Owning a place has a lot of emotional value attached to it and when it is about owning your first-ever house, the emotional quotient is too great to be measured. It not only states that a person is now a grown-up but also the fact that it has a sense of accomplishment attached to it. I was never rushed by my parents to move out of their place but I had always admired the idea of getting my own place and so, when the time came and I got my first job at a corporate firm, I decided to fulfil my dream of buying my own crib. As I was not rich enough to buy a house at one-go, I decided to apply for a loan and pay ‘easy’ instalments but as we know, life has a way of teaching us lessons and this is going to be a narration of my ‘lesson’.
After searching for quite some time, I found ‘Residential Mortgage’. The website was neat and the guarantee ‘niceness’ of the firm was spread all around the website like webs of spider in a haunted house. After reading the empty words (which I did not think were empty then), I decided to head down to their office and discuss potential loan plans. I walked into the office the very next day. After not being able to find a receptionist on the front desk, I was led to the finance manager’s cabin by a staff member. It took me almost an hour to explain my financial condition as the official was busy with his phone rather than in listening to me. Finally, he paid some attention to me and after listening, he listed all the plans I could opt for. I realized that both the rate of interest and down-payment were too high. I was convinced by the manager to go for one of their plans as it would really be ‘good for me’. So I decided to go for it.
The next few months were all about the documentation & verification process. It seemed that they did not know the term ‘work-ethic’. Every time, I went in with the stated documents, they added another one and I had to come back the next day with that one damned piece of paper. This continued for a few weeks. After that, they started cancelling my appointments without even notifying me. I wanted to cancel the whole thing but the only thing that kept me going was that dream house. I endured every challenge life threw at me to earn that house and that too with a lot of patience. The estimated time clearance of the loan was 2 months but it took the loan three months to get cleared (or fraudulently rejected). Even after the submission of all necessary documents on time, my loan was rejected by the company stating ‘indifferences’. I was heart-broken. It took me a month to get over it partially.
One day, when I was walking past the house I was supposed to buy, I saw a couple there with the finance manager of the company himself. When I enquired, the couple told me that they had been in talks of getting a loan for that house for more than a month. I realized the fraudulent nature of the company then. The plan the couple had opted for had a higher rate of interest than mine and so instead of providing me with a loan, they decided to change their client in the middle of my loan process. The couple did not have any idea about this and apologized to me. It was not their apology I was looking for.
If you ever want to get a loan, do not, I repeat – DO NOT GO FOR RESIDENTIAL MORTGAGE, LLC unless you want to get robbed of your dream house.