First of all, there are so many Mortgage Companies out there who's sole purpose is to make money off of you. I have been in the Industry myself for about a year and at this point I've seen it all. As you have read in my earlier blogs; I am in the process of purchasing a house. Much to my dismay, after 3 to 4 weeks of working with a lender who I trust, respect, and also employs me part-time, I get an awesome little e-mail that lists my conditions to close. Knowing that it is a typical song and dance before any closing, I think nothing of it.
Well, I should have known better. My conditions to CLOSE were actually conditions for Initial Approval! You're propably thinking "What the heck does all of that mean??" Well my friends, let me enlighten you. When you first apply for a loan, a mortgage, a credit card, insurance of any kind, or whatever else you have to sign your life away so that the company you're applying through can justify giving you a 'I'm definitely going to default on this' type of rate, you must first fill out an application. Specifically with mortgages, you must list assets and liabilities. So if you have any lates or collections that have been haunting you for years-get them taken care of now. If nothing else, get started and get all supporting documentation. Oh and while your at it, save some time by writing up a letter of explanation telling them that your not a jerk that doesn't want to pay the bills and that there is actually a good excuse.
Ok, so as usual I'm on a random tangent...let's get back on track. Dings on your credit-bad. My situation was that the lender wanted me to show 6 months PITI(principle, interest, taxes, and insurance payments) in my bank account for atleast a 60 day period. Also, they wanted a medical collection that is under investigation by a govt. agency paid in full. Ha! What happened to looking at my application and seeing what I wrote was in my bank account? What even happened to looking at the SUPPORTING docs I provided that showed the medical collection existed? What's that, you wanted to take my money, overcharge me, and then roll me over and do me dry like you do all your other customers??? Sorry BOYS, not this chick. I've been in the industry long enough to know that those are conditions for initial approval and I'M OUT like a redneck Friday night at the dragstrip.(I can say that bc my lil' bro IS a Redneck and DOES spend every Friday at the drag strip racing his '86 Ford 5.0 GT Mustang) Here you can check out his car... http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=22690039&MyToken=d1e8048c-519b-4d66-8e82-279f84e7658b
So back on track again. After not being able to get a straight answer out of my lender who I won't name because I have a feeling I will be going to small claims court soon to get some of my money back...see the Stop ruining my life! post to see those details. Well amidst all of this I found the perfect lender, My Knight in Shining Mortgage Armour!! His name is Paul Pashley with desert heritage mortgage and I have so much respect for him. He's from Boston, so he tells you like it is, no dancing arond what could be. I have a lot of respect for East Coast business people, because I hail from VA. I DEFINITELY reccomend this guy. He had me approved "OFFICIALLY" in one day. I mean an ACTUAL underwriter looked at my application and said, "Green Team GO!" "Let's get this girl a house". So call him up, he saved my purchase when we only have 15 days to close. Not kidding people, he's the real deal. Here is his contact info:
Paul Parshley
Desert Heritage Mortgage
Scottsdale, AZ
Feel free to ask any questions about the industry and I will answer as quickly as possible. I also work in the debt settlement industy so I can be helpful there as well. I know the pros and cons to refinancing vs. debt negotiation. I hope this was informative!
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