Do you know where your college transcript is?

As we begin this house buying process, I'm figuring out it's a huge pain in the ass! At least the mortgage part anyway. Example: I have to produce copies of both my college and law school transcripts. Law school is not a problem, but I graduated from college TEN years ago! Obviously, I don't have a transcript handy, so I had to order one. Another example: I have to call all of my utility providers and ask them to write letters detailing how long my account has been open, how much I pay, and if I've ever paid late. That doesn't seem like an easy thing to do - what incentive do those companies have to write such letters? Third example: I have to write a letter explaining the gaps in my recent employment history. Why the law school transcript isn't good enough is beyond me - doesn't that prove what I was doing for the last 3 years? Bizarre. Anyway, those are just a FEW of the things I have to produce - wow!

My favorite suggestion from the banker so far? Go out and USE my unused credit cards to prove that the accounts are active. WTF?? You want me to go shopping with credit cards to prove I have good credit? I already have an active account that has a balance - an account I've used for years. Plus, I have a car loan and student loan payments that I've been working on for years. None of that is good enough - I might have to go out and SPEND more money to prove I'm worthy of a loan for a house. Sigh.

Clearly I didn't do enough research into what this process entails before I started. We've barely started and I already feel tired. Plus, I'm worried that we won't be able to afford a decent house, and the current state of the economy scares the crap out of me. Every day brings more layoffs, more businesses closing, etc. It's starting to catch up to the firm, and I'm worried this is just the beginning. If I get laid off, we would be screwed! Scary, scary times out there, and things aren't supposed to get better until after 2009!

Despite all these worries, I'm still excited about the idea of home ownership. It is a great investment, and houses are basically on sale right now. Plus, interest rates on mortgage loans are currently low as well. Most signs point to moving forward, but the fear bubbles up every once in a while too. One day at a time, right? :)