Tuesday, August 27, 2013

Refinance Loans Suck

My head right now
"Getting a refinance loan for your home doesn't have to be hard."

Yes it does.

Why on earth does it cost so much to get a refinance loan when I have to do so much research and document finding?

So far all my loan officer has done is send me a shit-ton of paper work asking for redundant information and signatures. Oh! He also called an appraiser.

Title companies. At first I had thought that these people were the biggest thieves in the real estate business. But now that I've had time to cool off a bit and see what they do and the legal burden they bear, I can see their need. Their prices are directly reflected by the fact that the light fixtures in their offices cost more than my car.

I was in one title company's main office down in Sugar Land one day. Apparently their owner is a huge fan of big game hunting. He had enormous dead creatures all over the place. He prefers the African varieties. In their main conference room was a zebra and a freakin' huge motorcycle that I thought was a display. Lady said nope, it's just where he likes to park it. Right.

I think they dealt exclusively in the oil & gas business.

Today I'm dealing with a more mundane title company that does residential properties. They're nice and professional and everything. They skipped past most the bullshit I was expecting, so I started liking them. And then today I get the call that they need to order a document from my home owners association. This document basically says we've been paying our dues on time.

That's it.

I'm like. Fine here's my credit card, go ahead.

Then the lady at the title company calls me back saying, "Oops! Turns out that document isn't $45. My bad. It's a $105. And it takes two weeks to get."

Ten business days to generate a document. The one document that is now holding up the closing for our loan. Get this:

"They can get it to us tomorrow for an extra $100."


There's a word for that, isn't there?

Hey pal, I got what you need right here. Yeah, it's kinda expensive but who else is gonna get it for ya? Huh? That's right. Nobody. Pay me now, I'll have it to you maybe two weeks. What? You want it sooner? Well, now. That's gonna cost you!

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