U.S. Bancorp Bank Account Or Service Complaint

U.S. Bancorp Bank account or service department,

Other bank product/service Account opening, closing, or management California

I hired a usbank mortgage banker to give us a mortgage for a house we bought in - California. Our mortgage banker recommended that we apply for a HELOC and use it to complete our down payment for our house. We told him for a period of - months that we do not need it and we would be okay just paying the balance before escrow closes. At the day of the closing, my mortgage banker told me to go and get a check for $29000.00 because the underwriter " goofed up '' and the HELOC will only be availbale After escrow is done. Even thought we did not really want the HELOC, we wanted to make sure it will have the promotional rate of - % for - months according to the flyer we received at the - branch. After speaking to his boss -, I discovered that a HELOC can not be used for a down payment. It is a good thing that we had


Theses are the issues : ( - ) We were told that we can use the HELOC for down payment. If we did n't have $30000.00 in our account, we would have fallen out of escrow. ( - ) The HELOC rate we received was - % instead of - % on our statement. We were in escrow since -/-/- because the house was in construction with -, We supplied all the paperwork and payments over a period of - months. We were always told that we should sit back and relax. At the last - weeks of escrow, we were anything but relaxed because everything was going wrong. After we finally closed escrow and got the keys we thought it was all behind us but we were wrong. Not only the we did n't want the HELOC and we have multiple emails to prove it. We were told that we should get it and use it for the down payment, which we did n't want to do but we thought that the rate of - % was great and allow us to have more cash in the bank to do necessary repairs on the house. Then, we found out that the underwriter goofed up and the HELOC was n't ready. So, we had to run and get a check for nearly $30000.00 an hour before escrow meeting. a month later, we receive a statement with 5 % interest rate instead of - %. Then, after speaking on the phone with -, he told me that we could n't have used HELOC for down payment and he is looking into the matter. I feel that we were duped into getting a HELOC that we did not want or ask for.