Greetings from NJ.
I am trying to get a HELOC from TD Bank. I filled out the forms online requesting 30K.
Got contacted on the phone by a "phone representative" who ran me thru my paces, basically asking all the questions that I had already answered, but OK, I went along. It was pretty lengthy.
What did raise an eyebrow was that he quoted me a much lower rate [3.5%] than I had seen on the initial online info.
So now he emails me and I am gathering copies of all the info requested [no surprises there] and do an authorization to further the process online. This send me to an online "file" where all my loan info is/will be.
Imagine my surprise when I see on this "loan file that the amount requested is 100,000.00 ! AND an ARM. [I guess that explains the low rate which is likely a teaser.]
I have emailed him back and am awaiting his explanation.
My question for you here, is: Is this a bait & switch? It sure looks and sounds like a duck.
Thanks for your replies.
RowZ
FWIW: I applied about 10 days ago at another bank and have had almost the same experience. They advertised low loan amounts then tried to stick me with 92K with 6K worth of fees.
I am trying to get a HELOC from TD Bank. I filled out the forms online requesting 30K.
Got contacted on the phone by a "phone representative" who ran me thru my paces, basically asking all the questions that I had already answered, but OK, I went along. It was pretty lengthy.
What did raise an eyebrow was that he quoted me a much lower rate [3.5%] than I had seen on the initial online info.
So now he emails me and I am gathering copies of all the info requested [no surprises there] and do an authorization to further the process online. This send me to an online "file" where all my loan info is/will be.
Imagine my surprise when I see on this "loan file that the amount requested is 100,000.00 ! AND an ARM. [I guess that explains the low rate which is likely a teaser.]
I have emailed him back and am awaiting his explanation.
My question for you here, is: Is this a bait & switch? It sure looks and sounds like a duck.
Thanks for your replies.
RowZ
FWIW: I applied about 10 days ago at another bank and have had almost the same experience. They advertised low loan amounts then tried to stick me with 92K with 6K worth of fees.