Kudos to The Equitable Bank

Several years ago I purchased some investment duplexes. To get the lowest interest rate possible, I did what many, many other people were doing at the time...getting an adjustable rate mortage. I knew that it would adjust in 3 years, and I knew the maximum it could adjust was 2%. The first two mortages were with St. Francis Bank, and I was very happy with the service I recieved from them. Unfortunetly, they were bought by Mid America Bank. When the 3 years were up, they adjusted. However, much to my surprise, they did not adjust to the current interest rate. Rather, they adjusted the maximum amount they could! This new rate was way above the the normal interest rate, causing me to incur the cost to refinance, with a different company of course. I was lucky that I was able to refinance...my credit was good, my loan to value was good, and the properties had not depreciated in value. This is where many other people ran into problems though. When their ARMS adjusted, they weren't as lucky.

So this month, my ARM was due to adjust on my 3rd property. I was expecting the worst. However, my lender for this one, The Equitable Bank, did NOT adjust the maximum amount they could. Rather, they adjusted to an amount LOWER than what I could get if I did a refinance! While my payment did raise, it went to a reasonable amount, better than I expected. So my hat goes off to The Equitable Bank! Their action shows they really do care for their customer.

PS my loan officer is Cara Reese, out of the Delafield office! I'd recommend her to anyone.