Quote from @Cj W.:
Closed on this loan 2 months ago. Switched our primary with mortgage with about 450k left on it at 2.85% for this! IT HAS BEEN NIGHTMARE AFTER NIGHTMARE! HEADACHE AFTER HEADACHE! Since switching over... So far I absolutely regret it! The website is archaic, the app is even worse! There restrictions on everything! And I mean everything! This thing is not a checking account.. Its a mortgage with a debit card. If you need more than a couple hundred dollars and you keep the lions share of your money in here like you are supposed to..GOOD LUCK! Hope you have a relative to borrow from for 7-10 Days! You have to jump through outrageous hoops to get your money in. And even more outrageous hoops to get your money out! I tried to set up bill pay to Bank of America and they wont recognize the cheking account as a real checking. Its basically just a debit card like the ones you get a CVS. Its not a fully functional credit account. You have to send in documents, wait, get permession, get called/emailed back, THEN get permission to do normal things that take 30 seconds on a normal online bank portal such as a same day wire transfer.
Like I flip houses. I needed to wire 35k for a closing... I had to ask permission and fill out and email documents. Then wait to hear back. Then have someone there do it for me! Like deal killing hoops to jump through. Everything you do has to be sent to a "special" All in One Department that your not allowed to talk to at the bank. This thing is Unbelievably cumbersome, archaic, and a downright deterrent to use as they present it to you to use to get the required results...
Anyway, the last thing I'm going through while I'm still trying to get money into my account was getting both bank accounts that transfer in to the all in one frozen and suspended from Northpointe for having the audacity of trying to transfer in 25k from each account. I called livid. I was told the transfers were stopped and accounts were suspended because 1) our joint LLC account doesn't have our name on it... It doesn't have ANY name its a business checking with a business name. 2) Once they suspend one account they lock everything down even her own BofA. I'd remised to tell you both of these accounts we had to verify with 2 small deposits that took days. Then still had to wait another several days before you were "allowed" to verify the amounts that had been placed into my account. This Product is not ready.... Or maybe they dont want you to put 150k in there because they wont make enough money off you. Whatever the reason is.... YOU HAVE BEEN WARNED! Stay away.
After weeks of research and talking to the lender (who said she uses it). That is exactly how I understood this loan to be. I asked her about the hassle and she said it’s not for everyone! It was a hard pass for me! My advice, Keep-It Simple-Silly. This program seems anything but simple!
