Mortgages...

[trailmix 77]

Yeah it is pretty bad. In fact, my closing is Dec. 10th and all of our information still haven't been approved by the underwriters yet. My parents gave me some money and they asked me last week to get my parents to go to TD bank and get them to verify the money was pulled from their account and they wanted a copy of their account statement. I was almost embarrassed to ask my parents to show me their bank stuff. It is ludicrous that the bank needs more than a verification from my parents that the money was given to me as a gift and not a loan. They actually had to fill out a 3 paged document and get the bank to sign it.

Again, this stuff never ends.

omg - are you sure you aren't banking with RBC

Seriously, this is absolutely ridiculous! I know in Canada, if you receive part of the down payment as a gift, you have to fill out 1 piece of paper and have the person sign it - basically it says...this is a gift.

Thanks for sharing this information Amanda, who knew you would have to go through all this just to get a mortgage? I had planned on being extra cautious with RBC when we buy a house next year, but now I will be doubly cautious and make sure they give me all these details before we even start looking.

It's stressful to buy a house, this is just adding to it for you, I hope they give it the stamp of approval soon.

[britty 1]

We had our mortgage approved in about 2 hours (seriously). We had been looking for a new house and I stumbled on a brand new build in the area I loved. We went in, looked around, I loved it and my husband was so sick of looking, he bought it there and then. Had to pop back home for documentation to support the loan application, and as the homebuilder worked with a mortgage company who offered a $5k kickback, we went with them. The loan officer was fantastic and is now a good friend of ours. We put our house on the market straight away, sold it in 2 days, and moved into our current home within 5 weeks. Also, the home builder paid all of our closing, provided window treatments, $30k in upgrades, and buy-down for the mortgage !! hooray.

[thetreble 19]

Thanks T-Mixy.

Little things are happening every day with this mortgage! My parents were so confused as to why they had to go to TD bank and ask the bank teller to fill out a document for them stating my parents had enough money to cover the 5 grand. It's like..I already CASHED the cheque which they can see from MY bank statement. I'm on trial here, not my parents!!! I had to get a physical copy of the cheque from the bank and they said my parents should have signed the check even though it was A CERTIFIED CHEQUE FROM THE BANK! Seriously.

I guess they wanted to know if Allistair and Diane have drug money stashed away.

So then my father in law gave us money and I refuse to cash it until AFTER we get the mortgage.

Then comes my employment fiasco, as I like to call it. They wanted my T-4s from Canada from 2005 and 2006. I'm only 24 years old so why you would want to see my income from 2005 when I was a full time student beats the hell out of me.

They couldn't understand why I have a big gap in my employment history in 2007 when I was doing AOS. They have all my permanent resident information and I have had to explain to them multiple times that I was not legal to work.

It's just crazy.

We had our mortgage approved in about 2 hours (seriously). We had been looking for a new house and I stumbled on a brand new build in the area I loved. We went in, looked around, I loved it and my husband was so sick of looking, he bought it there and then. Had to pop back home for documentation to support the loan application, and as the homebuilder worked with a mortgage company who offered a $5k kickback, we went with them. The loan officer was fantastic and is now a good friend of ours. We put our house on the market straight away, sold it in 2 days, and moved into our current home within 5 weeks. Also, the home builder paid all of our closing, provided window treatments, $30k in upgrades, and buy-down for the mortgage !! hooray.

When did you buy the house? Doesn't seem like something like that can happen right now considering how tough lenders are. Also, here in NJ you couldn't get any one to pay all of your closing costs or give you upgrades. That is just crazy talk where we live.