Are you considering refinancing your home with Comerica Bank and want an objective review prior to signing on the dotted line? Banks can be a fast and convenient way of refinancing your home loan; however, there are several things you need to know about Comerica Bank and banks in general before refinancing your mortgage loan. Here is my Comerica Bank Review to help you make an informed decision before refinancing your home mortgage loan.
Comerica Bank Mortgage
Comerica Bank is a part of Comerica Inc, NYSE: CMA and has their corporate headquarters in Dallas Texas. Comerica Bank offers a variety of banking products including personal checking and savings accounts, business accounts, investments, debit cards for Social Security recipients, and mortgage loans. I was able to locate a handful of contact phone numbers as well as a number of customer complaints.
Comerica Bank Contact Information
Comerica Bank’s website is located at http://www.comerica.com. The bank is a publicly traded company overseen by a board of directors. Their corporate address is: Comerica Bank Tower, 1717 Main Street Dallas, TX 75201. According to the website Comerica Bank is a financial services company focusing on the three segments of business banking, consumer banking, and investments.
Comerica Bank Contact Numbers:
(800) 266-3742 Eastern Time Zone
(800) 925-2160 Central Time Zone
(800) 522-2265 Mount/Pacific Time Zone
(800) 572-6620 Lost/Stolen Cards
Comerica Bank Complaints
Searching Google or “Comerica Bank Complaints” reveals 15,900 results as of the time of this writing, significantly less than Bank of America. Does this mean you should refinance your home loan with Comerica Bank? You should know there are several compelling reasons to avoid any bank when refinancing your home loan which I’ll get to shortly. The Better Business Bureau assigned Comerica Bank a rating of A+. The BBB ranks businesses by a rating that ranges from F- to A+. During the last 36 months of the BBB reporting period there were 11 complaints filed against Comerica Bank, again significantly lower than Bank of America.
Should You Get a Mortgage Loan from Comerica Bank?
The problem with mortgage loans from Comerica Bank is same problem with taking out a home loan from any bank. This problem comes from the fact that Comerica Bank is exempt from the Real Estate Settlement Procedures Act (RESPA) and is not required to disclose their profit margin on your loan. Banks incorporate Service Release Premium into their rate sheets and because of the RESPA loophole are not required to disclose how much higher their bank rates are compared to wholesale mortgage rates. You would think banks would want to be competitive with the rest of the mortgage industry; however, banks rely on the fact that most homeowners just don’t know better and happily overcharge their customers. Because the bank is exempt from this key disclosure legislation known as RESPA the only way you’ll see their markup is to compare Comerica Bank’s mortgage rates to those offered by wholesale lenders before making a decision.
Bankers will tell you that you can’t get wholesale mortgage rates for your home loan and that this isn’t a valid comparison; however, getting wholesale rates isn’t difficult for the average homeowner if you find the right person to arrange your next mortgage loan. It is possible to refinance your home with a wholesale mortgage rate paying a flat origination fee of one percent without paying any bank junk fees.
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