How to deal with a really stupid Credit Union?

[Arc weld]

The banks are making record profits in the billions because they charge you for absolutely everything. It's not my fault interest rates are low and it's also not my fault the person I'm dealing with is telling me something different every time I talk to her. If she's not experienced in this type of loan, then instead of fumbling around like a fool maybe she should have just referred me to someone else who is more experienced with this type of loan? She tells me one thing and then must be talking to someone else who tells her she she gave me the wrong info. I get the run-a-round and no apologies when I'm just trying to get a straight answer. Banks have a lot of discretion when doing loans and I'm not looking for a large amount in the overall scheme of things. Credit Unions and banks are supposed to be the professionals when it comes to dealing with money aren't they? If you were suddenly told the interest rate for your loan went up .34% in 2 weeks because this so called professional never even bothered to look at the existing mortgage you have with them, you wouldn't question it? If you were told an appraisal would cost $400 and then the cost jumps to $2600 you'd be OK with that? If the appraiser they call says he's too lazy to do it and another one is supposed to contact me and I don't hear anything for a week a half, that's OK? When I send an e-mail to see what's going on, I get a message the person is out of the office for another week. That's OK? When I talk to someone else at the CU they agree it shouldn't take that long either but will look into it. I call back and they tell me the appraisal is now $2600 and my land is considered commercial AG property because it's over 40 acres. My existing mortgage is not listed as commercial, it is listed as personal and they know that I purchased it to operate an MX track that isn't my primary source of income. When I originally applied for the loan she did actually get my file and look that up. Why she didn't look at anything else like that there was no residence is beyond me. Wouldn't you think someone with many years as a loan officer would check everything out before just throwing numbers out? I don't think I'm the one that should be apologizing when all I did was ask about a loan. She told me what she could do and I said I want to make sure before I spend the money and pay for the development permit. Yep, this is what we can do. She tells me the appraisal will done after the building is up and then say's it has to be done first. Sorry, you already told me you can do the loan so I paid for development permit based on what you told me. I'm guessing loan officers get some commission on loans they write and that might explain why she's doesn't want to refer it to someone else?

 

[Arc weld]

Have you asked your contractor if they can handle financing? Both of mine were done that way years ago.

The supplier uses their own building crews but doesn't do financing. Just for the engineered drawings required because it's not on a farm, they were about $3000 cheaper than other builders.

 

[boomer1025]

The supplier uses their own building crews but doesn't do financing. Just for the engineered drawings required because it's not on a farm, they were about $3000 cheaper than other builders.

Is some of the ground farm-able ?

 

[ustmd]

Not to defend the credit union on this one, but $2600 for the appraisal for 40 acres might not be bad. Around here, if you were do a refi on property that is not part of a legal sub division, the appraisal includes a new boundary survey and plot. If the $2600 includes a new survey and an appraisal, it would be a good deal.

 

[ultrarunner]

It's too bad you don't have some type of farm activity... might make a world of difference... having a Christmas Tree farm or what was left of one did help my brother in many ways.

Another thing to consider... many lenders will not lend under a certain amount... 50k or even a 100k are minimums for some...

 

[foreman Etexas]

I was talking about putting my house up when get the shop built,they banker said let's not get into any real estate stuff,let's just do a line of credit. And you can do whatever with it and it's on a yearly loan,that only requires atleast the interest paid each year on the loan amount. Took all of about 30minutes and as long not using the line don't pay a thing but it's there when need it. I used my 401K and paid myself back on some small things,paid the interest to me but I try not use it on things can't pay back with in that same year.

 

[NewfieDan]

I

Interest rates are low. The total cost of the shop is a little over $42,000 which I don't have. I don't think it's smart to throw all your money at one project and then be cash poor if some type of emergency or unexpected expense shows up. The Credit Union I deal with is in a smaller town just outside Edmonton and isn't affiliated with any other Credit Unions. It's not ATB but I was with them at one time when this Credit Union screwed me around in the past. I do have an account at a larger Credit Union because I have a small line of credit with them. It's at a zero balance but is still available. I have it because of another screw up with the other one. I talked to someone there and they will do loans on non residences so I may be talking to them in the near future if the current place/person I deal with can't pull their heads out of their azz. I think there comes a time when after you've screwed around numerous times with a customer, because of your incompetence, you look at their history and all the pertinent info. and if it all checks out, you bite the bullet and help them.

