Mortgage Mayhem

Whew. What a hectic few months. But life is back on a level and it's time to vent!!

I have tried on several occasions to sit and compose a blog or two, this one at the forefront, but unfortunately moving house and all the bullshit that was being thrown (and dodged........ not without an increase in blood pressure, I hasten to add) interfered with my concentration and ability to put words in an orderly and sensible manner.
Plus, I was so busy unpacking an arranging that I hardly picked up the PC!!!

Let's start at the beginning....
An offer on our last house. Albeit a very low one, over the course of the weekend increased to a reasonable number, although I am not sure where the request for my leather reclining love seat (I said no) and then my elliptical machine (are you serious??) fit in... You can keep my curtains, I won't need them where I'm going!!

OK, so an accepted offer. Then a dash to put in an offer on what is now our new home (and fabulous it is I have to say)

So an accepted offer on the home we were to purchase ensued and I called our mortgage co.
I was told that we should have financing in place by Friday at the latest (this was on the Tuesday) but was still waiting on the Monday and I had called the Mortgage co. several times at this point. Of course they don't work weekends!

Tattoo man and I couldn't decide what amortization to opt for at this point so we asked for a quote on 18 years, 15 years and 10. Easy you may think, but that is when the shit hit the fan and started flying rapidly around the room.
The house we were purchasing is outside City limits, but locally is not considered particularly rural, as it is a house lined street and has electricity.
Also, it was for sale privately, not listed on MLS and no REALTOR was involved in the sale, or purchase. Not a problem......... I used to be a REALTOR.
At this point I was informed (although nothing was mentioned on my written quote) that I would need to have an assessment/ appraisal on the price which would cost me $275. The mortgage co. would order this for me.
This was done over the course of the wrangle that was ongoing, but I was not allowed to see the result even though I was going to pay for it, because it had been ordered by the mortgage co.

I don't fucking think so!!

I am already not happy. I know the value of the property as I have compared local properties for sale, besides isn't a property realistically worth what someone is willing to pay!
So, Tattoo man and I re assess and decide that we will take a longer amortization. Bring it on.

Not only will we now need an assessment/ appraisal, call it what you will. But now CMHC will be requiring approximately $2,000 because of the longer borrowing period and because the property is rural and not listed on MLS......EH???

OK, so let's revert to the original plan.

Amazing though it seems we will no longer be required to pay CMHC.
What kind of drugs are you people taking?? You are now telling me that because I am taking 4 years of my borrowing time that my property is no longer rural and is seemingly listed on MLS??

NO

Well that is what it sounds like.

This malarkey lasted a total of 2 weeks, with Emails from the mortgage co. (most of them with incorrect figures, grammar and spelling) and phone calls from the mortgage co. which included childish sniggering from the agent involved and a general lack of respect!

I was fed contradiction after contradiction and was even at one point told that CMHC always required some security payment from purchasers in Windsor, ON. I live in NB and there is no auto industry anywhere near here, so where the crap is that comparison relevant....oh I know, Windsor, ON!!!

Almost at breaking point I was talking to a friend who suggested I visit her Mortgage Consultant at the local bank. I did and was approved for a mortgage on the spot.
NO CMHC payments, no assessments/ appraisals and a much more favorable interest %!!
UN freaking real.

I headed home and Emailed my current provider to inform them that I would no longer require financing on the purchase of my new home.......only to receive 3 additional calls over the next 2 days telling me that the paperwork had been processed for the original agreement (which had not been accepted because I had changed certain things and initialed them) and forwarded to my lawyer......
So on the 4th call I handed the phone to Tattoo Man......

As a result of cancelling my mortgage at the point of sale I was required to pay almost $4,000 in interest accrued and $250 for 'administration', I did not pay for the appraisal and rightly so.
My new mortgage is at a significantly lower rate of interest and my contact is easily accessible and more to the point....local and despite the fact that I borrowed more that I did for the last mortgage, to cover the penalty required by the last lender, I am paying less out each month.

A lesson learned the hard way perhaps, but showing me the real side of large financial institutions, who quite obviously take advantage of people less savvy that myself and Tattoo Man on a regular basis.
Never again will I borrow (or attempt to) any amount of money without being physically able to sit in an office with the representative of the company I wish to borrow from.
It's pure and total insanity to even contemplate such a thought and a serious health risk in my opinion.

Now if you will excuse me for a while, I have to write to the ombudsman................