I've just organised a re-finance from one bank to another through my broker.
I'm on a better deal interest wise and now have all my accounts with the same lender.
I needed 10k in cash on top of the re-finance for a small renovation on another PI.
Problem 1. it took months for this to go through, costing me lost time and resulting in a vacant property.
Problem 2. And the most frustrating. I asked for the 10k clear, I needed all of it to do the reno. I've ended up with 10k less the costs and some Mortgage insurance, resulting in not enough to finish the reno.
I agreed to the $1600 MI because it had dragged on so long and if I was to wait for further Val's on other PI's It would result in a longer vacancy period.
The broker has agreed to pay half the MI on account of the time it's taken.
But I'm still left with less than I need. This is the second time this has happened now. Last time I ended up with 9k from the 20k I applied for.
Is it up to me to ask for the expenses to be added on to the mortgage amount and leave me with the amount I asked for or is this a normal way of doing it?
Is this an easy out for the broker? Is he being slack or am I not asking the right questions ?
I'm on a better deal interest wise and now have all my accounts with the same lender.
I needed 10k in cash on top of the re-finance for a small renovation on another PI.
Problem 1. it took months for this to go through, costing me lost time and resulting in a vacant property.
Problem 2. And the most frustrating. I asked for the 10k clear, I needed all of it to do the reno. I've ended up with 10k less the costs and some Mortgage insurance, resulting in not enough to finish the reno.
I agreed to the $1600 MI because it had dragged on so long and if I was to wait for further Val's on other PI's It would result in a longer vacancy period.
The broker has agreed to pay half the MI on account of the time it's taken.
But I'm still left with less than I need. This is the second time this has happened now. Last time I ended up with 9k from the 20k I applied for.
Is it up to me to ask for the expenses to be added on to the mortgage amount and leave me with the amount I asked for or is this a normal way of doing it?
Is this an easy out for the broker? Is he being slack or am I not asking the right questions ?