Mortgage -- Closing on a mortgage -- Complaint #5923349

Complaint Overview

Complaint ID: 5923349

Company: PNC Bank N.A.

Product: Mortgage

Sub-Product: Home equity loan or line of credit (HELOC)

Issue: Closing on a mortgage

State: Alabama

ZIP Code: 36532

Date Received: 2022-08-27T12:00:00-05:00

Date Sent to Company: 2022-08-27T12:00:00-05:00

Company Response: Closed with non-monetary relief

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I was talking with my personal banker at PNC Bank in XXXXXXXX XXXX about trying to resolve some personal debt, and she recommended a HELOC to consolidate my debt and pay off credit cards. everything we discussed was a {$320000.00} fixed rate HELOC with the only difference between it and a mortgage was that this wouldn't have an escrow account to pay my home owners insurance and property taxes, I would be responsible for that on my own. At the time I started and completed the application XXXX XXXX XXXX XXXX time frame ), I was told my fixed rate was LOCKED in at 4.28 % while we went through the entire process all the way to closing. It took 5-6 weeks to get to closing ( middle of XX/XX/2022 ) and the day before we closed, my loan officer from the PNC cooperate office called and told me the rate was 5.44 %. I called my personal banker at the PNC XXXX branch and told her it was different than what we had been discussing the entire time, but she went to her higher ups and got confirmation that the rate was locked in at 4.28 %. When we went to close, some forms said 4.28 % and some said 5.44 %, but my personal banker had gotten confirmation and we ( she, me, and the other PNC employee who was there at signing ) discussed that the rate was 4.28 % fixed rate. I signed and everything was good to go! My first statement even shows 4.28 % on the initial line of credit, but it shows the interest rate being at 5.44 %. Then the loan shows up on my account and is showing that I owed what would be 4.78 %, despite showing everything we had discussed with it being 4.28 % fixed rate. When I questioned the corporate office, they said that the " prime rate '' had increased between when I applied and when I closed ( even though I was notified and NONE of my paperwork said anything about 4.78 % ). After my first payment, I noticed that the payment amount was not 4.78 % interest, but actually 5.44 % interest. After much back and forth with my personal banker and the corporate office, they say I am stuck at 5.44 % even though there are call logs and all the paperwork showing between me and other PNC employees with us discussing that the rate is 4.28 % fixed rate. The local PNC bank has been extremely helpful and I feel that they are fighting to help me, but the corporate office is not being helpful or fair at all. My personal banker, the other PNC employee who was at signing, and myself were ALL under the impression that this was a 4.28 % fixed rate loan. If I were to keep this loan for the 30 years I would be paying an extra {$75000.00} because they took advantage of the situation. In the beginning, I was told this was 4.28 % fixed rate and it has changed twice without notice ( i have paperwork showing this ).

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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