We recently decided to take advantage of low mortgage rates to buy our dream home.
I have three major "beefs" with mortgage companies thus far.
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The options are complicated. I realize it must be purposeful - to create differentiation. My wife and I have very good credit and we naturally want the best interest rate and repayment terms possible. Yet each mortgage company I have been speaking with has a little different way of presenting the terms. It would be easier for the consumer to get the information in a manner that quickly told them where they stood relative to other lenders.
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The hours many mortgage companies are open are "working hours" rather than reasonable hours. We are obviously in a major recession where people should be working as diligently as possible. Therefore, it would make complete sense to me that the mortgage company would be open into the evening hours - say 8 pm. Few are open past 5 pm. I actually found one out of 8 in my area that actually answered the phone after 5 pm - they were at home making dinner.
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"You-should-be-grateful-you-are-speaking-to-me-syndrome". Some of the mortgage companies I spoke to basically spent the better part of the initial conversation letting me know how booked up and busy they have been and how long it will be until they will be able to fit me in.
The mortgage industry is fascinating to me. Supposedly the country needs new mortgages to free up dollars that are held up on mortgages that may be then spent (or saved) elsewhere. Yet the apparent non-standardization of options and the limited hours mortgage companies are open seems to constrain what the economy really needs right now.
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