Dealing with banks!!!

[MossRoad]

She hasn't been consistent with anything!!! :duh:

Neither have you.... First you called it a bank and now its a credit union and now you're going to another bank, but you weren't at a bank to begin with.... :laughing:

Ask to work with someone else there or tell them you're taking your business elsewhere.

 

[Arc weld]

Lending institution.

 

[CurlyDave]

It's a combination of talking to her in person and e-mails. I've dealt with her in the past and she just seems kind of lost. The last time I saw her in person, I asked how an appraisal could be done before the building was up and she said it would be done after the building was up. It's like she doesn't know what's going on and maybe has to go to someone else? How many years do you have to be in a job to figure out what you're doing? It's very frustrating.

Sounds like she has more bats than belfry to keep them in.


Go somewhere else. This problem does not cure itself, and you do not have enough horsepower to fix it, no offense meant, but I have always had to go around this kind of issue. There is more than one bank in this world.

 

[MossRoad]

Lending institution.

I joke about it because I've been with a "lending institution" employee for 35+ years, and have been reminded that one is not the other on many occasions.

 

[Arc weld]

I sent her an e-mail. "I don't know what to say but there seems to be a lot of inconsistencies. It went from a 10 year at 2.70% to a 6 year at 3.04%. Did interest rates suddenly go up .34% in the last couple of weeks? Please clarify." If I get a bunch of crap, I'll transfer my existing mortgage and close my account. I also sent an e-mail to a mortgage broker asking for some advice. Their interests rates were around 2.24% but I don't know if they do mortgages on non residences. It's very bizarre.:irked:

 

[jaotguy]

you might consider blending the 2 together (mortgages) so it's the house and an outbuilding ....

anyway ... listen to the broker and take notes, don't approach more than 2 lending institutions ( or have the broker do it for you and have the rest contact him for details ) ... too many requests for credit rating will result in a lowered credit score from Trans - Equifax .....

 

[Arc weld]

There is no house. They are blending the existing mortgage with the building. Now I heard back they can do it over 7 years but the rate is still 3.04%. Apparently a non residence has a higher interest rate than a residence. Their posted rate for a residence is 2.75% so obviously they can go lower because she told me 2.70% originally. Should she honour the lower rate she told me since it was her mistake? It seems very unprofessional to me when they have my existing mortgage.

 

[MossRoad]

So you have an existing mortgage on your house and you want a separate loan for a barn on a different piece of property?

 

[Arc weld]

No, I have 80 acres of land with an existing mortgage I want to put a pole shed on. I don't live there. They wanted to combine the mortgage with the pole shed instead of a separate loan for the pole shed.

 

[MossRoad]

No, I have 80 acres of land with an existing mortgage I want to put a pole shed on. I don't live there. They wanted to combine the mortgage with the pole shed instead of a separate loan for the pole shed.

That's what I'd do. Why have two loans on the same piece of property?