It's Day 4 since we signed the contract for the house and every single day the Mortage office requires new information from us and it's driving us bonkers.
On Monday, they wanted a Cashier's Cheque for USD1500 from us as "good faith" or deposit. Then on Tuesday, they rang us and wanted to talk to our current Landlord and check about our rental history and payments, if we're "problem-free" tenants and if we were ever late on our rent. The biggest relief is despite Paul's face-off with our landlord, they parted peacefully thus I assume she'll give us a good reference. Moreover, since we're buying a new house directly from the Builder, there's no need for a Realtor anyway, thus she's not that sore that we didn't go directly to her for her service. Another plus is that we've never cause any chaos nor trouble for her and we're always on time with our rent and at times even a few days eariler.
When we thought that would be an end to it all, today the Mortage office tracked us down again and wanted Paul's Bank transaction for the past 6 months. I mean, will they ever stop or perhaps make a list of all the necessary items required from us rather than making a daily call and cause us running around in circles ??? INEFFICIENT is the word I used to describe their system. Regardless, Paul submitted a full 12 months of his Bank transaction to them and hopefully it will put them to rest. But NO ! 30 mins late, they wanted a bank statement from me as well since I'm a Co-Owner... arrrggghhhh, this is truly frustrating.
So a few hours ago, I've printed out my financial statement and I am also required to write them a letter informing them I am a Co-Owner and have sufficient funds for the house should we ever require it.
As advised by our Realtor at the current stage now, it's a 99.9% chance that the house is ours. I mean it better be, after everything we've done and the harrasment we've received and the running around we've done. =P
I am super impatient and edgy to close the house now cause of the mortage interest rate. So far, we had paid 3 visits to the Sales Office and each time, the mortage interest rate had plunge. On our first visit, it's 6.75%, on our 2nd visit, it's 6.5% and last Sat, it had hit a bottom low of 6% !!! Even the Sales Officer who worked with the Company for 15 years told us he had never seen it plunge to 6% before.
Apparently the mortage interest rate used to changes weekly but due to the current slum of the property prices and the drastic decrease on property demands, the interest rate changes on daily basis. If we can log in at 6%, we would be estastic but if it slip to the 5% range, I am certain that Paul would be smiling in his sleep and throw in a few giggles as well.... But before we can get that far, I just hope the Mortage office will put an end to their request for documents and start working fast !!!
I've read on the Financial/Property News that currently all Builders are aiming to close their inventory/new houses by end of Dec to boost their final sales quota for the entire year. Thus they are doing everything in their power to reduce the cost of the houses to attract more buyers. Should the buying trend increase, that will indirectly lead to a demand in mortage loan which will also push a rise on the mortage interest. Well, it's kind of a chain reaction ... *sigh*
Reckon there's nothing much we can do now but to pray that the Mortage Office speed up their process and hopefully we can have a very low and good interest rate ! =)
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