We have always used Wells Fargo for the mortgages on our homes. In January, when we were thinking about purchasing the Stone Road property, we explained do our banker that we wanted to purchase the property, wait 2-3 months for our other property to sell, then begin major renovations to the new property following the sale of our other property. When we were filling our the loan application all we heard was, "Oh yah, we can do that for you." However, that tune has considerably changed now that we want to begin renovations on our home. Now the tune is more like, "We'll get back to you tomorrow."

To make things worse, we were going to get up paying the closing costs on three mortgages. The first were on our original loan. The second would be on a construction loan. The third would be on a second home mortgage that we'd take out after completing renovations. This was going to end up costing us an addition $3,000.

Since we weren't aware of any other banks where we could obtain a renovation loan, we decided to bite the bullet and stay with Wells Fargo. Then, they ordered the future value appraisal. Well, the future value appraisal was based off of current condition comparables. So, quite understandably, this came in lower than where we needed it to be. Now, WE have to find our own comps and submit these to an independent third party to find out if we'll be permitted to obtain a different appraisal. If we are, then we'll have to wait another 5 days - on top of the 3 days for the independent reviewer - for a new appraisal.

My husband and I finally said enough is enough. We are exploring other options from other banks. Currently, we're looking at the FHA 203(K) loan offered by Country Wide Loans (click here).