Coast Bank Complaint - Coast Home Equity Scam

Review by TreeQS on 2005-11-08
BRADENTON, FLORIDA -- How many of you really read each page as the banker flips & says sign here this is for...Do we know what each page is really for except what the kindly banker tells us.
If you take out ANY kind of mortgage, home equity or whatever with Coast Bank in Bradenton FL, take your time & read every page word for word Don't take the banker's word for what it says I did this & boy am I stuck. A home equity loan somehow turned into a line of credit Interest went up the next day & every month since. I never heard the words "line of credit" They will be kind & change it for me for only $750 & at a ridiculous rate.
Comments:2 Replies - Latest reply on 2005-11-08
Posted by Ken on 2005-11-08:
What rate of interest are they charging you? As a rule, the line of credit is a better deal for the consumer, since you only pay interest on the protion of the loan you actually use. With the fixedrate product, you pay on the whole amount from day one.

Banks are under great pressure to be fully disclosing terms. I think that if you went in and calmly told a loan officer that you were not disclosed, and that this isn't the product you expected, they would re-write the loan to the other type. But before you do this, do the math on the interest rates and how you will be spending that money.
Posted by CrazyRedHead on 2005-11-08:
I always read everything that I sign. I have had reps try to rush me but insist on reading everything. I have gotten irritable looks but I will not let anything that I am signing my life away go unread. It is something that everyone should do, it will save questions and problems later.

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