UNION SAVINGS BANK

We completed an application with Union Savings in Grove City for a mortgage refinance on November 17, 2014, with a 30-day rate lock. The appraisal report was completed on November 24th. I contacted the bank on Dec. 9th for a status update, and was told the loan was in underwriting. We heard nothing from Union, even after our lock expired on Dec 17th. I contacted them again on Dec 23rd and was told it was a busy time of year and they hadn't completed our paperwork. By this time, Union's advertised rate had dropped, and I asked if we would be able to get the lower rate. I was told our rate didn't really expire until January 2nd (despite the signed application), but that if we still hadn't closed, we'd get the lower rate. Meanwhile, we had to pay our January mortgage with our current lender at our higher rate because Union hadn't completed the paperwork. We received a phone call on January 8th that they needed a W-2 that I had already submitted. Once that was submitted, they were ready to close. I asked about the lower rate and was told they'd have to look into it. Union came back and said they were sorry, even though our lock had expired they would not honor their current rate. The best they would do was refund $150 of our application fee at closing. Rather than lose the application fee and have to start over at another bank, we will schedule our closing with Union, but I am disgusted by their inefficiency and lack of responsibility. The loan did not close because THEY did not do what was required in the time required, yet we are the ones literally paying the price. If you're looking for a low-cost refinance, go with Guardian Savings instead. We used them twice in Cincinnati with zero problems, and had I known they would write loans in Columbus, I'd have stayed with them.

I think appraisals should be done in the absence of an offer. However, an offer triggers an appraisal and the appraisal of the properties was within $500 of the offered price. I think the appraisal was done adequately. The comparable properties didn't appear to be comparable. I paid but was not able to hire the appraiser.