Another one bites the bait
We finally signed on like 53 dotted lines today, giving away essentially half our savings to secure our dream home.
We should be clinking champagne glasses and having celebratory sex.
Suffice to say, we’re not.
In fact, just two hours ago, Lokes was seething mad and I, stunned speechless.
We discovered quite unpleasantly that our mortgage broker may have tricked us into choosing his loan program by first promising a lower monthly payment, and then dropping a bomb of a mortgage insurance on the day we sign our closing papers.
“The lender decided to raise your mortgage insurance by about $160. Today,” he called just when we were going to the bank to do the transfer.
Uh, why?
“I will find out for you, definitely. But to make up for it, I’m willing to pay you $1500 cash back or we could credit it out of your closing costs, just let me know which you prefer,” replied he, who had already informed the escrow company to do the credit even before calling us.
How did we know? The escrow company called us before he did, and gave us the final amount. An amount we knew was oddly around $1500 lower than estimated.
We went for the homeownership courses. We shopped and read and waited for nine months. For all the care we took, we still got ‘owned’.
Is there no avoiding these guys?
Somehow, I had expected such a thing to happen. When Loke’s face turned from eager anticipation to angry disappointment, I knew that the phone call bore the surprise I had waited for the last month.
After all, what did we expect? Here are two foreigners from God knows where, who talk funny, and have absolutely no experience buying a home in the US, and absolutely no one to turn to for advice!
Ker-chink!
Welp. We have definitely learnt our lesson. I just hope it’s one that won’t turn out to be too expensive.
It’s time to stop looking, people. You will sooner find Loch Ness than an honest salesman. When it comes to money, there’s just no escaping being conned.
Just know how much you are willing to be conned out of.
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Posted in Imperfect America
October 19th, 2006 at 12:15 pm
Hi, I’m a Singaporean married to a Malaysian living in the US too. You guys can refinance in the future if you need to. We just bought a house too. Btw, if you guys haven’t already gone there, Malay Satay Hut has amazing food.
October 19th, 2006 at 12:27 pm
Hey there. Yea we’ve been there hehe. It’s not too bad, for some dishes. I’m actually bringing my American friends there next week for a Malaysian Night Out hehe.
Where do you live? We shld get together! I know a group of Taiwanese/Chinese/Malaysian moms that hang out for playgroups. You have kids?
October 19th, 2006 at 12:27 pm
That is not right!!! I feel angry that happened to you and Lokes. I hate it when that happens to foreigners like us!!!
The next time you make a big purchase (car/loan), try inviting an American friend along or someone who has house buying experience. Oh yeah, and make photocopies of EVERYTHING! No verbal agreement. Get them to put it in paper and read the fine print before you sign anything. You can file complaints at the your state’s Attorney General website.
*hugs*
October 19th, 2006 at 2:05 pm
eh eh! A couple of months back, someone from FEMALE mag was looking for bloggers to interview for an article. I recommended your blog!!!
Woohoo!!! You’re femes!!!
October 19th, 2006 at 3:44 pm
So YOU are the one LOL
Well let me tell u girl it wasn’t a pleasant experience dealing with Audrey (the writer).
Which is why I hadn’t posted about my so-called femes moment here. Im surprised I even made it.
October 19th, 2006 at 4:29 pm
I’m sorry to hear that happened - I haven’t ever heard of such a thing. Did the schmuck give you a reasonable explanation of why things changed all of a sudden? This is the third house we’ve owned and I’ve never had to deal with something like this. Jerk. I have the name of a great mortgage broker when you want to refinance.
But the great thing is, you are NOW HOMEOWNERS!!!!!!!!!!!!!!!!!!!!!!
October 19th, 2006 at 6:08 pm
aiks…..so sorry. I didn’t know. I thought it would be a piece of cake. She emails you. You email her a short paragraph and a few photos. That’s it.
There were other articles featuring bloggers on other mags and newspaper. I was sure the readers would be bored seeing the same faces all over again. I know I was. So, that’s why I suggested you.
I’m sorrryyyyyyyyyy
oh sooooo sorrryyyyyyyyy
October 19th, 2006 at 6:14 pm
Sokayyy woman!!! Aiyo it was sweet of you to think of me. Not your fault she was such an awful journo LOL. She had me write the whole thing, it wasn’t an interview at all lol.
Anyway, not so badlah hehe. Don’t hv to apologise.
October 19th, 2006 at 8:20 pm
thanks redheadmomma! Ah well, what’s done is done. I just told my agent, who recommended him, to be cautious about doing that again for his other clients.
October 19th, 2006 at 10:07 pm
Can’t believe that sleazebag pulled such a stunt on you guys. Like what Lil commented, refinance. Start looking for other loans.