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Discussion Starter #1
Figured to get some answers to some questions, get a feel for their dealings, ect. Calling them is like steping in quicksand. They were out of the box and 1/2 way to closing before I finally reinged them in. AND, of course, it had to be a woman. That slowed down things ALOT, her having to repeat nearly everything cause she talked so fast.
She finally took some info and said she would call Mon with my pre approval notice, and to hook me up with a realitor. I got to get 2 months notices from my bank, and the regester letter from SSI.
She ended with, Have you any friends or neighbors who are looking for a loan service, or something like that. I said, not that I knew of, tho my boy, same name is looking. She said, I hope you can tell anyone who you may find looking for a loan service, how quick and friendly we at QL are. I said, Ill likely be more able to appraise how quick and friendly you are by the time our business is concluded.
She said, well, yes, but, Would you say that ive been friendly, and that we got a lot done today? I said, what did we get done today? She said, Well, we got your credit history validated, and it is in good shape. I said, I guess. She said, well, she would call back monday, ect, ect, ect.

I finally, I think, got her to realize that I wasn't doing anything till I got my hay and some machinery sold. AND, that would be in the wintertime., so as
Chuck said, The whirlwind begins.
I told her that, at $60,000, most houses didn't live up to the banks expectations. She said, well, the roof had to be in good shape, the sinks and faucets had to all be in there, and a couple other things. Minor. I later E mailed her to ask her to send me a specific list of no nos. Havnt got a response. I owe the bank around $1000 or some more, and she said she couldn't do anything till that was paid off.
 

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Bill, I wouldn't deal with them. I called them last year, and they did a credit check, said I was good, and just come in and sign some papers, etc. Then I started reading reviews online, and they were HORRIBLE! The biggest complaint was changing terms right before closing and claiming that you had to cough up more money for this and that. Usually pretty substantial amounts too! A bank can't do that, but these guys can get away with it.

Spend some time reading about them and what others have to say. There's WAY too many bad reviews from all over the country and way too many complaints about similar grievances.
 

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Discussion Starter #3
Tell me where to look for these reviews. I saw a review that said they were near the top lender in the country with WF being above them, IF I remember right.
 

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Bill my coworker lost her home after she refinanced with QL. Be careful.
 

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Bill, I wouldn't deal with them. I called them last year, and they did a credit check, said I was good, and just come in and sign some papers, etc. Then I started reading reviews online, and they were HORRIBLE! The biggest complaint was changing terms right before closing and claiming that you had to cough up more money for this and that. Usually pretty substantial amounts too! A bank can't do that, but these guys can get away with it.

Spend some time reading about them and what others have to say. There's WAY too many bad reviews from all over the country and way too many complaints about similar grievances.
This is what happened to my coworker. If you don't pay what they tell you to they raise your payment.
 

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Discussion Starter #6
I had asked her why there had to be a paper trail on the selling of my hay, how and to who. She just replied that there has to be a paper trail of any assets upon closeing, or they cant be used. DOES THAT SOUND RIGHT TO YOU?

She also sent another E mail saying there had to be no major damage, no leaks, and all fixtures had to be in place, that appearantly have to do with water.

im going to E mail her back asking about the condition of the roof. When she replys back, Ill E mail her again asking why am I telling her about the things that she should be telling me about the policy on house conditions.
 

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If you cannot show her that you own hay, then she cannot count the hay as something that you own. A picture of the asset (hay) does not count because it might be somebody else's hay.

I have no idea how you are supposed to prove the hay is yours: if it is important you might ask her what the bank will accept. A receipt when you sell it might be enough.

Then again you might qualify without proving that you own hay, so it might not matter.
 

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Saltine American
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I had asked her why there had to be a paper trail on the selling of my hay, how and to who. She just replied that there has to be a paper trail of any assets upon closeing, or they cant be used. DOES THAT SOUND RIGHT TO YOU?

She also sent another E mail saying there had to be no major damage, no leaks, and all fixtures had to be in place, that apparently have to do with water.

im going to E mail her back asking about the condition of the roof. When she replys back, Ill E mail her again asking why am I telling her about the things that she should be telling me about the policy on house conditions.
Yes.

Apparently you are using income/funds from the sale of hay for part of the down payment. The same thing applies to selling any asset when you are getting a mortgage. As an example, if you were selling an automobile, you would need to have a bill of sale and a deposit slip showing the money going into your account. In addition, if you sell/sold an asset for more than the normal value, you will need an appraisal on that asset.
If you don't need an asset or income to qualify for a loan DON'T LIST IT!
 

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Discussion Starter #9
I still don't get it. IF I sell the hay, and have cash in hand at closing for the down payment, whats the diff?deal?
 

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Saltine American
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I still don't get it. IF I sell the hay, and have cash in hand at closing for the down payment, whats the diff?deal?
You must verify any source of funds for a loan closing..........................
Any deposit in your checking account that is out of the ordinary on the statements used for your verificattion of source of funds must be documented...............................................................................

Understand that the lender will look at two or three months of bank statements for those unusual deposits. It's haying season, apply for a loan 90 days after you sell the hay and make sure the deposits for hay are not on those bank statements.
 

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Learn to live within your means Bill
and you won't be bothered by all
these 'unnecessary' questions....
 
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Discussion Starter #17
That's what I figure. That's hy im trying to pull out of her ALL the rules and regs beforehand. IF it is the same, Id as much rather stay with the banks, but, in the end, If the houses don't make it, it dosent really matter.
 

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Calling them is like steping in quicksand.
If that's the way you feel just talking to them are you sure you want to deal with some one like that? Is your pencil sharp enough to figure the total loan cost by the time they get done adding fees to the loan?

In all honesty they are not the first lender of choice for most people in solid financial condition.
 

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Discussion Starter #19
yeah, I just got a E mail that said, (The roof must be in good condition, or the house is not lendable, or something like that.
I replied
That's what Im trying to pry out of you, ALL the conditions that make a house not lendable.
 

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Saltine American
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Bill,

The roof cannot be leaking and must have some economic life left.
No holes in walls, floors or broken windows.
and on and on............

My assumption is you are looking at an FHA read the minimum property standards here. Have fun.
 
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