US Bank Mortgage - BEWARE

[Teesha Geyer]

I have just spent the last 12 days in hell dealing with US Bank for a loan on a condo investment property.  I would steer far far far away from them. Yes, they drew me in with a very low APR and points, but the process to prepare for underwriting has been daunting to say the least. I'd rather pull all my teeth out with a pair of pliers by hand than do business with them EVER again. If you would like more specifics, just let me know. If you've had a good experience with them, I'd also like to hear about it as I am still collecting all the documents they want before proceeding to the underwriters (which has been way more time intensive than my last condo purchase - which that particular mortgage company did most of the heavy lifting for me but man were they expensive!).

[Chris Mason]

Originally posted by @Teesha Geyer:

I have just spent the last 12 days in hell dealing with US Bank for a loan on a condo investment property.  I would steer far far far away from them. Yes, they drew me in with a very low APR and points, but the process to prepare for underwriting has been daunting to say the least. I'd rather pull all my teeth out with a pair of pliers by hand than do business with them EVER again. If you would like more specifics, just let me know. If you've had a good experience with them, I'd also like to hear about it as I am still collecting all the documents they want before proceeding to the underwriters (which has been way more time intensive than my last condo purchase - which that particular mortgage company did most of the heavy lifting for me but man were they expensive!).

Hi Teesha, 

Sounds about right. 

Depository institutions (big banks and CUs) and internet lenders are where you want to go to save $37/mo by refinancing to drop your rate 0.125%, or where you want to go when you want a HELOC. That's what they are good at. Middle school stuff. Commercial mortgages, too.

Local lenders, direct non-bank lenders, correspondents, or mortgage brokers (whatever name you want to use), are where you want to go for purchase mortgages and cash out refinances. That's what they are good at. They can't even offer you a checking account or car loan at all, so they must be good for something, and that 'something' is purchase mortgages and cash out refinances. 

Right tool for the right job! If you try to get a HELOC from a mortgage broker the rate will be crap (if they can do it at all), if you try to get a purchase investment property loan from a credit union or big bank then it'll take 4 months just to be declined at the last minute because your CPA didn't dot an i on page 7 of your tax returns, etc etc, you get the idea.