Wednesday, June 20, 2007

Boring details

We had another appointment to "shop" or mortgage yesterday. Only this time it was with the existing bank. Unlike in the states, the norm here is to get a fixed rate for 5 years. (They don't have 30 year fixed rate mortgage here.) Then you have to refinance. I thought it would be easiest with the bank currently carrying the loan, but no, they want all the same paperwork "to put our file up to date." And here's where it gets stupid. The banks don't like the way I earn money. Since I'm not a salaried employee, they want tax returns. I don't like to provide tax returns. I even said so, "we always pay the mortgage and the loan is only for 1/3 of the value of the property, so I don't understand why we have to do all this." The man explained with a wink and a nod, that we just have to put some paper together and not to worry about it. If I would just get a letter from my primary revenue source, that will do. Does it matter that we had to do just that for the loan we procured last September? No. Even though it's with the same bank? No. I need a "new" letter dated this month. (insert eye-rolling) I love jumping through hoops, can you tell?

In other news, the parking meters were unveiled at a press conference yesterday and splashed all over the evening news. It's being heralded as a great idea. Serge says he wants to paint ALL the meters (over 100) to make extra money. He's completed 2 so far. I think he's biting off more than he can chew but I also know he's loving the attention he's getting for the color scheme/design. It looks like this weekend will again be spent in the garage.

21 comments:

Ed said...

That is so great about the Parking Meters (Parco-Dons?)but I am surprised the stickers on them will only be in French. I would think the US tourists would want to contribute to those less fortunate. Serge better get busy. Over 100 Meters will take a lot of time and paint. Just think though the cruise will be paid for and then some.
Maybe if you had threatend to go to another Bank the guy would have been more cooperative.

Lemuel said...

Your mortgage "experience" is interesting. I did not know about the 5-year gig in Canada. As for the redundant paperwork, that is no surprise.

I recall looking for a house to rent about 20 years ago. I had been self-employed for nearly 20 years and therefore had no traditional pay stubs. The landlord of one home we looked at (rent w/ option to buy) wanted pay stubs for the last two years. When I said I did not have any, he looked at me as if I had landed from Mars. As you well know, not everyone has the traditional 9-to-5.

I think you two will need that cruise after painting all the meters. I hope you will not need separate cabins. :)

vuboq said...

Did you explain about the parking meters earlier and I missed it? I thought they were going to be used as parking meters, not fundraising. They look great and it's a fantastic idea for donating to the homeless. I hope it works!

Snooze said...

It's cool that you have a part in the parking meters. I do think that Serge will tire of the painting though.

Chunks said...

First the wall then the parking meters. That Serge is a Michaelangelo, I tell ya!

I hate the hoop jumping of mortgage shopping. Since we recently had to do that as well, I'm still reeling from it. Blech.

Polt said...

Wow, I know somebody famous now! Well, actually, I know the other-half of someone famous...or have spoken to the other-half of someone famous....

Whatever, congrats you guys! Good job Serge!

HUGS...

Lewis said...

As if the winter wasn't long enough for you guys, looks like the summer is shaping up the same way -- with the parking meter influxation! I know that mortgage paperwork can be a real bitch. Everything has to be within the last 30 days. Ick. A ton of work.

Scottsdale Girl said...

Such a great idea and paint fumes? Very intoxicating. :)

David said...

Bureacracy knows no borders. Congrats on the meters!

Patricia said...

banks and their rules make me crazy. especially when they fly in the face of common sense.

congrats on all the positive meter buzz, that's really cool.

GayProf said...

I am not keen on things that require applications: jobs, loans, housing. It makes me feel judged.

On paper, 100 meters doesn't sound too bad. But I have no idea how long it takes you to do one.

bardelf said...

Your garage is becoming a little sweat shop assembly line, 'eh? Well, it's for a great cause and you get to have your trip, so paint on, paint on.

Addict said...

The parking meters are a hit!!!

I'm self employed too (and the only signer on my mortgage), and it was a paperwork tornado! Three years of taxes and two years of bank statements...
I'm thinking you should get *rewarded* for being able to make it without an 'employer'.

Anabel said...

I hate the stupidity of the loan thing. Do you pay it consistantly or not?

I thought the meters looked fantastic. It's nice to bask in the admiration and publicity.

Just caught up on your posts. That was nice to read about your gramma. Sorry for your loss.

Dantallion said...

A friend of mine negotiated a 25 year term here in Montreal on a condo he bought. I'll see if I can find out who he did it with.

dbv said...

OMG, PRESS!!! how glamourous and fabulous!!!

Lightning Bug's Butt said...

No 30-year fixed? What gives?

Lightning Bug's Butt said...

Hey, I can't read French.

Surge publishes? Is it online?

madamerouge said...

there are times when I appreciate the "no strings" aspect of renting

they're short-lived, 'cause I immediately realize I'm paying someone else's mortgage

My condolences on the passing of your grandmother.

Enemy of the Republic said...

Wow, you get paid for painting the meters. That is fantastic. Enjoy the upcoming weekend!

dawn said...

Ha! I read the article after I just read your French/English rant. The last paragraph of the article says "When the first 20 "Parco-dons" are installed, a sticker on the sidewalk beside each one will explain the concept. The stickers will be in French only."

Cause only French speakers are allowed to give to the poor.

Awesome.