Being a grown up sucks!

We bought our quaint little suburban townhouse almost exactly 5 years ago to the day. Which means that not only do I now own ONE of the bricks on my outside wall, it is also time to renew our mortgage. In April I began to watch the rates, and noticed that they were dropping relatively quickly. Self I said, it’s time to get on board with the new economic trends and so I started applying for a new mortgage.

My existing mortgage is with a small, francophone bank that I used to work for before becoming a permanent stay at home mom. Their rates have never really been competitive but I got a 2% reduction while I was employed by them and at the time that was a great incentive to finance my mortgage there. Not to mention that I knew my personal banker personally (ha ha!) and that I felt that since I was an employee I would get better service than anywhere else.

So, back to this Spring, I applied for two different mortgages online and was accepted for both. One had better rates, more dedicated customer service and repayment options. I decided to go with the “one”. I also called francophone bank to let them know that I was shopping around and to see what they could offer me. It came as no surprise that their rates were nowhere near as good as my first choice lender. It was with relief that I signed the acceptance of the “ones” mortgage commitment. I was guaranteed the best rate between then and June 1^st (my maturity date) and I have been happily watching the rates plummet ever since.

Fast forward to two days ago. I got a call, to head to a lawyers office to prove my identity. The “one” happens to be an online lender and so this was totally normal and expected. When I get there with my proper ID, I am told that the request has been canceled. Odd, I think, but I figure it’s an error somewhere and head home to call the “one”. Turns out that there is some obscure comment on my title registration that does not allow the “one” to take on my mortgage as easily as I had hoped. I found out on the 28^th that my mortgage transfer was not going to occur for June 1^st as planned.

To say that I was frustrated and upset is an understatement. Now I have only two options. Sign with current lender, who I feel has totally screwed me over with their lack of total disclosure at time of signing and be stuck with them for life, or pay a hefty legal fee (that will be rolled into the mortgage amount) to be able to change the title registration and thus have the “one” take over the loan, and get the best posted rates. On matter of principle, I do not like the way I was treated by my current lender and would love to “stick it to them” by taking my business elsewhere but I am not that delusional. They will not even notice my mortgage is missing. BUT on principle alone it is tempting. I must say that it’s also tempting to stay with them and resign and deal with it in another 5 years, but really that doesn’t seem like the best option. The easiest maybe, but definitely not the most efficient or proactive choice.

In the end I think we will decide to go ahead with the lawyers and get it all taken care of now. Hopefully the reduction in the rate will balance out the extra lawyers fees and at least I get to stick it to the other lender. I would love to say that my reaction to all this has been that of a calm and collected grown up but that would be a lie. I have cried, I have yelled, I have been confused and betrayed and in the end I am lost. I hope to make the right decision and while I am conscious of the fact that I should be thankful to even have a roof over my head, I could do without all these problems arising when I make every attempt to be organized and do everything in my power to have everything ready and on time.

Why can’t anything just be easy? Why can't I control everything in the world? Or at the very least in my own world? :)