Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 4 years ago,
URGENT! Need a New Lender. My current one is incompetent...
I am 27 days into escrow on my first property and the broker I decided to work with has been absolutely terrible.
He assured me at the beginning of the process that everything looked easy and straightforward and even gave me a pre-approval letter right away. As time has gone on and we got further into escrow it has become clear that he isn't going to be able to execute the deal. Apparently, even though he touted his 25 years of experience getting self-employed people funded he only has one lender that can facilitate my loan and they move at a snail's pace. He has one other deal open with them that is two months in and he is still waiting on them. The most frustrating thing is that none of this was communicated until just today and I have been asking him for an update for the last 2 weeks.
I can't afford to wait another month or longer and I feel like my deal is just sitting at the bottom of a pile on someone's desk.
I am self-employed and need a bank statement loan. I can put 15% down. I have cash in the bank. Solid Income. All the paperwork ready for verification. My median credit score is 790. The house I am in escrow on is $220k. Home inspection is already done. Minimal contingencies. The seller and I are ready to rock. The deal is really a slam dunk.
I may be new at this but I don't think it should be this difficult.
Help, please! I need to figure this out ASAP.