Wednesday, September 2, 2009

Adventures in Mortgages

I went to college.

I have a degree in accounting.

I graduated summa cum laude.

But dear God, I know nothing about mortgages!

What a nightmare!! Origination fees, points, buying down,.....

Until Monday, I had absolutely no pity toward those folks (that I had assumed were idiots!) that had gotten themselves tied to crazy loans on their homes. After Monday, I'm still lacking pity because you don't sign what you don't understand. But I can see how there are folks that thought they understood but really didn't. All that lingo can make a person crazy!!

I learned a lot on Monday. And we secured a pretty good rate - yippee!!

But I have one lesson for the guy at the local credit union. When you tell a potential customer your best interest rate and that potential customer laughs out loud, you should realize that your quote is way out of line with your competitors.

All other banks had rates ranging from 5.125 to 5.375%. His was 5.8%!! So we laughed, told him that we didn't want to waste his time, and walked out:)


Betsy from Tennessee said...

Hi, Did you get it done FINALLY???? If not---here is some 'free advice':

In situations like that, just stand up for yourself and your rights... They will wiggle every bit of money they can from you... Don't sign anything until you totally understand what you are doing. And don't let them sell you all of the extra insurance, etc.

If you did get it worked out, then CONGRATS to the new home owners. When is move-in day?????

I'm SO happy for you and VolFan.

Linda said...

How exciting for you! I'm glad you got a good rate.

smiles4u said...

Does this mean you now own a house! You are wise to know every little bit before you sign on that dotted line. I do think there are many people that are clueless to what they are signing just because they are only thinking about today and want to be in a house. I hope that we see a post that announces the good news in the near future!!! And if so, we want more pictures!

(Sometimes!) Serendipitous Girl said...

Oh my! Just make sure to get a 30 year fixed!! No ARM's!! SSG has been in lending for 150 years, so if something comes up and you have a question or something doesn't make sense--send SSG a smoke signal she's happy to answer any questions!

Help her help you!

(Seriously, I'm sure you have everything covered, but I'm here if you need me!)

Mental P Mama said...

Unfortunately, I'm a veteran of this game. And you done good girlfriend!

Living on the Spit said...

I have been in some form of loan processing from the financial standpoint and the environmental side for more than 10 years now and yes, you must educate yourself to know that you are making the right decision...also reading a TIL statement is most important as well as understanding points and where they are. I am glad you guys laughed and walked out...those hounds will try to get you at every junction. I was always glad I never was an originator. Way to go...I am so excited for you both.

Marsha said...

I think it's the adjustable rate stuff that ends up causing the most problems for folks. They did fine until the stock market crashed, their payments shot up due to the adjustment rates coming due, and then they realized what they'd signed and what it meant.

Grandma J said...

Good for you! I'm feeling all the frustrations and excitement all rolled into one margarita!

Noe Noe Girl...A Queen of all Trades. said...

You Rock Woody! Should I send packing tape now?

Busy Bee Suz said...

There is a lot to learn. I find most of that stuff to look like chinese writing myself. Luckily ONE person in my house knows what it all means. :0
Good luck on getting it all done.

imom said...

I have more experiences with mortgagesthat I ever wanted to have! If you got in the low 5s you did great!