Z/Web

Today’s my birthday but that is far at the back of my mind. Instead I am nervous as I go to Bank of America and begin talks about a mortgage loan. Since BofA has my business checking account and there’s a branch in McMinnville just up the road from my new place, it makes sense to go there for my loan. The first gal I talked with was really nice, but apparently manufactured homes are not something she can deal with, so she telephones another gal who handles those types of loans. After a few minutes going over the basic idea, she promises to call me that afternoon.

I waited on pins and needles all afternoon for her call, even left her a message. She finally called a couple hours late, having gotten tied up with a loan in a crisis. We went over my numbers and figured out which loan would work for me. Then she ran my credit report and called me back. There were some problems, but overall she felt the loan was doable. She put together a pre-approval letter which we sent to my uncle in Oregon so he could put together an offer.

I was on the phone for two hours until late tonight, giving the mortgage lady all my financial details. It was wild: every asset was computed, every liability figured out. I thought the next part of the process was she’d submit the loan to the bank but apparently that’s not how it works: she waits until we actually get an offer accepted on the house before she submits the loan, that way I don’t have to pay the $200 loan application fee unless I can actually get the house. That worries me a little because it could take time to get an offer accepted, and if there are any problems or delays with the loan process, the purchase time could extend out of my short window and I wouldn’t be able to do the move. I can’t have the move disrupting my business.