I should be happy.
We have a proposal for a new home loan. It’s not a formal offer yet, but it’s a good, solid start. It looks to be achievable and will hopefully get us the house that we want. We are back on the rails, so to speak.
Yet I’m not happy. I’m not even especially relieved.
After fighting for weeks to get our mortgage back underway – hours on the phone this week, bouncing from broker to bank to bank to broker to bank, and getting knocked back by all of them – I’m just emotionally exhausted. My stomach is in bits. It feels like I’ve been beating my head bloody against this particular brick wall, and while I’ve finally made a dent, it sure isn’t curing my headache.
The proposal came to us via our original broker (who has been largely dodging my questions for a while now). In a slightly passive aggressive email, he let it be known that he was aware I’d been approaching other banks and brokers. He said that wasn’t helpful and made it more difficult for him to get us a deal… Considering that we’ve been waiting for nearly four weeks to get this home loan, I only started chasing other lenders last week, and the proposal he’s come back with is the same one that I proposed to that same bank just this morning (who only bounced it back to him because they have a contract with him on our account), I think he’s being rather petulant. Clearly my actions were very helpful, in that they got me the answers I needed and the information required for me to negotiate a solution that worked for all parties. The broker offered me neither answers nor any insight into the negotiation. In the end, it was a fairly simple (but very painful) problem to solve – I just needed to know what the problem was.
I have tried not to burn bridges through this process. Tried but not always succeeded. And the more I spoke to other agencies about our loan, the more I learned about what this bank could and could not do. It appears that they would never have been able to approve our original loan offer if they had the true facts about our house build. We gave those facts to the broker, but I’m less and less convinced that he passed them on to the bank. They made an offer thinking we were doing something a bit more ordinary, and he told us that we had a good offer without revealing the fishhooks. So when we came to drawdown time, and the bank got a true picture of where this project is at, they balked. At least that’s what I’ve taken from the subtext of my conversations this week. And of course the broker didn’t want to admit that he’d misled both sides of this equation, so he got very quiet and sulky. Again: trying not to burn bridges, but very tempted to tell our broker to go fuck himself.
But at least we have a proposal. A hint of a solution.
I just wish I felt better about it.