Why do mortgages take so long......its 2014, the digital era....

[Fordiesel69 271]

Going thru the painful process of a mortgage application.  Its just your basic 15 yr 20% down, nothing special, have an awsome credit rating.  They told me approx 5-6 weeks.  What am I missing? 

[oldredrider 2,553]

Look at what the banks were doing up until the crash of 2008. Now, ALL T's and all I's need to be crossed and dotted. Makes it hard on the little man.

[Ed Kennell 41,772]

Welcome to the high speed world of electronic banking.   When my local bank that I used for 45 years changed name and owners three times in five years and the last time was sold to a bank in Spain, I decided It was time to find a new bank.  I had 529 college funds for my four grandsons with this bank that I wanted to roll over to the USA owned investment company that held my IRA and 401 pension fund.   I started the process in Jan 2014 and  after a stack of paper work , hours on the phone, and several meetings with bank managers, the funds were deposited in my new account last week.  Another customer no service. 

 

Sure glad I got the money out now instead of waiting till it was time to withdraw it to pay college tuition bills.

Edited June 6, 2014 by ekennell

[smoreau 658]

Don't feel bad!! I have been in the process of buying a four closed home for the last 4 months!!! Should finally close on the 19thish. Royal PITA!!! The first closing date was 4-30 but one thing led to another and now it's going to be mid June!

[953 nut 59,735]

With all of the new banking regulations it is a wonder anyone can buy a house. A family down the road from us wanted to refinance at the lower rates. Since they are retired the bank could only count the Social Security as income, The fact that they have over $500,000 in a 401K and draw out a few thouand a month didn't count. The bank told them they couldn't qualify. In another case a well to do lady got tired of would be buyers not being able to qualify, She donated the house to Habitat for Humanities, we were able to sell it because we cary our own financing.