home buyer, what does this mean? Help?
Just wish she would have said "no" in the email instead of the way she wrote it, haha. How hard is that?
 Quoting: amywood71605


Bureaucracy sucks...

That's why I work in a chop-shop. dcomp
Anonymous Coward
User ID: 17090286
United States
10/22/2012 06:40 PM
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Re: First time home buyer, what does this mean? Help?
I am sorry for your housing troubles and wish you a speedy end to the troublesome red tape.
Anonymous Coward
User ID: 22342469
United States
10/22/2012 06:41 PM
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Re: First time home buyer, what does this mean? Help?
Applied almost 4 weeks ago. After a few days after I did the application online the bank sent us a packet of papers to sign - basically just stuff saying if approved.... and asked for copies of pay stubs, bank statement, etc.

This past Friday made 3 weeks since we handed it all in. I tried getting in touch with the bank that day, and got an email back from them today. It said:

I hope you received the email I forwarded on 10/15, explaining the process of your application.
Your loan was decision-ed on Friday 10/19 by our underwriting department.
You will be receiving the information in the mail this week.
If any questions, give me a call.


I never got the 10/15 email, have not heard ANYTHING in these few weeks, nothing since we got those papers and brought them in in person. What does underwriting mean? Yes, seriously, I've never done this before. Just frustrated at the lack of communication from the bank - was never even told when it went into underwriting, then almost 4 weeks with nothing heard from them.
 Quoting: amywood71605


Save your pennies until you can buy a home outright.
amywood71605 (OP)

User ID: 26105359
United States
10/22/2012 06:43 PM

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Re: First time home buyer, what does this mean? Help?
I am sorry for your housing troubles and wish you a speedy end to the troublesome red tape.
 Quoting: Leslie Zevo


Thank you...just want something a little bigger for my kids, the place we wanted isn't huge, but a little bigger than what we have no, affordable (asking price is 62,000), and not in need of cabinet repairs, worn out floors, etc like this place - stuff my landlord wont fix cause he doesnt view it as "hazardous."

We'll get there someday =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Guenwyfar

User ID: 24419775
United States
10/22/2012 06:44 PM
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Re: First time home buyer, what does this mean? Help?
By the way, no matter who you deal with you'll have a lot of phone tag and wait time. We got extremely lucky and closed before our close date, but almost didn't because they couldn't reconcile the fact that we owned our current property and no, we weren't going to sell it. I think we had to send in the right papers 2-3 times before they got it. I'm not usually for third parties, but we had a mortgage broker and she was a huge help.
Guenwyfar

"Karma is like a rubberband.. it can only stretch so far before it comes back and smacks you in the face."

"Women who seek to be equal with men lack ambition."

"Religion is like a penis, it's fine to have one and be proud of it, but when you take it out and wave it in my face, that's when we have a problem."
amywood71605 (OP)

User ID: 26105359
United States
10/22/2012 06:57 PM

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Re: First time home buyer, what does this mean? Help?
By the way, no matter who you deal with you'll have a lot of phone tag and wait time. We got extremely lucky and closed before our close date, but almost didn't because they couldn't reconcile the fact that we owned our current property and no, we weren't going to sell it. I think we had to send in the right papers 2-3 times before they got it. I'm not usually for third parties, but we had a mortgage broker and she was a huge help.
 Quoting: Guenwyfar


Thank you. I see the wait time now and next time I'll know =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
troll777

User ID: 13289935
United States
10/22/2012 07:15 PM
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Re: First time home buyer, what does this mean? Help?
5%
troll777
ACoward

User ID: 23806781
United States
10/22/2012 07:29 PM

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Re: First time home buyer, what does this mean? Help?
You've been approved.
You've missed your first payment.
We have now begun the the foreclosure process.
You will be receiving the paperwork in four to six weeks.

That help?yeahsure
ACoward
amywood71605 (OP)

User ID: 26105359
United States
10/22/2012 07:37 PM

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Re: First time home buyer, what does this mean? Help?
You've been approved.
You've missed your first payment.
We have now begun the the foreclosure process.
You will be receiving the paperwork in four to six weeks.

That help?yeahsure
 Quoting: ACoward


Not really, haha =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
ACoward

User ID: 23806781
United States
10/22/2012 07:44 PM

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Re: First time home buyer, what does this mean? Help?
grinning
ACoward
Anonymous Coward
User ID: 10443457
United States
10/23/2012 09:59 AM
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Re: First time home buyer, what does this mean? Help?
Just wish she would have said "no" in the email instead of the way she wrote it, haha. How hard is that?
 Quoting: amywood71605


Some people aren't allowed to tell you 'no'. The answer has to come from someone who is qualified to tell you why.

If you were declined that quickly, more than likely it was credit. If so, get a counselor and get your credit fixed. You can raise your score a lot, very quickly, with the right advice.
AlcoholicRunner
I abduct humans and drink at the same time.

User ID: 23182389
United States
10/23/2012 10:07 AM

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Re: First time home buyer, what does this mean? Help?
It just takes time to get everything together to be approved for a mortgage loan. We used a mortgage broker/agent to help us gather information. Just lots of paperwork to be processed. Now, we wait for the new house to be completed sometime during December.

I can't wait to have my own toilet...
amywood71605 (OP)

User ID: 26105359
United States
10/23/2012 09:46 PM

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Re: First time home buyer, what does this mean? Help?
Yup, it's a no, well technically a no, but with some hope:

We got the letter in the mail, but the lady at the bank also called me. She said that the only thing that kept them from approving it is our credit scores. They aren't quite what e they want them to be (I guess they want a minimum of 620)...we're pretty close to that, so that gives me hope. She said the same. She said everything else looks good - income is good, able to afford it, bank statements show we have steady money coming in from our jobs, etc.....she said if we get our scores up they can do it.

So, the plan is over the next few months, figure out what we have to do to get the scores up and try again after the holidays. The good news is - the place we want: the person talked to my husband today and I besides us no one has shown any interest in it really....and he was very understanding......so with any luck, when we're ready to try again it'll still be for sale....not going to give up on it - we REALLY like and want that place!
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."

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