Bank+mortgage suggestions?

[patman]

We've had enough...looking to refinance and also to switch banks. Recommendations for/against any institutions in the area? Bonus points for branch and/or atm convenience in Wolfeboro.

(And yes, I deliberately left out the name of our current bank to avoid skewing the answers.)

[winnipiseogee]

Meredith Village Savings Bank hands down. I'm a recovering banker so I especially appreciate how wonderfully they take care of their customers. Most banks have "shareholders" that they have to respond to. Meredith Village is a mutual which means that technically their shareholders are their depositors and their community. Instead of answering to shareholders the bank is supposed to answer to us

[SAMIAM]

Meredith Village.......no one else is even close

[dickiej]

I'm assuming you're talking about B of A......we switched too.....we're in Massachusetts and have had a good experience with TD Bank......are they up there?

[thinkxingu]

Besides MVSB, we avoid banks and only use credit unions--DCU and GSCU have both been great.

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[Music Man]

Originally Posted by thinkxingu

Besides MVSB, we avoid banks and only use credit unions--DCU and GSCU have both been great.

Same here, NFCU is the best. MVSB went through a bunch of system upgrades this year that will help their online banking.

[Sue Doe-Nym]

Avoid Citizens Bank.

[DesertDweller]

Very happy with MVSB

[winni83]

Ditto re MVSB. Did a construction/permanent loan with them. One closing, minimal post closing paperwork for disbursements. Senior loan officer at Bank did inspections and knew all the subs. Moved all accounts from B of A and Citizens to MVSB.

[RUGMAN]

We just refinance with SANTANDER, very happy, have all my banking with them, yes avoid BofA, did it all in mass, on NH property

[thinkxingu]

SANTANDER is the Antichrist. JK, but they bought out Sovereign, that was horrible.

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[TiltonBB]

When dealing with mortgages my primary concern has been the rate. On a 30 year fixed loan most banks sell the loan to a major company such as GMAC or Bank of America so it really doesn't make a difference where you go, your loan is subject to sale anyway and for it's remaining years will be wilth someone else.

Many times you get the best deal from mortgage brokers because they don't have the infrastructure and branches to support and can get you a lower interest rate.

For retail banking: TD Bank gilford is fantastic

[Descant]

Are you just looking for a plain vanilla 30 yr fixed mortgage, or do you want a banking relationship where they will work with you on a range of financial products? I like going to the bank branch (TD) and having no hassles getting signatures guaranteed, knowing the staff and manager by name, etc. Others do it all on their smartphone.

If you travel a lot, a place like Navy Federal Credit Union (NFCU) is tops at servicing worldwide, 24/7.

[patman]

Thanks for the suggestions! Based on those, some research, and some friends' feedback, we went to TD this morning and opened accounts there. Sue Doe-Nym wins the prize, that's where we are leaving. Now the fun of updating account numbers everywhere to complete the switch. The mortgage will follow shortly, but not soon enough.

[Crusty]

From my personal experience in financing a cottage... I was originally with MVSB. The people there are great and I had no complaints. A few years ago, I wanted to refinance for a lower rate. I went to Quicken Loans (reluctantly) and was surprised at their helpfulness, the ease of dealing with them, very low fees, and rock-bottom interest rates. They placed my mortgage with Chase and it worked out great. About a year later, they called back and said they had reviewed my account and could drop the rate further. [Remember that dropping from 4% to 3% is a 25% reduction in interest paid.] They again placed me with Chase and there wasn't even a blip in servicing (except for lower interest charges). The best part is that it costs nothing to ask the Quicken Loan folks for a quote.

[BroadHopper]

Hands down are the best way to bank. Not only look at the rates but look at all the member's perks! I deal with Lockheed Federal. Even though they are out of Burbank CA. their website and phone service are outstanding!

There is a credit union service center near the corner of 106 and Loudon Road. No matter what credit union you belong to, the service center will be happy to do anything you can't do on the website or over the phone. The last loan transactions was taken care of right here at the service center!

You owe yourself a favor and check out the local credit unions.

[ARV]

Patman,

I wonder since now you've revealed whom your unhappy with, you'll tell us why? Ive banked with citizens long before they were citizens and have always been more than happy! Their main customer service person has been there for 25 years and she just showed me her award. They always take best care of me and genuinely are always intested in assisting with all my needs.

If you can't give reasons why, you shouldn't be speaking ill of them.

[wifi]

Just an observation. I have accounts in most of the banks in the area, not that I have lots of money, just lots of accounts, lol.

Citizens seems to have higher fees that the other banks, and check clearing takes days longer.

