Okay, enough of the third person... So Karl and I want to buy a house when we move back to Bloomington. Sounds simple enough, right? WRONG. Apparently because of all the BANKS who approved mortgages for people who had no business getting the mortgages and the subsequent sub-prime mortgage crisis that ensued, the BANKS are now tightening up their lending practices to the point where people with good credit, proof of employment, no prior "bad financial" history, and a decent amount in savings cannot even get pre-approved for a loan if they're moving to another state. No, I'm serious... Because Karl and I do not have pay stubs from our jobs in Indiana, we can't get pre-approved for a loan. Never mind the fact that I have a signed contract showing my income for the upcoming year, or the fact that whatever we would pay on a monthly mortgage in Bloomington would be only 35% OF WHAT WE'RE PAYING IN RENT RIGHT NOW! (NO JOKE - our mortgage payment for the type of house we want to buy would be 65% less per month than what we pay in rent right now in California...outrageous).
Geez...where's George Bailey when you need him?!?!?!
I'm not generally one to air my financial laundry - I rarely talk about finances AT ALL, even to my closest friends - but this bank situation has me so frustrated and angry that I can't help but put it out there and write about it. I would like to take all of those irresponsible banks who approved bad loans and "wring their little necks" as my mother would say. I just wish the banks could step back, take a look at my life picture and realize, "Okay, this girl is very responsible. She never misses a payment on rent, car loan, student loans, utility bills, etc.... It looks like we can trust her." In all of the years (8 total) I've been renting apartments, houses, etc. I can honestly say that I don't think I have EVER been late on a rent payment, and I have always made sure that I have sufficient income to be able to pay my bills. The only snafu I can even think of in my financial history is the fact that my GAP card bill wasn't sent to my new address (which I know I changed with them) so I didn't pay it for a few months because I wasn't receiving any bills. Not my fault.
One of my major life flaws is that I am extremely impatient. I like things to happen when I want them to happen. I generally get things done very quickly and I expect others to do the same. Call me "Type A"...I won't argue with you on that. So right now I want to be pre-approved because I know I'm financially responsible and I know Karl and I are not going to try to buy a house that we can't afford.
I put in a few more calls this afternoon to local banks in Bloomington and I'm hoping one of them will be able to pre-approve us based on my contract and not pay stubs that haven't happened yet. If any of you know good lenders I should try, PLEASE TELL!!!!!
That's all for my rant...
Have a great evening and be sure to watch the Saint Mary's Gaels take on Gonzaga in the finals of the WCC Tournament! Tonight on ESPN! 6 p.m. Pacific, 7 p.m. Mountain, 8 p.m. Central, and 9 p.m. Eastern.
2 comments:
man, that really stinks! i hope there is a decent lender out there who will give you a chance...you just need ONE! ;) i'm superbly bummed for you guys. good luck with everything and i hope you get some good news soon!
It looks like the IU Credit Union is going to come through!!! I talked to someone there today and filled out an application and we are pre-qualified for the loan. I need to talk to someone else tomorrow to get a few more answers, but it's looking good so far. Whew.
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