If you haven’t done a mortgage transaction in a long time, the process will make your brain explode. Since my financial controller is moving to East Texas and I like to be close to my money, I am going with her. Therefore, it is necessary to do some financing. Sounds easy but it is not.
The low mortgage rates you hear about on radio and TV are there but the lenders want "points" and I don’t pay points. And they have fees for everything. I do mean everything. There is a courier fee for carrying the papers in for you to sign your life away.
I have concluded that what they all want is for you to get to closing and then surprise you. Think about it. What are you going to do when you’ve gone through all the obstacles of buying a house and then there is a big surprise. Most people will just go ahead and pay. Grumpy old men don’t. I tell them that, but I don’t think they believe me.
The process has been somewhat amusing at times. I have talked to a bank that has numerous branches and the loan officer has offered to meet us at a location near the house selected. The branch is located inside a grocery store. I know that a lot of banks do that sort of thing, but it does concern me. Where would the closing take place? In the produce department?
All I know is if I choose to use that lender and they come up with a surprise at closing, there will be an announcement on the PA.
"We need a clean up on aisle four."
PMO
©2011
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