They will hit your credit report multiple times before approving you, then once approved, will not disburse the loan. You have to go to individual branch as national "customer service" has no access to local bank information.
Applied for a home equity line of credit in mid-May 2016 (we are now in the middle of July). Our house is paid in full, no mortgage. Loan amount was approx 10% of home value. We also own two rental properties and a house that we are flipping (all three owned free and clear, no mortgage). Put my name first on application, they were instructed to run the loan in my name as primarary, because I had a credit score of 760 and salaried job. Hubs is self-employed flipping houses after taking early retirement last year, so he basically has no credit. They denied the loan. Why? They ran it with my husband as primary. "Oh, we are so sorry." So they ran my credit report again. We were told that we were approved. Then their office building was flooded by heavy rains. Radio silence for a week, even though the office was only closed for two days. Since that time, have made three calls and a visit to find out where we are in the closing process. First, we were told that our house had to be reappraised (though they had just had it appraised the week before). Then we were told that they are "backlogged". Now, they are saying they have to ensure that we are not in a flood zone (we aren't, never have been, and never will be because we are about 15 feet higher than the top of the dam of the lake we live on - we don't have to have flood insurance). In the mean time, they have already sent the lien paperwork to our homeowner's insurance company, so if we DO have to make a claim, Amegy the Incompetent will be involved.
My credit has now dropped to 740, the ONLY "change" is because I applied for credit TWICE in a month (though it was only their incompetence that made it happen twice). We can't go and apply for another HELOC because we have one outstanding with them, though I doubt we will ever get it finalized at this point.
Their interest rate was low. So what? I would gladly pay an extra 1% to actually GET the loan instead of being screwed around for eternity by these incompetent morons. We only needed the $$ for six months while Hubs finishes the current house flip project. Thinking we will just use our savings (losing our buffer in case of an emergency).