TD, I have a business account, and they charge for everything. Each check deposited costs 0.40, every deposit ticket is an additional 0.50. Every ACH transaction adds 0.40, and on it goes.

[Sue Doe-Nym]

Originally Posted by ARV

Patman,

I wonder since now you've revealed whom your unhappy with, you'll tell us why? Ive banked with citizens long before they were citizens and have always been more than happy! Their main customer service person has been there for 25 years and she just showed me her award. They always take best care of me and genuinely are always intested in assisting with all my needs.

If you can't give reasons why, you shouldn't be speaking ill of them.

Have you ever tried to obtain a loan from Citizens?

[thinkxingu]

Anyone paying any fees for everyday banking is crazy. There literally is no benefit to working with a bank that charges fees over a credit union. At DCU, my direct deposit check comes in 2 days early, and their mobile banking app is ridiculously easy to use, including depositing, and having access to, checks instantly using the phone's camera.

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[camp guy]

Banks are a lot like restaurants, with differences. Most people have their favorite, and, as good customers, will stick with and defend their choice against other's criticism.

One big difference is that banks have to abide by ever-increasing regulations which are burdensome and cumbersome (to say the least). Also, banks are dealing with other people's money when it comes to making a loan (in any form) to you (in general), so they have a fiduciary responsibility to those depositors to protect their deposit, not necessarily a responsibility to you to make a loan to you. With interest rates for depositors hovering at near ground level it does make you wonder about this at times.

Now, I will say that many, many banks could help themselves in the public eye if they would sharpen up their customer service and be a little more friendly toward their customers.

[noreast]

Originally Posted by ARV

Patman,

I wonder since now you've revealed whom your unhappy with, you'll tell us why? Ive banked with citizens long before they were citizens and have always been more than happy! Their main customer service person has been there for 25 years and she just showed me her award. They always take best care of me and genuinely are always intested in assisting with all my needs.

If you can't give reasons why, you shouldn't be speaking ill of them.

Why shouldn't he? Does it sound like he's making it up to be a troll? I use to use citizens for business, I was very unhappy with there service. Once I looked around I never went back to a bank. Banks are great until you need them. as was said, quicken has been my best mortgage experience ever. For personal accounts I've used service federal for over 25yrs, never had a single issue.

[patman]

Originally Posted by ARV

Ive banked with citizens long before they were citizens and have always been more than happy!

Exactly the same here, until recently.

Originally Posted by ARV

I wonder since now you've revealed whom your unhappy with, you'll tell us why?

Short version: we've been pursuing a vanilla refi+heloc transaction of our existing mortgage (that they hold) that is now approaching the 5 month mark with no end in sight.

[ARV]

To answer the questions...

Have I ever applied for a loan through Citizens... Yes, and I am quite happy with the terms (considering where rates are at these days), service, attention to detail and friendliness and expertise of all bank staff.

I have a business account through Citizens and thanks to a new acount that they are offering business clients, I pay NO FEES (replaces the $9.99 fee). Even better, they actually told me about the account while doing a personal transaction...I had to do nothing!

My checking account does not charge any fees - one deposit a month and I don't get changed a fee. Oh yeah, and I can go as low as having a $1 in my account and the same terms apply. Cash gets deposited the day I deposit it, no matter what! Plus, they have ATM's that you can deposit cash and checks into it.

I really do love my bank...and yes, as another poster commented, I would defend them tooth and nail because I have been a customer at other banks and all the above benefits were not offered. Perhaps because they are a larger bank than a local bank but also because they really take care of me!

[ARV]

Originally Posted by patman

Exactly the same here, until recently.



Short version: we've been pursuing a vanilla refi+heloc transaction of our existing mortgage (that they hold) that is now approaching the 5 month mark with no end in sight.

5 months for a refi and heloc? Have you communicated with them? There must be an explanation that you can give as to what is taking so long? An appraisal that you don't like...information that they are waiting for you about...

I'm sorry that it's taking a ridiculously long time for approval, but something doesn't add up here...and you don't seem willing to share exactly what it is. Like I said in my last post, I love my bank. I don't like people who are willing to post publicly their opinions without the ability to explain why.

[thinkxingu]

Originally Posted by ARV

To answer the questions...

Have I ever applied for a loan through Citizens... Yes, and I am quite happy with the terms (considering where rates are at these days), service, attention to detail and friendliness and expertise of all bank staff.

I have a business account through Citizens and thanks to a new acount that they are offering business clients, I pay NO FEES (replaces the $9.99 fee). Even better, they actually told me about the account while doing a personal transaction...I had to do nothing!

My checking account does not charge any fees - one deposit a month and I don't get changed a fee. Oh yeah, and I can go as low as having a $1 in my account and the same terms apply. Cash gets deposited the day I deposit it, no matter what! Plus, they have ATM's that you can deposit cash and checks into it.

