So, as usual I’ve done my homework and read everything I can find on the subject, I’m conversant with the array of mortgage products and I think I have the major players lending guidelines figured out.
I have some numbers in my head, but I want some sort of official confirmation.
I call the mortgage broker recommended by my Mom, turns out the mortgage broker is now working for one of the big five banks. No biggie, I’m not ready to apply for financing yet, so I warn her that this is a meeting to discuss hypotheticals and to confirm my numbers, we’re not interested in proceeding further than that at this time.
No problem. We’ll see.
The day arrives and we attend the bank branch for our meeting. We’re kept waiting 15 minutes (for no readily apparent reason) and as we settle ourselves into a spartan office we’re asked for our bank cards.
Me:“Oh, we’re not customers of Mega-Uber-Bank. We’re more like financial mercenaries, dealing with a variety of Financial Institutions.”
Mortgage Guy:“We do reward customer loyalty…”
Me:“I already receive completely free banking through my credit union, lets move on to the mortgage.”
Now. I had given advance warning that this was to be a hypothetical discussion as to mortgage size, bridge financing and all sorts of other little housy related stuff.
MG:“I’ll just need to get your authorization to check….”
Me: “No. I’m not prepared to generate more inquiries on our credit reports, I can tell you our credit scores and we can proceed on that basis.”
MG:“It’s not really a credit hit, we use Transunion which is hardly used for credit reports”
Me:“True. Just little companies like yours, American Express, MBNA and a few other wee financial outfits. No, no credit check. Sorry.”
The conversation proceeded from there, I told him our credit scores and gave him our current obligations, agreed that lying was singularly pointless and further agreed that this was a hypothetical number crunch as there was no file created.
In the end we had my numbers confirmed (although I had overestimated the available equity in our present home, failing to consider 80% LTV would be the max they would advance).
Ok, so now we have our ballpark, it’s time to prep our place for sale.