Choose your home mortgage lending agent carefully

Facebooktwittergoogle_plusredditpinterestlinkedinmail

RantI normally write about home improvements and things a home owner can do to improve the value and the livability of their home, but I could not resist writing about TIAA and its home mortgage endeavors.

The TIAA advertisement that you see opens by declaring they will deduct $500 from your mortgage closing costs. Since their closing costs are already higher than industry standards, then thanks a lot.

A friend of the families still has not been able to transfer his TIAA CREF retirement money to a personal IRA even though he quit teaching 20 years ago. You can read more about his nightmare with TIAA who has over $2000 of his hard earned teachers pay and are making it next to impossible to withdraw his money. There are loads of forms and third parties that need to be contacted who will not answer the phone or who are not helpful if you do reach them. A rollover should be routine and hassle-free but not with this monolith. Do not conduct any business with them. They have grown way too big and will eventually collapse of their own inefficient, burgeoning weight.

If you want to buy a house ,work with a local bank. We did and got 3.35% fixed 30 year interest rate about a year and a half ago. Oh yeah, I won’t even rant about the picture of the young mother and her beautiful baby boy. All advertisers try to advance the “we care deeply for you and your family” theme. ¬†TIAADirect wants to do anything they can to deflect your attention away from the things that matter.

TIAA Home Mortgage Solicitation
TIAA Home Mortgage Solicitation
Facebooktwittergoogle_plusredditpinterestlinkedinmail

1 comment on “Choose your home mortgage lending agent carefullyAdd yours →

  1. Just read article at Johnny Moneyseed that states paying off your mortgage early is silly. Whoever wrote the article is SILLY for making such an unconditional declaration. The author claims to have a 3.25% interest rate and bases his entire argument on a low interest rate that very few homeowners have. He appears to give no consideration to the obvious fact that paying off your home mortgage early means you won’t have around a one thousand dollar monthly payment to drag you down anymore!! He also does not understand the mathematics of an amortization. The more principal you pay off early leads to increased principal reductions and less interest in subsequent payments.

Leave a Reply

Your email address will not be published. Required fields are marked *