February 10, 2009

Mortgages stink

Posted in Everyday, Home at 6:55 am by ListenMaudy

We haven’t heard anything back from the lender yet, so we’re still just waiting. I talked to our mortgage broker yesterday, and she gave me some rates. They seemed high, so I went online to compare rates. It turns out that Bank of America has a no-fee loan with lower rates. I called to find out more information, but I don’t think we can go with them at this late date. We are supposed to close in two weeks, so that isn’t nearly enough time to get a new loan.

I’m frustrated that our broker didn’t get us a good deal at all. BofA is about half a point lower on their interest rate. Why did she keep telling me she had picked a lender with lower rates? It obviously is not the case, and it annoys me that someone my dad recommended isn’t doing that well for us. He has given her quite a bit of business, in both high times and low times, so it doesn’t make sense to me that she wouldn’t get us a good, if not great loan.

Looking online for less than a minute got me a better loan, so what’s the point? I think next time, I’m skipping the broker altogether and going straight to the lender. I’m disappointed in myself, too, for not looking into other options earlier. I tend to take people’s recommendations as the best way to go, instead of doing more research on my own. Hopefully, that’s a lesson learned.

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