I would talk to the CU once more. Tell in no uncertain terms that are tired of not getting a straight answer. Either the loan is approved in 24hrs, or you will be taking your business elsewhere. Then after 24 hrs give them call. If not approved tell them the loan is no longer required. Go to the larger CU where the line of credit is, and start over. At the very outset tell larger CU about the runaround you got. Explain about the loan, the size of the property, the building permit and any other info about your property. Ask if there are any issues to prevent the loan. If not, give them a week. Tell them at the outset they have week to earn your business. Be polite but blunt about what you want.

 

[Arc weld]

The person I talked to at Servus, the large CU was really good. I told her the issues I was having before the ridiculous $2600 appraisal. The only reason for the appraisal is just to confirm the land is worth at least what the county tax assessment is as far as I can tell. Also about a month ago a guy came to ride at my track and just happens to be a branch manager at a Servus location in a smaller town not too far from the track. He's younger but he got the manager position because no one wanted to move there. He did say he could drop the application fee's and to call him even if it's just for advice on things.

 

[Coyote machine]

Stop dealing with this no nothing lender and go elsewhere. Nobody cares about a $40K loan these days; they're just yanking your chain. Go to a place that actually wants your business and forget about what's already happened. Go in from a place of power, don't even mention what your experience has been so far. Just seek out the most experienced, willing to meet your needs person in the facility and then get the money and do the job you need to get done.
Here's how it actually works: you need $40K, they go in the back room and laugh out loud. You have perfect credit, etc. they could care less. You come in smelling like cow dung with ripped jeans, no credit whatsoever and talk like you're an idiot, and they jump at the chance to give you the best rate, no appraisal, and then start throwing money at you.
Most loan officers today at most banks are merely data entry clowns who have to pass everything uphill to the branch mgr., etc. They have no knowledge, especially the longer they've been hanging around like flies on flypaper.
When you have money with them they make it like a favor to lend you any, even though their risk is next to nothing.
When you seem desperate they bend over backwards to give you the keys to the kingdom. It's not their money anyway, it's your's, mine and anybody's that not employed by the bank/CU.
They wouldn't know a good risk if it fell on them. This is why they got things so messed up before, and little has changed now, except someone somewhere is supposed to stamp each loan as worthy or not.
Shop around. None of them care if you pull your money out either. If they did, it wouldn't keep happening, because of their inability to recognize loyal customers in the first place. Your job is to get the money you need to do the work you need to do. Life's too short to deal with morons. Move on to where you can get yes as the answer to your questions.

 

[check]

Stop dealing with this no nothing lender and go elsewhere. Nobody cares about a $40K loan these days; they're just yanking your chain. Go to a place that actually wants your business and forget about what's already happened. Go in from a place of power, don't even mention what your experience has been so far. Just seek out the most experienced, willing to meet your needs person in the facility and then get the money and do the job you need to get done. Here's how it actually works: you need $40K, they go in the back room and laugh out loud. You have perfect credit, etc. they could care less. You come in smelling like cow dung with ripped jeans, no credit whatsoever and talk like you're an idiot, and they jump at the chance to give you the best rate, no appraisal, and then start throwing money at you. Most loan officers today at most banks are merely data entry clowns who have to pass everything uphill to the branch mgr., etc. They have no knowledge, especially the longer they've been hanging around like flies on flypaper. When you have money with them they make it like a favor to lend you any, even though their risk is next to nothing. When you seem desperate they bend over backwards to give you the keys to the kingdom. It's not their money anyway, it's your's, mine and anybody's that not employed by the bank/CU. They wouldn't know a good risk if it fell on them. This is why they got things so messed up before, and little has changed now, except someone somewhere is supposed to stamp each loan as worthy or not. Shop around. None of them care if you pull your money out either. If they did, it wouldn't keep happening, because of their inability to recognize loyal customers in the first place. Your job is to get the money you need to do the work you need to do. Life's too short to deal with morons. Move on to where you can get yes as the answer to your questions.

Remember, he's dealing with a Canadian bank, which is a whole different ballgame. No subprime mortgage meltdown in Canada, and all the banks operate very similarly. Actually, in my view his problem is that he is dealing with the credit union, and not one of the Canadian chartered banks, all of which are as solid as the rock of Gibraltar.

I would suggest going to Scotiabank. They were happy to lend us a pretty good-sized mortgage on vacant land when we bought it for the purposes of building our cottage.