I own 2 properties Free & Clear, the property in El Cerrito I found out has had problems with the roof leaking for years & or wasn't until my daughter texted pics of mushrooms growing out of the Sheetrock in Dec 2016 that I knew its worse than I knew. In April I got an estimate from Peterson Dean for a new roof & solar, was approved for a loan thru a credit union immediately, but opted to decline because I needed to take care of the Black Mold in the wall & possible dry rot, so I went in to the San Pablo branch of Mechanics bank to ask for $100,000 loan knowing I probably won't need all of that but I'd rather just have 1 lien on my house for everything than 2 different people. It's been over 2 months & they still are jerking me around! Their underwriter even had the nerve to ask for a Drs note saying I'm retuned back to work full duty(like my current pay stubs showing my pay rate of$30 hr & my hours of working 49-50hrs every week for the last 4 months isn't enough?) I'm on a time restraint & they've known this from the day I applied, you can't roof a house during the rainy season without causing more problems. They never explained the different types of loans available to me or suggested that a different type of loan would Benefit me better & would be fixed rate as opposed to variable, I've never applied for a loan before & didn't understand that there are all kinds of options till I spoke with another bank & a credit union & explained my situation. They both told me with around $650,000 in real estate free & clear I should have had the loan approved & finalised in 4 weeks tops. If you ask me don't ask Mechanics bank for any type of loan! Don't get me wrong their free checking is great but I will never trust them for anything else! Also I was told by them they would call me b4 the end of the work day Mon or Tues morning to let me know how thing are moving since I gave them the newest of the last things needed to complete this loan & of course they didn't call as promised so when I called 10:50AM I was told she's with some clients can I get ur name & # & have her call you when she's done, 2:45PM I called back (cause she never called me back) & got the same response,"she's with a client can I have her call you back" I said she never called me back from 4 hrs ago! Obviously she doesn't want my business so never mind! I went back to work & she finally called & left a message that the reason she didn't call me was cause she hasn't heard anything so there was nothing to tell me. WHAT? Communication is everything in a business relationship, way to go! It really gives me confidence that you're the best fit for my loan & have my best interest in mind, also lets me know that your word doesn't mean a thing! Also she said in the message last night that she would find out today & call me to let me knowing she's heard anything. Still waiting, "way to go @ least I know not to ever believe anything that comes out of their mouths", if their lips are moving it's probably to tell you what they think you want to hear, not what they're really going to do!
12-15-17
I'm updating to say that while I feel I was jerked around by their underwriter on getting the loan approved, it finally went through. While I was put thru unnecessary stress in the process I'm willing to put that behind me. Now that I'm able to start on fixing my house & pay my contractors things are starting to move. I have updated my rating from 1 star to a 3 star & am sad I was put thru the stress they allowed the underwriter to put me thru before saying something to the underwriters supervisor. It never should have been allowed to go on as long as it did before intervention for that reason I can't give any higher rating for HELOC loan from the bank. I will say that for all other banking needs I would give 5 star, but would not recommend for home improvement loans(as soon as I can close this loan out, I will go thru my credit union that can cut my interest rate at least 2%). read more