- Report: #450464
Complaint Review: M & I Bank - Tucson Arizona
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Author Confirmed
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M & I Bank
www.mibank.com Tucson, 85652 Arizona, U.S.A.
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M & I Bank High mortgage rates --- Refinance--HA! Tucson Arizona
A couple years ago, we mortgaged our house at M & I. When we questioned the rate of 7.5%, they said that was a very good deal.
Now, we know that rates are much lower and being on a small, fixed retirement income, we thought we could lower our payment by about $200. We have an excellent credit rating, and despite having some credit card debt, they told us to come on in and apply.
We were told we would have to increase the amount of the loan to pay off our credit cards. When the rate was about 5%, we locked in. We were surprised to hear we would have to pay several hundred dollars immediately for an appraisal. It appraised for much lower than it had when they appraised a couple years ago, so they said, sorry, you don't qualify.
Our investment assets are more than the credit card debt, but that didn't matter to them. We have never been late with one payment!
M & I is a heartless lender who is totally inflexible. We, of course, lost hundreds of dollars from the appraisal, and feel they were not willing to work with us at all.
As soon as we are able, we are pulling our assets out of M & I, including our direct deposit. We guess they don't care about anything except their profit margin.
Outraged customers
Cortaro, Arizona
U.S.A.
Now, we know that rates are much lower and being on a small, fixed retirement income, we thought we could lower our payment by about $200. We have an excellent credit rating, and despite having some credit card debt, they told us to come on in and apply.
We were told we would have to increase the amount of the loan to pay off our credit cards. When the rate was about 5%, we locked in. We were surprised to hear we would have to pay several hundred dollars immediately for an appraisal. It appraised for much lower than it had when they appraised a couple years ago, so they said, sorry, you don't qualify.
Our investment assets are more than the credit card debt, but that didn't matter to them. We have never been late with one payment!
M & I is a heartless lender who is totally inflexible. We, of course, lost hundreds of dollars from the appraisal, and feel they were not willing to work with us at all.
As soon as we are able, we are pulling our assets out of M & I, including our direct deposit. We guess they don't care about anything except their profit margin.
Outraged customers
Cortaro, Arizona
U.S.A.
1 Updates & Rebuttals
Kendra
Beverly Hills,California,
U.S.A.
Process
#2Consumer Comment
Sat, May 16, 2009
First of all...consumers really need to be educated when there enter into deals like this. If you did not think your first rate was a good deal, then you probably should shop around. Lenders are collecting for the appraisals upfront right now because regardless if you close on the loan or not, the lender still will get billed from the appraiser. Comparable sold properties right now are tough and appraisers are having a hard time coming in a values from a couple years ago. Did you happen to ask them about just doing a rate and term refi instead of trying to pull out additional cash?
