Tag Archive: mortgage

May 21

Mortgage Signing

I was 30 minutes late for the mortgage signing.

 

The document panic had killed the wiggle room I’d left myself for travelling time, and I got to Tameike-Sanno station almost right at 12:30.  Before realizing that the bank’s officers are located near Kamiyacho station.

 

This is what happens when I don’t get enough sleep three nights running.

 

Not much to tell, really.  I sat there for two hours while the documents were explained to me (basically, a long list of things I could do to trigger a default), and then took my hanko and stamped the hell out of them.  I think somewhere, a devil smiled.

 

All that’s left:

  • Insurance
  • Registration (should be completed on Monday, May 24)
  • Booking the date and time of the settlement date and handing over the keys (tentatively June 7th at the moment, but we’re working to make it earlier).

May 21

Document Panic

So, moments before I was supposed to go out the door to head into Tokyo to sign the documents, I notice a missed call on my cell phone from the bank.  I return the call, and it’s just my rep reminding me which documents to bring, none of which I have… and beyond that, none of which I was told I would require!

 

At first, my rep says that he emailed the list to me, but a quick search of gmail turns up nothing of the sort.  Then he says we must have discussed it on the phone, but given that I scrupulously write down everything he says, I know this is not the case either.

 

In the end, he tells me we can still go ahead with the mortgage documents today and I can send the other stuff in at least a day before the final settlement.

 

Of course, in the meantime, I’ve wasted precious minutes searching for the one document that I do have, but can’t find because I don’t know where my wife put it (not her fault, she didn’t know I was going to need it today), so I may be late for the signing.

 

The bank has been great, and my rep is super friendly, but I’m sure it’s not just me dropping balls here.

 

Grr.

May 21

Mortgage Signing Today

I’m about to get ready to leave for Tokyo to sign my mortgage papers.

 

Apparently, either the registration for the second floor has gone through, or the bank has received notice that it will go through, so I’m able to go in and take care of that.  That means we can close as early as May 28th if I can get the insurance by then.

May 13

Today’s House Confusion Not A Big Deal, But Still Weird

Okay, so I spoke to Hank the banker this afternoon after all the confusion this morning, and it turns out that everything is fine, although the mortgage documents are going to be delayed while we register the second floor of the house.

 

Not sure what’s happening with the survey, though, because it turns out that it’s not a re-surveying of the land that the owners need to do, but a check to make sure all the posts demarking the boundaries of the plots we’re buying are still in place, which apparently is not a mortgage requirement but a contract requirement that our agent added.  So the bank shouldn’t give a crap.  Hank is checking that.

 

He told me this afternoon that registering the second floor should take a week and that he recommends that we allow one of the scriveners that the bank uses to do that.  He said he’d get back to me with a price on that tomorrow.

 

Okay, and here’s the weird bit: we got an email from Hirasawa-san tonight which said that he got a call from the bank’s scrivener on Tuesday about this and that he’s already informed the bank that he’s started the registration process (which will, incidentally, cost 80,000 Yen, which includes both the registration fee and the scrivener’s fee).  So two questions:

 

  1. Why didn’t Hank know about this?
  2. The impression I got today is that the scriveners were not bank employees, but freelancers, so why would someone identifying themselves as a scrivener for the bank make a call to Hirasawa-san?

I’ll have to sort this out tomorrow morning.

 

The good news is that everything else is still on.  We’re still waiting to hear back from the owner to see if we can go Treasure Hunting on Saturday, and we’re looking at quotations for insurance and poking around at renovation companies.

May 12

Stress Not Over

Just got an email from the bank.

 

They cancelled my signing of the mortgage documents on Friday because it seems they just noticed that the land is being re-surveyed and that the 2nd floor needs to be registered.  They’re not saying no, but they’re delaying the signing until these items are complete.

 

The actual closing date in the contract is late July, so they’ve decided that there’s no rush, I guess, or something.

 

I wrote back telling them that I want to close in May, so that we can move in July… and I guess we’ll see what they come back with.

 

ARG!  FRUSTRATION!

 

I’m a little surprised by what I can only interpret as either clumsiness or disorganization on the part of the bank.

 

I was going to hop on my bike to do a shopping run, but I feel now like I need to wait for the reply because I’m so stressed out.

May 10

Woo-Hoo! Our Bank is On Board!

Got a call from the bank just a few minutes ago…

 

Our mortgage is approved!

 

To do:

 

  • collect our current bank statements and send them to the bank to prove we have the down payment amount (frustratingly, this will probably have to wait until tonight when my wife comes home)
  • apply for fire insurance (we need the quotation and proof of premium payment by the final signing date)

The insurance requirement is interesting.  Apparently, according to Hank, my loan officer (relationship manager I think is the exact title), Japanese banks require you to buy insurance for the total loan term, and frequently broker the insurance yourself.  Our bank, on the other hand, doesn’t broker this, and instead only requires one year of coverage (though I’m sure we’ll want the whole term).

 

I sent an email to my wife to let her know, and she emailed back: “Finally, I can sleep.”

 

I suggested she not sleep at work.