Wednesday, 18 July 2007

Mortgage mania

Ok back in May when we decided to move, I called the bank to see how much of a mortgage we qualified for. Our regular mortgage person was very busy and gave us the name of a different mortgage specialist to contact, which I did.

At this point we didn't know how much our house would sell for nor what the new house would cost (cuz there wasn't a new house at the point yet), so we played around with the numbers and came up with what we qualified for - great!

So fast forward, a month and a bit later - we find a house we want to put an offer in on - I call the mortgage specialist back, give her the details (my agent has also faxed her all the required paperwork) and ask if she can let me know what mortgage payments would be (at this point we still haven't sold our house). She starts telling me the mortgage amount and I realize these are the same numbers she gave me back in May, wait I said, this is what you told me our payment would be with a mortgage 20K more (just the numbers we played with) then we actually need for this new house. Oh, she said, it must be a computer error. She said she would look at the numbers again and mail them to me. Um you mean email right? Oh ya I guess I could email them to you. Huh? At the end of this call she says "Oh ya I need the address of the new property", "ummm didn't my agent fax you all that?" "Oh did he, oh ya I guess he did, OK"

So I wait - she never emails it to me. I call her again to get the new numbers. She says to call her again once our house sells to firm up the numbers.

My real estate agent calls her because the offer we made is conditional on financing and since she is charge of that - he requested a commitment letter stating that we do indeed have financing. She took this to be a ridiculous request and pretty much said so, then called me to tell me to tell me that my agent is requesting personal information from her. I explained that he just needed something in writing stating that we had been pre-approved for the mortgage so he could remove that condition from our offer - following me so far?

So she finally sends him the commitment letter.

Our house finally sells. I decide to call the original mortgage specialist. I tell her I am not confident with this other one. She says no problem, that she will handle everything for us, she has to handle the bridge financing anyway. She has a copy of our file. The closing date for the new house is listed as Aug 15th. It has never been Aug 15th. I don't know where that number came from. Yet another mistake. So she sets up an appt with us for today - she wants copies of both the offers etc...

We go in today. She take the copies and pretty much says we are done. Wait, I thought you were going to handle the mortgage, our final numbers have changed and we need to refigure them. She says no, the other specialist will do that. So why the hell are we here? No reason really. We could have waited till a week befor our closing to deal with the bridge loan. My husband left work to come do this - he is not pleased. A stupid waste of time. And I still have to deal with the other incompetent mortgage specialist!

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