Something I have learned

Caldric · ‎05-04-2017

Mortgages in this country are far and above too complicated. The whole process is a bunch of BS. I mean how many people know what they are signing I mean you have hundreds of pages of nonsense put in front of you and if you don't sign then no mortgage. The entire process is a practical joke. The only reason for the complication is to make people money. Today people sign on the line for a 90,000 dollar car but to buy a 150k condo it takes an act of god and hope you are not signing away your life.

I have recently moved to buying a small condo for myself 150k NOT much money in these days I mean I have xnumber of times that in retirement over that. But the process of getting a mortgage in this country is insane. There are so many fees that it is stupid. Why should you pay pest control inspections when you had the other inspections? They are blind to ants? **bleep** is this process? I have signed so many pieces of paper and given blindly to earnest monies it is crazy.

I understand it is supposed to work today but I just don't get the crazy.

sarge12 · ‎05-05-2017

@Caldric wrote:
Mortgages in this country are far and above too complicated. The whole process is a bunch of BS. I mean how many people know what they are signing I mean you have hundreds of pages of nonsense put in front of you and if you don't sign then no mortgage. The entire process is a practical joke. The only reason for the complication is to make people money. Today people sign on the line for a 90,000 dollar car but to buy a 150k condo it takes an act of god and hope you are not signing away your life.

I have recently moved to buying a small condo for myself 150k NOT much money in these days I mean I have xnumber of times that in retirement over that. But the process of getting a mortgage in this country is insane. There are so many fees that it is stupid. Why should you pay pest control inspections when you had the other inspections? They are blind to ants? **bleep** is this process? I have signed so many pieces of paper and given blindly to earnest monies it is crazy.

I understand it is supposed to work today but I just don't get the crazy.

Yet if you didn't have that pest inspection, and the house was infested with termites, you and your mortgage lender could get stuck with a house the seller was trying to unload on some poor sap before it collapses. Most of the red tape involved came to be because, through history people have fallen victim to just such things known only to the seller. Laws and extra documents have evolved over time to protect the buyer and mortgage lender from purchasing properties with known defects. I, for one, am grateful for such protection, in spite of all the extra paperwork and expense for closing costs, because I do not wish to shell out 200k for a house that will soon be in unliveable condition due to termites or black mold that existed before I signed my life away. Most of the red tape is to protect you and the lender from getting jipped, which was common before all that extra red tape was created.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20

Caldric · ‎06-27-2017

There are none where I live. However understand your point completely.

StartingOver10 · ‎06-28-2017

OP, did you close?

BTW, a long time ago getting a mortgage was much easier. Few fees and not much paperwork at all.

Today, you can still buy your condo with very little paperwork if you pay cash. The issue only gets a little more complex if you decide to finance your purchase.

You are right, the fees have increased substantially over the decades from all sides: lender fees, title fees, and government fees.

But the example you give, the WDO report, is a very small fee on the order of $100 - $125 and is part of a list of inspections that are your due diligence to find out the actual physcial condition of the property you are buying. As pointed out above, you can skip the inspections, but it really isn't a good idea as the more you know about the property, the fewer surprises you will have after closing. You usually can adjust the sales price based on the inspections before closing through re-negotiations. After you close, it's too late to adjust the sales price.

So tell us the good news - did you close?