Called to refinance my mortgage. The guy asks me if I know the balance of my current mortgage. I tell him, “You know, I really have no idea.”
He says, “Can you estimate?”
I reply, “I’m sorry, I can’t. I have no idea how much we still owe.”
“Around $100,000?”
“I don’t even know. I’m going to have to call you back with that information.”
“You can’t even guess?”
By now, I want to jump through the phone and rip his fucking head off. Just because mortgages are your JOB and you probably know how much you fucking owe to the motherfucking cent, Dingleberry Boy, doesn’t mean I do.
“Like I said, I’m going to have to call you back with that information. The mortgage payment is taken directly from my account every month and I don’t really pay attention to it.”
“Wow, what if it’s paid off?”
“It’s not.”
“It could be.”
"It’s not. "
“Well, here’s the information we’ll need when you call back…”
What the fuck?!? Do you want my business or not, fuckweed?
um… if you’re refinancing your mortgage, wouldn’t it make sence to find out how much you owe first?
(I take it by “refinance” you meant “see if you could get a better deal”, not “change the date my repayment was made on”?)
You know I love you Gazelle, but I gotta beleive you have some clue how much your house is worth, and how much the mortgage was when you took it out, and how long ago that happened.
You should at least have an idea of when you were doing these things unless you’ve lost some years in a coma or something.
Based on this rough knowledge, it’s simple math to form some kind of guesstimate as to the approximate amount of your current mortgage.
And HOW THE HELL IS THE POOR SCHMUCK SUPPOSED TO HELP YOU IF YOU DIDN"T BOTHER TO BRING YOUR MORTGAGE INFORMATION WITH YOU TO THE REFINANCING MEETING.
So Gazelle when you order a pizza do you call up and tell them you have no idea what ingrediants you want on your pie?
And ** Scout**, imagine the frustration of the loan rep on the other end of the line. He’s talking to some schmuck who appears to have no clue as to the amount of what is probably the greatest financial debt in his life.
Gazelle actually called somebody about a loan and didn’t have a clue as to what size that loan might be $20,000 - $100,000 - $200,000? Gazelle just couldn’t be bothered to do a little research and figure that out in advance.
Most people haven’t even thought about their balance in years but could probably offer an educated guess withing 10 or 15% of the right answer. Gazelle seems to lack the brain power for even that effort.
I think the rep realized that somebody that stupid might not be aware that their loan was closed.
Honestly, and we just re-financed our house, but I still couldn’t guess how much the loan was for. I sleep better at night not knowing things like that.
To add… there’s plenty of information to be gathered from a preliminary call to the mortgage company. I’m sure Gazelle was interested in what the current rates are, if they expect them to drop, what the processing time should take, if refinance and closing costs can be rolled abck into the note, etc.
Just because she’s trying to gather some information and find out what they’ll need before she submits doesn’t excuse Dingleberry Boy for making the call difficult. I agree that his people skills need some work.
Although I don’t understand the rationale behind calling to refinance one’s mortgage without having even basic information on hand, in Gazelle’s defense she did tell the rep she’d have to call him back with the requested info as soon as he asked her the first time.
I think I would be the same way. I mean I hate making guesses or estimate things when it comes to something important.
What if I’m wrong and it really messes things up?
Now, small things like that wouldn’t make a difference good or bad one way or another I can guess at.
But something important like money, if I guessed at it I would be sweating it all day.
Wow, and way to try to chastise you by asking “what if it’s paid off?”
“Well, you know it could be all paid for and they are just taking your money, and you are just sitting there letting them by not being on top of things and checking up.”
Gee, thanks dad!
I mean if it’s a situation like Scout where you know it’s a 30 year loan and you’ve only had it for a few years, you are going to know that you aren’t being robbed blind by having a non-existant payment taken out every month.
If they aren’t going to treat you like you aren’t any smarter than a ten year old then go somewhere else. I mean do you really want to deal with that type of attitude for the next 30 years?
Actually it’s not. The rate at which the principal portion of a loan gets paid off is not remotely linear - it is parabolic.
Essentially the way it works is that you make constant payments over the years. In the first payment, the interest charges are very high, so that almost no principal gets paid off. But that little bit of principal reduction reduces the next month’s interest cost just a bit, so that the next payment consists of a (very) slightly higher percentage of principal, and lower percentage of interest. The next month’s interest payment is reduced even more, and so on. Eventually, the scales tip entirely, and you end up paying mostly and almost entirely principal.
The shape of the parabola will depend on the length of the loan, and the interest rate. But as an example, if you have a 30 year mortgage at a 6% annual rate, five years into your payments you will be 17% of the way to being paid up timewise, but will have only paid up about 7% of your loan balance. And it is not a simple calculation either.
Other than this, I agree with the rest of what you (and others) have posted to the thread.
What’s sad lieu is that is that you don’t think Gazelle’s comment about jumping through the phone and ripping the loan rep’s fucking head off was an asshole statement.
A loan rep basically needs three things to give a rate estimate.
1 - the amount of the loan
2 - the value of the property
3 - the term (years)
Gazelle called the guy up and,… well, what the hell did he expect if he didn’t even know what he wanted?
Mortgages come in many flavors but the two most influential facts that effect rates are ** THE AMOUNT OF THE LOAN **, the length of time for payback and the value of the property. Those facts tell the loan rep whether he’s going to finance a jumbo loan, a well leveraged loan, or a higher risk loan.
Gazelle was being an asshole too. It’s just that the glare off his stupidity masked it so well.
You’re attitude though is getting annoying. In the spirit of the pit I’m inviting ** YOU** to fuck off!
Bubba, I betcha the poor folks on the other end of the line get calls like that all the time, and whenever they come in, they probably just start the obligatory eye roll.
I just happen to know that Gazelle is roughly in my age bracket, and would be nowhere near the end of a mortgage payout. Certainly not near enough that it’d be a possibility that the loan was paid off in full. Of course, the guy she’s talking to probably doesn’t know how old she is, so maybe I should cut HIM some slack. (not that “goof” is a harsh assessment - kinda mild IMHO)
Regardless, since I know Gazelle’s in need of some shuteye, why don’t we all just call it a day and take a nap? I know that would certainly make me happy right now!
Hey, at least Gazelle didn’t call up not knowing how much needed to be paid off and then accuse the rep of being incompetent for not knowing. See? Could be WAY worse.
…and how the ever loving fuck is the mortgage guy supposed to answer that without some basic information? Current rates vary depending on…(wait for it)…the amount of the fucking loan. Is it a jumbo loan? Is there more or less than 20% equity to see if PMI must also be paid? Really, why bother calling if your ducks aren’t in a row.
Gazelle, while you certainly are far from being an idiot, you did nothing but waste that poor man’s time. I am sure, if it were possible, there would have been some mutual throat grabbing through that phone line.
IF you were calling to compare rates or conditions or frequency of statements or some generic bollocks, you should have said so – “No, I don’t have those figures but they are not relevant, I just wondered if you still have that free lobotomy with every mortgage deal…”, or whatever.
On the other hand, IF, you were phoning to refinance your mortgage, either, have the fucking figures to hand, or, don’t have the lame temerity to whinge about some poor schmuck of a telephone rep having to waste their time listing the basic information that you might need to make such a call meaningful.
