Quote:
Originally Posted by rubicon
BB: I spoke with the smarter half of this twosome and apparently I misunderstood,;albeit I did ask and was not given a response. We took out a bridge loan and paid it off within a month and way ahead of the closing. I was laboring under the belief that since we would not be using the loan we would not have had to make a house payment. The bank grabbed us for one month which was a sizeable amount. I knew that with a mortgage you are always one month ahead of payment but for some reason I was left with the impression that it did not apply in this situation because we were paying it off before it became effective. So from my prospective it was a surprise and an unpleasant one at that time. Banks you can't live with them and you can't live without them, although many of us really give it the old college try and that is why God gave the banks Obama. Good Day!
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rubicon - Thanks for the feedback. Didn't realize there was a bridge loan involved in your deal. Yep, when you start getting the banks involved in loaning you money, they'll have their hand in your pocket somehow!
But at the end of the day, their fall-back position is that all of the terms of the loan are in the paperwork............somewhere............all you have to do is try to find it!
Thanks again -
Bill