“First step in avoiding a trap, is knowing of its existence.” Frank Herbert, Dune, spoken by Master of Assassins (chief security officer) Thufir Hawat.

Mortgage Strategy

For those spring house hunters out there, let me give you some advice on dealing with mortgage brokers, and how not to fall into their traps they lay for the unwary.

It was last year, in the early spring, that I began searching for a house. I knew I had to get my financing setup first before serious looking. Marsha Stephens, my real estate agent, suggested Choice Lending as a mortgage broker. Marsha is a great agent by the way, going all out to get my house closed on time; telling me afterwards that this was her most difficult deal to date.

So, I got all my paperwork lined up, everything filled out, stamped and ready to go. I found my house; they accepted the final offer and the closing date. Then with the closing less than a month a way, feeling lucky, I faxed in my mortgage rate 30 day lock in form and ordered the appraisal.

Unbeknownced to Choice Lending, I was working with another broker and a large bank on the same deal, going through the same process, same paperwork. I got them to use the same appraisal ordered by Choice Lending as well, which saved a few dollars. Usually a lender requires their own appraisal order, but in this circumstance they accepted the one already completed.

You ask why? Time and again, I’ve head this identical horror story from prospective home buyers. Right at the last minute, within a week or less of closing, their locked in interest rate could not be honored, due to some deleterious mark on their credit report. This same credit report, usually ordered by your broker himself, had in his possession for months on end. This happened to my brother when he bought his house and it happened to two of my house buying friends. I wasn’t going to get trapped and sucked down into their little game.

And guess what, just five days before my closing date, wam! My locked in interest rate could not be honored, due to some deleterious mark the lender found, but would require a ¾ points increase. I wrote the lender an email thanking him for his time, saying I will no longer be requiring his services and will be closing with a competitor on time. He freaked, called back, saying how much work he put into it, and so on. I held firm and didn’t hear from him until the next day, saying there was some mistake, they pulled ‘different’ credit reports (aren’t there only three?) and they would honor the original rate, with no lender fee thrown in.

I took it. Why? Because its business and he still had the best offer. I had nothing against the guy trying to pull a fast one, trying to make a little more and getting caught trying it. The moral of the story is: the primary concern of a broker is making money. The customer will always come second, every time.

Heed my warning!

Primer

Last night I started priming the front entrance alcove and the stair hall way with Killz2 Latex Primer, tinted with a light green. It comes out of the can very thick, but goes on very light, always like a watercolor. But I'm thinking I put it on a bit too light, spreading it too thin. And then I forgot to use a 1/2" Nap to produce that ubiquitous clam-shell texture on the walls (atleased those platch places that where sanded smooth). I've only used 1/3rd of a gallon so far, while the can indicates it should cover 300 square feet. So, atleased another coat or two. And at $10 a gallon...

For the past two months, I've gone though close to two gallons of 'patch' spackle. Patching various dents, dings, gouges and other deformities throughout the house, preparing for the job of priming. The walls have been just sucking up the primer and leaving a very nice matted texture for better paint adhesion. I didn't bother washing the walls with TSP, since Killz2 will suck up any dirt that might exist on the walls. I've used wire mesh to patch about the power outlets and switches, which where cut a bit too large to the box.

I'll wait until I've starting hanging the crown moldings, side boards, box frames, window and door trim moldings before I put down a 100% acrylic resin paint. But atleased the grime from the pervious owners is gone...

Shipment Rejected!

The shipment from Woodmaster Tools came on Saturday morning via Walter shipping. The driver called me up early Saturday morning, asking for directions and was soon at the back door. When I stepped into the back of the truck, looking at the three boxes, two with holes still in them after a rough re-taping job and the third, the largest, with a big dent on one side . I picked up the medium size to only have a few broken items leak out into the floor of the delivery truck.

Who did they think they would deliver this to? That they could get away with a delivery of odd shaped boxes that where square at one time? That I wouldn't notice a massive amount of tape, wound up desperately in hopes that I wouldn't notice? Hah! I rejected the shipment and sent the driver on his way. The poor driver, who apologized, claimed not to see what was actually loaded back there. I had to reject the whole shipment, and called Woodmaster, who will be sending out a new unit in the next few days.

I ordered the 718 model a few weeks ago. A machine that will produce unlimited quantities of shiplap siding, crown moldings, victorian panels, chair rails, window and door casements, and pieces of cabinetry. After figuring in the cost of purchasing all these pre-made items, it turned out to cheaper to buy a machine, have custom knives made and wood stock blanks. It also has a good resale value if I where to part with it.

Next month should be exterior crown molding month!