Thursday, April 23, 2009

There is a new circle of hell

It's called refinancing.

This is the second time we have refinanced the mortgage for The Park in 3 years. I know, that's too often, but there is a most silly story behind the last one, so once again I hit the bricks searching for a loan.

Mrs. T's siblings are ultra competitive amongst each other. They just can't stand it if one of the sibs found a better deal on something that they want. Her brother has been shopping the world looking for an acceptable loan. He's a finance guy by trade, so he is taking his role very seriously. Ego is on the line, big time.

Me, I'm a bit more laid back. Friday, I called our existing lender and said, what have you got? How 'bout half point lower than your brother in law could find. Send it right out I said.

So you'd think Mr. Banker would say, we qualified these folks 2 years ago, do you think they qualify to pay less per month? Not so fast.

First came the endless demands. Send us the past 3 years tax returns, brokerage statements, bank account statements, copies of the homeowners insurance, etc. etc. etc. Now, I'm not so oblivious that I do not understand the problems caused by NINJA loans, but most of this stuff is already hiding in various departments of the their bank. Would they want to look it up. No way.

So I am faxing 172 pages of soon to be trash. Tomorrow will be another load. The things I'll do to top my brother in law and save $200 per month.



laurelstreet said...

I'm with you here as well T. It's very warm and very annoying. I made the mistake of mentioning our proposed rate to my brother... he just kind of sniffed and said he was going to keep looking.

Turling said...

Mine just funded, yesterday. Horrible experience. My father-in-law tells me this is how loans used to be done before the free money of the past decade or so. It's why people never moved.

Rebecca Woodhead said...

Sounds pretty nightmare-ish. For once I am less cross that my foot slipped off the property ladder. Renting from a wonderful landlord feels quite nice at the moment.

I wouldn't normally say this but desperate frayed-nerve-alleviating measures may be called for... is there any chance you could lay your hands on some Belgian chocolates?

Kathy said...

Methinks Mrs. T's siblings aren't the only competitive soul in this game. . . :-)