I really do love my bank...and yes, as another poster commented, I would defend them tooth and nail because I have been a customer at other banks and all the above benefits were not offered. Perhaps because they are a larger bank than a local bank but also because they really take care of me!

There's nothing new here--EVERY bank does this, but my credit union doesn't require even a dollar and BOTH checks and cash are available the same day, AND I don't need any deposits to be free each month. Other than the people are nice, what's so great about your bank that you'd criticize someone who has a problem with it?!

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[Sue Doe-Nym]

Originally Posted by ARV

5 months for a refi and heloc? Have you communicated with them? There must be an explanation that you can give as to what is taking so long? An appraisal that you don't like...information that they are waiting for you about...

I'm sorry that it's taking a ridiculously long time for approval, but something doesn't add up here...and you don't seem willing to share exactly what it is. Like I said in my last post, I love my bank. I don't like people who are willing to post publicly their opinions without the ability to explain why.

You obviously have not tried recently to communicate with people at Citizens, especially the ones in the lending area. They make B of A look like a local friendly and competent credit union.

Not at all surprised at the 5 month runaround.

to be specific, phone calls are not returned, information is lost, appraisals are not forthcoming, inability to process application properly and in a timely manner resulted in receiving a lower credit score. These are just some of the areas where there were problems, more can be provided if you so desire.

[patman]

Originally Posted by ARV

5 months for a refi and heloc? Have you communicated with them? There must be an explanation that you can give as to what is taking so long? An appraisal that you don't like...information that they are waiting for you about...

I'd love for there to be a reason, then I'd feel like there was something that could be done to resolve it. LTV is well under 80%, they hold current mortgage, excellent credit, appraisal came back fine, all our homework including the appraisal visit was done within the first 2 weeks, 20+ years as a Gold customer, and they're not waiting on us for any info. The only answer I can get from anyone (when calls/emails are returned) is that they are 'waiting on it to come back from underwriting'. I've been in contact with the whole chain up to the office of the chairman (customer relations) with an apology, but no resolution. Not only can I not get an estimate of the closing date, I can't get an estimate of when they think they can estimate the closing date. I've never encountered anything like this before.

It's crazy. If it wasn't happening to us...I wouldn't believe it either.

[noreast]

Do you think maybe the banks should take some responsibility for the ever increasing regulations.

[secondcurve]

Originally Posted by noreast

Do you think maybe the banks should take some responsibility for the ever increasing regulations.

I think if all parties involved in the financial crisis: the politicians, the banks and the borrowers took shared responsibility things would get better sooner. The banks have admitted responsibility for their contribution to the mess as evidenced by the billions of dollars in fines they have paid. But I have yet to hear many borrowers or politicians apologize for their parts.

[mcdude]

I've been involved recently in the mind-boggling process of buying a new home. Based upon your recommendations I have gone with Meredith Village Savings Bank. Thank you all so much for this recommendation. The folks at MVSB have been a pleasure to deal with. My mortgage originator has even made herself available after office hours by providing her cell phone number and encouraging me to reach out whenever I had questions....and I had many! A big shout out to Nanci Coughlin at MVSB!!

[joey2665]

I agree MVSB has just financed my new boat at an awesome rate and I am also working with them on a commercial financing project.

[eyenotall777]

They were great to work with and also did not sell out my mortgage.

[KPW]

Originally Posted by Sue Doe-Nym

Avoid Citizens Bank.

Why avoid Citizens?

[Sue Doe-Nym]

Originally Posted by KPW

Why avoid Citizens?

See post #27. I have since learned from a former Citizens loan officer that the bank had huge internal problems with insufficient and poorly trained staff.

[JasonG]

Not sure if they service up there, but I got a mortgage with St Marys Bank for my Londonderry home. Good to work with ( Richard ) and a small bank that handles everything with care. I am self employed, which can be a nightmare for any credit apps. They took care of it all.

thanks!
Jason

[SIKSUKR]

Originally Posted by JasonG

Not sure if they service up there, but I got a mortgage with St Marys Bank for my Londonderry home. Good to work with ( Richard ) and a small bank that handles everything with care. I am self employed, which can be a nightmare for any credit apps. They took care of it all.

thanks!
Jason

I have done 3 mortgages with SM and have nothing but good things to say.I also use them for my saving and checking/debit.And oh,btw,they are not a bank but the oldest credit union in the country.

[donnamatrix]

We did our refinance through Quicken Loans online. The appraiser who came to the house was really nice and knowledgeable. As for banking, we are with Bank of NH (Laconia Savings) and really pleased with them