Home loan stress

Cadence
Mariposa

Go to company page Cadence

Mariposa
Nov 5, 2019 114 Comments

I am sorta in a soup and so stressed out.

I closed on a home last month have have been shopping for home loans, Wells Fargo offered a great rate but suddenly said I need to do a 20 down instead of 15 and I am not comfortable to go that route. I have spent so much time with them and in the last minute they came back saying my income isn't enough to quality for 15% down.

US Bank is not offering a competitive rate either who is my other bank I am talking with. I didn't shop enough and not it's too late to close anything right?

At this point I am so stressed out to close this loan on time to avoid penalty. I am almost regretting getting this far on the home shopping all by myself. Can someone offer any advice on now can I stay sane and work out things?

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TOP 114 Comments
  • LinkedIn
    UπŸ’°SπŸ’°D

    Go to company page LinkedIn

    UπŸ’°SπŸ’°D
    How did you close on a home without closing the loan?
    Nov 5, 2019 13
    • LinkedIn
      UπŸ’°SπŸ’°D

      Go to company page LinkedIn

      UπŸ’°SπŸ’°D
      If the offer is still contingent, you could just back out of the deal and the seller has to return the deposit. Save a bit more emergency money and buy later if that makes you more comfortable.
      Nov 5, 2019
    • Amazon / Eng
      KHCr70

      Go to company page Amazon Eng

      KHCr70
      Honestly, I'd just do it. Put down the 20% (45k).
      Otherwise you pay rent for what, another 1-2 years? That's already 25-48k right there (depending on where you live).

      Skimp out on living expenses for a few months and you should get a decent backup fund back
      Nov 5, 2019
  • New / Eng
    a1a1a1

    New Eng

    BIO
    Product and engineering consultant. Mostly consumer and fintech. Bay Area, but only by plane from remote location. 7 YOE, TC all cash 400.
    a1a1a1
    You can take a personal loan to fulfill a large down payment. Then you can consolidate that debt into a HELOC or Heloan to roll that debt into a much lower interest rate (~5%) since that debt is secured by the home.
    Nov 5, 2019 6
  • Cadence
    Mariposa

    Go to company page Cadence

    Mariposa
    OP
    Thanks everyone. The loan came through :)
    It was super stressful; I am still stressed until I close and get keys. Can't wait for this to get over soon
    Nov 22, 2019 1
  • Cadence
    Mariposa

    Go to company page Cadence

    Mariposa
    OP
    Closed and moved in! Phewwwwwww
    Dec 3, 2019 5
  • LinkedIn
    UπŸ’°SπŸ’°D

    Go to company page LinkedIn

    UπŸ’°SπŸ’°D
    1. Purchase price
    2. Loan amount
    3. Base salary
    4. Other income that you used to qualify for mortgage
    5. Current monthly obligations such as car loans
    6. Your total available cash for down payment

    If you could provide these numbers I can do some quick calculations and might be able to refer a mortgage person to you.
    Nov 5, 2019 2