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1. Friday, January 4, 2013 - 10:17 PM
We had our home loan(s) with Union Bank for many, many years (actually, it was with Bank of Tokyo of California when we bought our first home). Bank of Tokyo of California eventually became Union Bank. The Bank's real estate lending division was farmed out to San Diego, and everything went downhill from there. Not to say they ever ****ed up our loan, they didn't. But they have a serious "left hand/right hand" problem these days.
We converted our loan to a fixed 5.25% about two years ago. Then, as rates kept dropping, we began to explore options. We found First Republic would offer a 3.4% fixed, 30 year, no points on a re-fi. Union Bank graciously offered 5%. Duh.
I figured they'd get serious when they (Union Bank) got the loan pay-off demand. Duh, again. After the pay-off, we received a form, computer-generated letter from Union Bank, thanking us for our business, and offering their services (?) for our future needs. A couple of months later, we get a call from (you guessed it) Union Bank, asking if we might need a HELOC. Duh, we had one from First Republic, at prime minus 0.2%, which was part of the re-fi.
As I pointed out to the gentleman who called, we would have been more than happy to keep the loan with Union Bank had they (a) called in a timely manner when they received the pay-off demand, or even within the statutory rescission period, and (b) met the terms of our new financing. This is not rocket science.
We converted our loan to a fixed 5.25% about two years ago. Then, as rates kept dropping, we began to explore options. We found First Republic would offer a 3.4% fixed, 30 year, no points on a re-fi. Union Bank graciously offered 5%. Duh.
I figured they'd get serious when they (Union Bank) got the loan pay-off demand. Duh, again. After the pay-off, we received a form, computer-generated letter from Union Bank, thanking us for our business, and offering their services (?) for our future needs. A couple of months later, we get a call from (you guessed it) Union Bank, asking if we might need a HELOC. Duh, we had one from First Republic, at prime minus 0.2%, which was part of the re-fi.
As I pointed out to the gentleman who called, we would have been more than happy to keep the loan with Union Bank had they (a) called in a timely manner when they received the pay-off demand, or even within the statutory rescission period, and (b) met the terms of our new financing. This is not rocket science.
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