[busymomma2013]

Buying a home is more of a head ache than anything else.

Starting to wonder if it is worth all of the stress.

Seems to me that now hubby and I are arguing about all the things that we never really cared about before.

I am finding this to be a stressful in every way!

Please help me with advice on how to make the process go more smoothly.

Thanks

[joypulv]

I could write all day and night!
Please tell us the stage you are at and what problems you are having, and what you two argue about.

[busymomma2013]

Well, we are currently waiting to hear back from the seller so we can have the inspection done.

So offers have bee accepted and papers have been signed.

We have ran into an issue about miss placing a Tax return from 2011 and the W2s that go along with it. Now it is my fault that we can not find them.

Also, we signed an agreement with the seller of the home we are purchasing, stating that if we do not close on August 6, 2013 then we will be held responsible for a 50 dollar for everyday we hold up the closing date. We agreed to this because we assumed we were not going to run into any issues. So we may be screwed on that part due to not having the 2011 tax info.

Also when we were pre-approved for the loan our mortgage payment was said to be 1084 a month. Now that we have made an offer on a home less than pre-approved for our mortgage is said to be 1175 per month. How is this possible?

I was not able to attend the meeting with the mortgage officer yesterday and now I have all kids of questions.

Just a little confused.

We fight about money mostly now.

[joypulv]

If you are waiting for the inspection, you PROBABLY can breathe a sigh of relief.
Offers are contingent on an inspection and getting a mortgage, and not liking the inspection report OR not getting a mortgage are usually grounds for pulling out of the deal.
Read it! It should say so pretty clearly.
After the inspection, if there is one little thing wrong, and there always is, cancel the entire contract, get your money back, and start over. You can even offer on the same house if you want, and get rid of the $50 clause. An offer has a deadline, plain and simple. If that was the seller's idea, I wouldn't want to buy from such a seller.
Meanwhile you have to find that tax return.
As for the payment going up, read that part of the mortgage rate carefully too. It has to (by law) say under what circumstances the payment can change. You might have been offered a teaser rate, that doesn't lock until you close. Locking in a rate is usually a bit higher. Rates are going up. So go for the lock in rate.

Yes, it's all confusing. It gets worse. You might want to hire the lawyer you are going to need anyway now, to look at offers and contracts before you sign anymore.
I've bought 5 times and refinanced once. Each time I think I now know everything, but I don't, and it's ever changing too.

[busymomma2013]

Thank you Joy. This was very helpful!

[busymomma2013]

I need to update.

We are now having issues with the Lender.

We went in and got Pre Approved. We gave the lender our current pay stubs and W2s.

Now, we are going through the actual process of getting the home and the Lender called and asked me for a more recent pay stub. She informed me that hubby didn't work full month in May and it is making his debt to income ratio a little above what is required to be approved. We are a 39% which would need to be a 36%.

So my question is. How were we pre approved with all of the same information that we provided, but now suddenly it could change?

Also have been trying to get a hold of mortgage officer and no response.

[joypulv]

There are stages of approval. Pre-approval is designed to get you to borrow from THEM! It's just a broad look at your finances.
Yes, it's awful.
I'm so sorry.
Some people go to more than one lender so that they can thumb their nose at the one who is the worst.
You can take the 'nice' approach and bring a pie or something and get chummy with one person. Or you can say 'We are going elsewhere.' I don't know if you have plunked down any money yet.
Again - be very careful to not commit to the offer stage and P & S stage UNLESS you are very clear on the financing. That doesn't mean that things won't fall through anyway. So don't sign ANYTHING until you have read every little fine print and understand it, or have a lawyer.
If they want a June pay stub and he only gets one a month, you are going to have to wait.
Did you read the offer, to be clear that you can opt out of it? (And re-offer without that seller contingency?)

[cdad]

Im going to jump in here. Payments change for a variety of reasons. Do you know if you have taxes and insurance in your payment? Are you using a government lender like fanny mae or freddie mack? Those would include a separate but included in payment mortgage insurance. All of which can make the cost go up.

Try not to let the snags hit you. There are always bumps in the road but you can make things happen when and if needed. Is the lender your using a single lender institution or are you using a broker? The difference being that one provides only one avenue to get a loan where a broker has a much broader approach to getting access to a loan. Also be aware of fees for your loan. Some lenders recommend higher fees for loan origination so they get a better kickback. You have many choices so try your best to educate yourself on all your options. Good luck on your new home purchase.

[AK lawyer]

....
Meanwhile you have to find that tax return.
...

Or pay the IRS for a copy or transcript.