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by James Robertson.
Original Post: Refinance - a blizzard of incomprehensible docs
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We refinanced our mortgage today, and boy, was it confusing. We were concerned over how much money they wanted up front for the escrow account, and called them on it. After a flurry of phone calls, they dropped the amount nearly in half - the fun part was that the aggregate accounting amount (refunded to us) kept going down as well. We got an explanation that I thought held some water, but I still left the whole experience feeling like I got stiffed somewhere. On the bright side, even with more money going into the principal each month, the monthly bill came down nicely. I guess my question is, do the documents for these things really need to be so complex?
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