Wednesday, April 15, 2009

Mortgage finally closed!


That only took two weeks of wrangling.

Public Service Announcement: If you hire only ONE good professional, make it your lawyer. And I don't even care if the actual lawyer is good, all he does is sit there and sign your papers when you finish everything. Make sure he has the best bulldog legal person (are they techs? I dunno) around. They are worth their weight in gold. That way, it doesn't matter who screws up - if the mortgage company drops the ball, if your broker checks out of the communication pool, if your seller dicks around, if the seller's realtor is a lazy can pass that information to your legal person and they will make it allllll better.

I have heard of people doing these things on their own to save money - doing all their own title searches and stuff and just showing up to get the lawyer to sign. This is very very foolish. There is just something important about a phone call or a nasty email when it has a law office's signature on the bottom.

Robyn is my hero at my lawyer's office. She has smoothed over so many bumps, and we've only made 3 purchases and 2 refinances. She is amazing and this whole thing would be incredibly stressful without her.

Wednesday, April 8, 2009

Mortgage companies

So - we're with firstline mortgages for our primary residence (where we live) and it has come time to renew the mortgage. We've decided to add a HELOC (home equity line of credit) to finance our next purchase. This should not be hard.
I started the process in January - the house was valued at $235K and we only owe $146K, so even at 80% we can pull out about $40K. Nice.
We were supposed to close on April 1. We didn't. I think firstline fired a bunch of staff or something, and now with the rates being ridiculously cheap they're swamped. And service has suffered.
So now it's the 9th tomorrow, we finally got the mess sorted. We thought. Went to sign the papers at the lawyer's office - and it was ALL WRONG!! So mad crazy rush today and it looks like we're fine. We'll see tomorrow I guess.
If this is how they treat a repeat client who has 3 mortgages and has refinanced twice (not all with them, but still), what are they doing to people who don't know what to fight? Our rate was 0.4% too high. That's a lot of money over 5 years.
Anyway, we'll be looking at some more props this weekend. Yay!
Sent from my BlackBerry device on the Rogers Wireless Network