Tuesday, January 09, 2007
Debbie Downey
I'm in a little bit of debt. OK, a lot. So I decided I would do the responsible thing for once and consolidate all my debts by refinancing my mortgage. I started the process about 3 months ago at Downey Savings Bank by speaking with Loan Guy Jim. Jim was pleasant enough, but kind of condescending. I had no idea what I was doing, and I didn't understand the process very well, and was asking a lot of questions. He actually told me "you worry too much. People refinance all the time, this is how they do it, it's no big deal." Well I'm sorry Mr. Bank Man, but these were Very Big Numbers to me, and maybe if I worried MORE I would be in better financial shape to begin with.
Jim and I filled out the loan application together and I figured that even if this wasn't the best possible deal, I would still be better off than where I started. A couple weeks later, Jim called me back and told me that because of my less-than-stellar credit rating, I wasn't eligible for the Super-Duper interest rate I applied for, but I could get a higher rate. Fine. It sucks, but it's still better than paying 18% on credit cards. But the process had to restart, so instead of being done in late December, I'd sign the final papers in January (which meant I had to make another month of interest payments on all my bills.)
I was supposed to have my closing today, and Jim did in fact call me. But instead of telling me to stop by the branch to sign all the papers, he told me "um.. yeah... it seems that Downey Savings Bank doesn't do mortgages for condos more than four stories." I live in a twenty-story building. Now why he didn't know this when I first filled out the application - which included the question "just how tall is your condo anyway?" - is beyond me. And why they didn't tell me this when my application was rejected the first time, is beyond me. I am a petty person, and I had no problem gloating to him a bit: "Remember a couple months ago when you mocked me for worrying too much? THIS is why I worry. Now, because Downey Savings couldn't tell I wasn't eligible for their mortgage to begin with, I have to start all over again, and I have to make at least 2 extra months of payments on my high-interest loans. YOU have cost me probably several hundred dollars." Jim said he was sorry.
You know what? He should be sorry. DOWNEY SAVINGS SUCKS.
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I'm in a little bit of debt. OK, a lot. So I decided I would do the responsible thing for once and consolidate all my debts by refinancing my mortgage. I started the process about 3 months ago at Downey Savings Bank by speaking with Loan Guy Jim. Jim was pleasant enough, but kind of condescending. I had no idea what I was doing, and I didn't understand the process very well, and was asking a lot of questions. He actually told me "you worry too much. People refinance all the time, this is how they do it, it's no big deal." Well I'm sorry Mr. Bank Man, but these were Very Big Numbers to me, and maybe if I worried MORE I would be in better financial shape to begin with.
Jim and I filled out the loan application together and I figured that even if this wasn't the best possible deal, I would still be better off than where I started. A couple weeks later, Jim called me back and told me that because of my less-than-stellar credit rating, I wasn't eligible for the Super-Duper interest rate I applied for, but I could get a higher rate. Fine. It sucks, but it's still better than paying 18% on credit cards. But the process had to restart, so instead of being done in late December, I'd sign the final papers in January (which meant I had to make another month of interest payments on all my bills.)
I was supposed to have my closing today, and Jim did in fact call me. But instead of telling me to stop by the branch to sign all the papers, he told me "um.. yeah... it seems that Downey Savings Bank doesn't do mortgages for condos more than four stories." I live in a twenty-story building. Now why he didn't know this when I first filled out the application - which included the question "just how tall is your condo anyway?" - is beyond me. And why they didn't tell me this when my application was rejected the first time, is beyond me. I am a petty person, and I had no problem gloating to him a bit: "Remember a couple months ago when you mocked me for worrying too much? THIS is why I worry. Now, because Downey Savings couldn't tell I wasn't eligible for their mortgage to begin with, I have to start all over again, and I have to make at least 2 extra months of payments on my high-interest loans. YOU have cost me probably several hundred dollars." Jim said he was sorry.
You know what? He should be sorry. DOWNEY SAVINGS SUCKS.
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