Friday, August 17, 2012

On Being Invisible

 Can you see my reflection in the little circle mirrors? Just barely, right? Kind of like my income.
That's the entryway of the house we're trying to buy, by the way. And the kitchen
we plan to completely gut at some point...

Apparently in the world of finance and home loans, you only count if you have two years of proof that you've existed as a sole proprietor. Eight+ months of freelance paychecks mean diddly squat. Steady monthly income is worthless in the eyes of underwriters.

Oh, the joys of buying a home. 

I asked Mr. W how he was feeling last night and he said he was sick to his stomach. We've been on a roller coaster ride all week trying to get our loan locked down for the house of our dreams in Santa Ynez. Everything seemed to be going swimmingly until our mortgage broker told us my income wouldn't be counted. That I was invisible.

Thankfully, Mr. W (and his queasy stomach) do well under pressure. He went right into problem-solving mode and with the help of a new (perhaps more seasoned) broker, creatively figured out how to convince the underwriters we deserved the loan. I will buy him an economy-sized bottle of TUMs as a thank you.

As he told me when we were buying our house in Burbank a couple years back, "It's not over until the keys are in your hand." So we're trying to temper any excitement we may have had about our offer being accepted. Heavy amounts of stress work wonders on tempering excitement...

I'm also trying not to take it too personally that I'm considered so financially insignificant to the loan officers of the world. Funny how no one thinks you could possibly lose a job if it's with another company but if you're self-employed, you're pretty much destined to be destitute with one false move.

I'm thankful that I have a hubby at my side whose bank statements balance out my invisibility. Because baby, we've got a vineyard to plant and some grapes to ferment!

Please keep your fingers crossed for us. This really is the starting point for our dream life.

Have a great weekend!

15 comments:

  1. That must be a truly sucky feeling. I'm sorry my friend! But my fingers are crossed for you guys that this will come through. And hey, you're not invisible to us! Hope that helps. xoxo

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    1. Thank you - it does help. :) And I think your good juju helped - we seem to be on a better track now, I think!

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  2. Aw, I so feel for you. One of my goals this year was to prep to buy a house. I have been wanting this for a while and I know how hard the bank is on contractors. So, every time I have a little break in income I freak out, knowing that it could look bad to the bank and prevent me from getting to that next step. Even though I have more than the average downpaymemt. Even though I currently successfully manage a mortgage. Even though I have sold other property this year. They care about none of that, only that I'm getting checks from somewhere. It's SO annoying. It makes it seem like all the other things you work hard at are worthless, because what's really important is getting a check from a company, like you said. Anyway, I'm pulling for you and I know you're getting closer and closer to your dream!

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    1. I almost feel like they should interview us and take things like the fact that we're successful mortgage managers and business owners and generally good people into consideration!

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  3. What a roller coaster ride. And the irony of not 'counting' as a free lance income provider!

    This entire ordeal is an evolving platform for countless victories with your relationship, self-worth, and dreams - but you already know that.

    Still, it doesn't make the process any easier.

    Keep on, keepin' on.

    You are an inspiration.

    xxoo

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    1. I like how you reframe things. :) "Countless victories with my relationship, self-worth and dreams." I LOVE it. I'm going to use that to help stoke my positivity!

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  4. Oh Gosh! I'm crossing my toes for you! Tums and excedrin all around until the dream is reality! And like Sizzle said, you're totally visible :)

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    1. Thank you. :) And if you ever want to come to central CA to go wine tasting, you know where to find me!

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  5. We're in the process of apply for an equity loan--which seems nearly as difficult as your story! lol I keep telling myself that a year from now we'll chuckle as we clink glasses on the new deck.........right?

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    1. It's so crazy how much red tape one has to go through to get these things done. You feel so helpless! I'll add your name to my list of people to think about positively. Equity loan, here you come!

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  6. You're such an adult! :) I'm excited for you and have everything crossed in hope of your dreams coming true! You give me hope. :)

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    1. Oh my dear, if there's anything you should know by now it's that Mr. W is the adult! I am merely the child bride he took. ;P

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  7. Astounding that all your commuting and long hours results in invisibility. THAT makes ME reach for the TUMS.

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    1. Seriously, right? How do you say TUMs in French?! :)

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  8. What gets me is banks do nothing to ensure someone continues working after they provide a mortgage. Sign the papers, get the keys and you could both quit your jobs tomorrow - the bank doesn't care. If its policies are going to be like that, shouldn't they be open to providing someone with legitimate income an opportunity??? Sigh. GOOD LUCK - I'M THINKING OF YOU!!! xoxo

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Well, whatdya think?