Complaint Review: USBank Mortgage -

For my complaint, I had copied and pasted from what I wrote when I had complained to USBank months ago. When I saw this form wanted a photo, I went into my spreadsheet and took a screen shot, which was current. That is why I wrote $16k in the complaint, and it showed the current $21k amount that I've now paid off. So, why is USBank charging me more in interest than when I first started? I paid off $21k!!!

It's a fixed mortgage. I don't remember if it's 15 or 30 years. Interest rate is 3.59%. There is an escrow, but no mortgage insurance as that is a waste of money for me. I have NEVER been late with a payment as it's automatically withdrawn from my bank account. Additionally, I pay an additional $300 every month to help cover the interest fee.

In my opinion, USBank mortgage is screwing me over in overpaid interest. If I went by how PennyMac did their loan where I'm paying $1 less in interest each month, USBank mortgage now owes me $784.78 in interest that I overpaid.

Most people who ask for a mortgage do not know which type of loan does what. The bank employee is supposed to explain all the loan service options and tell them which loan is best for them. This did NOT happen to me. The USBank loan officer just told me this was the loan that I was getting. He was looking out for his/USBank's best interest instead of the customer. I had explained that with PennyMac, I'll see my interest go down $1 every month. I wanted the same. He should have known what I was referring to and got me the same thing.

I have NEVER been late on a payment. It's all done by automatic withdrawl. Additionally, I pay in an additional $300/per month.

 First, I have a feeling you don't know what you got into and probably don't know the terms of the contract. Somebody who knows what they are talking about doesn't ask the bank for "a loan that does such and such"! You ask for a "Conventional Mortgage" and not an "ARM". Secondly, the interest rate is going to change a little based on the number of days in the statement cycle and thirdly, most importantly, if you are late in making payments, you will cause extra interest to be earned by the bank. I highly suggest you find somebody, not another mortgage seller, to read and gin overbuilt mortgage contract and explain it to you.

That spreadhseet you provided is not proof of anything. In fact looking at your spreadsheet there is more questionms than answers.

FIrst off all your title states you have paid down your balance by about 16K, yet you are showing you made about 21K in "Principal" payments. So where did this extra 5K go toward?

If you have a standard 30 year Fixed rate mortgage, the $1259.82 you are paying every month would equate to an interest rate of over 10%, even if this was only a 15 Year fixed your Interest rate would be over 7%. Which would mean that if you only paid P&I your intetrest rates are those reserved for people with very poor sub-prime credit.

So what are you leaving out? Such as what type of loan(Fixed vs. Adjustable) is this? What is the Length and Interest Rate? Does this payment include things such as PMI? Do you have an Escrow Account?  When are you making your payment, as are you making it late enough to be assessed additional interest or late fees?

Then is anything they are doing against what was in the original loan documents you signed?