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looks like you are making an emotional decision that may not be in your best interests. its just a loan and "rate shopping" is a good idea. you shouldn't take their offer personally, just decline or accept.
Yup, that's why i always take a step back and allow some air between my emotions. I have decided to accept the proposal, get things going, pay down the CC debt and then find another bank to provide my services leaving them with nothing. That's not emotional, that's voting with my pocketbook. Had they really wanted my business they would have re-evaluated the current situation and at least adjusted the risk level or amount offered. That's fair and reasonable. They decided against being fair and reasonable.
Yup, that's why i always take a step back and allow some air between my emotions. I have decided to accept the proposal, get things going, pay down the CC debt and then find another bank to provide my services leaving them with nothing. That's not emotional, that's voting with my pocketbook. Had they really wanted my business they would have re-evaluated the current situation and at least adjusted the risk level or amount offered. That's fair and reasonable. They decided against being fair and reasonable.
FYI... if you payoff and close your HELOC before 3 years, you're on the hook to pay the bank back the closing costs. If you intention is to go with another bank, why are you accepting this offer to begin with?
Yup, that's why i always take a step back and allow some air between my emotions. I have decided to accept the proposal, get things going, pay down the CC debt and then find another bank to provide my services leaving them with nothing. That's not emotional, that's voting with my pocketbook. Had they really wanted my business they would have re-evaluated the current situation and at least adjusted the risk level or amount offered. That's fair and reasonable. They decided against being fair and reasonable.
its kind of strange that you are simultaneously accepting their offer and deciding to leave them. is it too difficult to see if another bank will give you a better offer?
you also mentioned your "wealth management" account. i assume that you pay someone at PNC a % of your money to manage/invest it for you. if you are happy with their performance, then i wouldnt change it over this loan. if you arent happy with that, then i would change it regardless of the loan situation.
FYI... if you payoff and close your HELOC before 3 years, you're on the hook to pay the bank back the closing costs. If you intention is to go with another bank, why are you accepting this offer to begin with?
So they keep telling me that once I close on these loans and improve my credit situation they will re-submit both loans (since it's free they keep telling me). Are you saying that if I do that in 6 months I'd have to pay the closing costs on the first round of loans? Interesting they keep luring me with this as an incentive, but yet, it appears to have a hand grenade built-in.
its kind of strange that you are simultaneously accepting their offer and deciding to leave them. is it too difficult to see if another bank will give you a better offer?
you also mentioned your "wealth management" account. i assume that you pay someone at PNC a % of your money to manage/invest it for you. if you are happy with their performance, then i wouldn't change it over this loan. if you arent happy with that, then i would change it regardless of the loan situation.
Yeah, I know. It sounds pretty erratic. But that's just here on the message board where you seeing the sausage being made. When it all settles out I'll make reasonable decisions. In the mean time, having come here to vent this entire torrid tale has brought me valuable information like the previous post about getting nailed with the closing costs if I close the original loans within 3 years. Just exactly what they are telling me I will want to do in order to get a more favorable rate in the future, AND it tells me if I put my Dr. Evil plan in action than they have a way to make me pay for my emotions. Lesson learned thanks to this message board.
The wealth mgmt acct was the carrot (although it is a different division of PNC from the consumer loan side). Right now it's with ML but I had met with a PNC guy about bringing it over. It was supposed to be part of the kumbaya all under one happy umbrella concept. But PNC doesn't play that way, they don't care if the company gets more business and happy client, so no consideration is given about bringing in new accounts outside of the application in front of them and that damn Nassau, Bahamas spiff. Oh, there go the emotions again.
Right now I'm getting email from Mr. Badda Bing in response to me asking about the 3 year closing / pay fees thing and he's asking me to "call him". He actually wrote: "Mr X, please call to discuss or we will when we close... something's to explain in emails"
Is that actually English or intentionally evasive "somethings to explain in emails" WTF?
I responded that paper trails were good for both of us and to please answer the question.
So they keep telling me that once I close on these loans and improve my credit situation they will re-submit both loans (since it's free they keep telling me). Are you saying that if I do that in 6 months I'd have to pay the closing costs on the first round of loans? Interesting they keep luring me with this as an incentive, but yet, it appears to have a hand grenade built-in.
If you refi with the same bank and you're increasing the size of your HELOC, they won't make you pay your original closing costs. But if you take your business to another bank (like you said you will) you'll have to pay PNC.
If you refi with the same bank and you're increasing the size of your HELOC, they won't make you pay your original closing costs. But if you take your business to another bank (like you said you will) you'll have to pay PNC.
Wouldn't that just be so easy for a loan officer to say exactly as you did. I'm appreciative of your post as you have told me something that has value. Unfortunately what I got from my loan officer to that exact question was some unintelligible babble.
Yeah, I know. It sounds pretty erratic. But that's just here on the message board where you seeing the sausage being made. When it all settles out I'll make reasonable decisions. In the mean time, having come here to vent this entire torrid tale has brought me valuable information like the previous post about getting nailed with the closing costs if I close the original loans within 3 years. Just exactly what they are telling me I will want to do in order to get a more favorable rate in the future, AND it tells me if I put my Dr. Evil plan in action than they have a way to make me pay for my emotions. Lesson learned thanks to this message board.
The wealth mgmt acct was the carrot (although it is a different division of PNC from the consumer loan side). Right now it's with ML but I had met with a PNC guy about bringing it over. It was supposed to be part of the kumbaya all under one happy umbrella concept. But PNC doesn't play that way, they don't care if the company gets more business and happy client, so no consideration is given about bringing in new accounts outside of the application in front of them and that damn Nassau, Bahamas spiff. Oh, there go the emotions again.
Right now I'm getting email from Mr. Badda Bing in response to me asking about the 3 year closing / pay fees thing and he's asking me to "call him". He actually wrote: "Mr X, please call to discuss or we will when we close... something's to explain in emails"
Is that actually English or intentionally evasive "somethings to explain in emails" WTF?
I responded that paper trails were good for both of us and to please answer the question.
Jeff...
gotcha, i just hate to see people harm themselves with emotional decisions. good to see that you have gotten some helpful info also. you cant trust these people; they wont tell you the details unless you directly ask them.
i have also found that being a valued customer in one department of a bank often doesnt help you with anything else. its annoying but you basically have to always shop around for everything because committing to one bank (or pretty much any service provider) will end up costing you more.
it looks like he is telling you that he doesnt want to put stuff in writing for fear of it being held against him later. so yeah, evasive and dangerous.
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