Wednesday, September 09, 2009

No means no, dude. (But thanks anyway!)

I had to call my mortgage company today to clarify some information. I’ve decided to jump in and let them have access to my checking account number, so they can pull my mortgage payment directly from it every 2 weeks, thereby saving me something like 4 years of payments on my 30 year mortgage? I dunno…I’m personally using the service to help balance my budget better throughout the month, so instead of having one lump sum due to the bank for the mortgage at the end of the month, it’s more consistently removed over a couple of paychecks in smaller amounts. I think it’ll be lovely, but that remains to be seen.

The bank was very excited about offering me this program, under the guise of trying to help me owe them less in interest over time. Really, I think they’re looking forward to the $395 fee they charge for me choosing to pay my mortgage this way, as well as the $1.50 per transaction they apply in order to charge the debit to my account every 2 weeks. Yeah, because THAT must be tough on them. ::roll eyes::

The only problem was that I wasn’t sure if they count the payment I made at the end of August toward my September payment owed, or if they count the one in September as the September payment. (I like making things difficult and convoluted in my head. It’s a fun place to be…you should totally try it sometime.) Because, while they will start the auto-deductions at the end of September, they advise that I still need to make my September payment for my mortgage amount due for that month.

They wouldn’t have said that to me if they knew I’d already paid for it, right? Well, shiiit. I dunno!

So I call and get a lovely customer service rep on the phone relatively quickly, and I ask him whether that payment I made in August counts toward September like I think it does, and he confirms that it does, and all is well in the world.

But oh-ho! He is not done with me like I am with him. He thanks me for taking advantage of their biweekly payment program, and congratulates me on making a good decision to finish paying my mortgage earlier than the 30 years scheduled, and yadayadayada, bullshit bullshit…

Then he asks if he can ask me a question? “Sure…” I said tentatively. I knew what was coming, but I didn’t want him to get taken out back and beaten before being sent home without his full day’s pay of rupees, or whatever. So I listened as he told me that since I am such a wonderful customer (oh, stop ::blushing::) and I pay all my bills on time, they will be sending me a credit card that is platinum, and I can get money back based on my purchases, and it will have a very good purchase limit…

“No…I appreciate the offer, but no thank you.”

Oh, but this card they are sending me (why does he keep SAYING THAT?) has 0% APR, on all transferred balances, too. This always gets me…I really, really wish that the bank that has my mortgage isn’t reputed to be even WORSE than BofA when it comes to credit issues, or I might just take him up on it.

But no. Not interested. I tell him as much, and wonder how they can base their opinion of me being such a wonderful customer on just 3 month’s worth of mortgage payments, but ok…if they wanna run their business that way, its fine with me! I specifically tell him, “I do not accept that offer, but thank you for mentioning it!” And then we finish up and I’m finally free to get off the phone.

I have to say that it’s nice that SOMEONE still thinks I’m a good customer worthy of lovely credit offers that they trust me to be good on in this day and age. ::gives sideway glance to BofA’s credit department and their nasty, nasty agents who need to get out more, dammit::

4 comments:

m.v. said...

can't you pay biweekly anyway without being raped for $400 by the people who are already sucking out all the other fees and mortgage interest?
you have a lot more patience then I do,I would've hung up after my business was done
http://articles.edlathrop.com/biweekly_mortgage.htm

faithstwin said...

M.V. do you mean just split her big payment she pays at the end of the month into two smaller payments herself? I think that would be bad.

If one wants to send extra money every month on top of what you already are supposed to pay, you can do that with most finance companies without an early payment penalty, but I don't think you can just split your payment yourself without going the route Faith did.

Maybe I'm wrong, tho. It's happened (LOTS) in my past that I am...

m.v. said...

Well,the whole magic is paying 13 payments a year instead of 12. you can just split 1 payment into 12 portions and send it with each payment.There are places where it's explained in detail.I just don't like the fee so they can get their hands on even more of your money

Faith said...

See the issue is that I pay something like $425 every 2 weeks instead of $850 once. I only take home a little over $1100 every two weeks from my job...Leos income helps, of course, but take $850 from one paycheck that is only $1100 to begin with, and that doesn't leave much left over to "play" with for the next 2 weeks (which is when you get paid again). And the mortgage isn't the only bill I pay with that check, either.

So just adding on to the regular mortgage payment I pay isn't an option, really.

And yes...all mortgage companies offer this kind of payment plan, and all of them charge an initial fee for getting it started. I chose to pay mine in $25 installments for the first 16 withdrawals they remove from my account. I could have paid it up front in one sum...they even allow it to be charged to a credit card. But that's not something I wanted to do.

Its worth it since we plan on being in the house for significantly longer, I think. I never did do it with my last loan, because the fee wasn't worth it, IMO. I wasn't planning on staying with that bank for longer than the initial 5 year term of the loan.