How I feel reading my new mortgage contract...

blueboybob · 4 months

Bring it to a lawyer to read over

dale31 · 4 months

bloodflart · 4 months

I just refinanced and it took about an hour and a half of signing papers as the dude explained what each one was. He said one lady read every single line before signing and it took over 7 hours.

SimilarImage · 4 months

Age	User	Title	Reddit	Cmnt	Points
4 days	EliteCowdung	When I look at the comments section of an r/askscience post	here	25	537
1 month	trav1sss	Me when my girlfriend asks me to read over her essays on Ancient Greek sophists and intertextuality.	here	7	290
2 months	eisinger2	How I feel taking a test I didn't study for.	here	121	674

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bob-leblaw · 4 months

Was in mortgage finance for 10 years. Will give you Cliffnotes on it if you want somebody to look at it. Black out personal info, I'll check it if you'd like.

TheJack38 · 4 months

This is how I feel when reading my linear algebra homework.

FuschiaLucia · 4 months

Oh man, if you only knew...

v1rt · 4 months

I work in Insurance for a major bank. Let me help with the Insurance part.

Never lapse in coverage. Not even for a day or the bank will charge you for the day or days you lapsed by placing it's own coverage on you, regardless of whether or not its your fault or your insurance company's. Oh, and the coverage they will place on you is going to probably be, on average, 3 times as much as what you'd be paying someone else. This may vary from bank to bank and from area to area, but this is pretty standard.
Understand what might happen in the event you incur a loss on the home. Your bank has an interest on the property until every penny is paid and has the right to monitor the claim if it deems necessary. Knowing how your bank handles losses to a property will save you a lot of headaches in the future and it's good knowledge to know.
If you have an escrow account, don't sit on your hands until you start getting notices from the bank or from the insurance company (or both) saying the bank hasn't paid your insurance renewal or that the insurance company hasn't sent your bank the yearly renewal notice. Be proactive and make sure these two completely unrelated companies handling your business are communicating with each other and have the means to do so.
Related to the last bullet: look up terms like "Mortgagee Clause" (the address your insurance company will use to send your mortgage company documents) and make sure your agent/insurance company has the correct one because your bank may have 1, 2, 3 or 15 different ones. Know the fax# and/or e-mail address as well to send documents if needed.

And if you just refinanced, do the above anyways because it could have changed

If you follow all the above advice, it'll make your home owning experience much easier.

Also, I've found USAA, Allstate and Geico very good in terms of customer service. I'd stay away from Liberty Mutual/Peerless/Montgomery Ins/Indiana Insurance (They're all the same) and American Family. Individual experiences may vary, it's just that in my years of doing my job, they've given me the most headaches.

xampl9 · 4 months

The deal is - they tell you the same information several times. The government, the lender, the mortgage broker .. each has to repeat it to you, lest you sue them.

Really, the HUD-1 form has everything you need to know.

You should hold onto it, btw. If you ever refinance, or decide to turn it into a rental property, it will be your record of how much you paid.

1wiseguy · 4 months

Did you ever read a mortgage contract? They are simple.

I guess years ago, they were complicated, but then they enacted the "truth in lending" laws, and now, a child can understand it. I've seen sushi menus that are harder to follow.

I kills me when somebody claims they were fast-talked into some kind of bad mortgage deal that they don't understand. If it was any simpler, you'd sign it with a crayon.

getsome13 · 4 months

Even worse when I had to try to act like I knew what it all meant when I bullshitted my way to explaining it to my fiance when we were both drunk.

Its_eeasy · 4 months

I was thinking the gif would be this one

but yours is certainly more fitting.

funny

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