BMO Harris Bank - BMO Harris Bank Cost me money and time while lowering my credit rating

Posted on Thursday, April 25th, 2013 at 6:56pm CDT by Jon R.

Product: Banking

Company: BMO Harris Bank

Location: 7077 W Dempster St
NILES, IL, 60714, US


Category: Business, Finances

Update on 5/30:

Since posting this original post, we have worked with the Better Business Bureau. BMO Harris cut us a check for $1300 for the additional refinancing charges, and submitted a correction to the negative credit charges to the credit bureau.

We have elected to continue banking with BMO Harris.


BMO Harris sold me a construction loan by promising that my wife and I could roll it over to a 30-year fixed mortgage after the construction was completed. However, after the construction was complete, they declined to honor that promise, and told me that it would cost me ~$1,300 to refinance. This was final blow after the other problems they put me through:

1. After they told us my family could move out of my house, they delayed the start of our construction by making us reapply for the loan

2. The draw process delayed the construction multiples times during the construction

3. They lost two of my payments and reported it to the credit bureau which lowered my credit rating ~150 points

4. After four weeks and multiple phone calls, I am still waiting on the credit dispute form


Post a Comment