Loan Application

We had our loan application meeting last week and it could not have gone smoother!  We had sent everything on the LONG checklist before the meeting, so that helped shorten the meeting from a 2 - 2.5 hour meeting to a 1 - 1.5 hour meeting.  There was one detail that we missed (an extra pay stub), which they were fine with us submitting the next day.  Our loan officer was very nice and answered all of our questions.

There was one portion where we were slightly confused about a "technicality" where because RH would have to pay something upfront, our closing costs would increase (because we didn't want to roll the additional expense into the loan).  I still don't really understand what this was for; our Sales Rep even asked us why our closing costs increased and all we could do was shrug and say it was a technicality.  I had asked several clarifying questions when we were discussing this at the loan application but I think I missed the whole "clarifying" part.

But after a lot of signing, we had completed our loan application.  We were very pleased - our loan officer even wrote "Great Loan!" on our take-home sheet.  She said we had one of the best loans, which made us feel really good about ourselves.

Anyways - take home points for anyone who has not yet reached this part yet:

1. Check and double-check the checklist and send as many materials in as early as possible (this will make the meeting much shorter and your loan officer much happier with you)
2. Your loan officer is the expert, not you - if you're confused, ask questions.  And ask your loan officer to go through different scenarios with you to make sure you pick this best one for your situation (i.e. we opted to go with the projected monthly property taxes because we'd prefer a credit at the end of the year instead of a bill from the city).