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Review 10/4/2011
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Anyone thinking about starting a mortgage with Bank Of America may want to reconsider. With all the reorganization, lay offs, and government involvement Bank of America is going through, you may find the over worked mortgage specialist at Bank of America making a lot of mistakes and not making deadlines as promised on your closing costing you more money than you expected.. I just completed the loan process with Bank of America and some of the problems I faced were, No communication with me or inability for the loan specialist at Bank Of America to take messages., loan information going to an email address I never provided or used costing valuable time, in other words I never received some very important information, not making the closing date on time, this is one of the most important necessities of a mortgage purchase, this failure on Bank of America’s behalf cost me the seller paid escrow fee of 1500 dollars, the whole process was horrible and this was a little mortgage for under 50K. Bank of America had me down for five and one half percent interest, most lenders are going for four and one half percent or under Its is more involved, what happens after your loan is approved, more than likely there will be more mistakes long term, you may have to deal with, lost payments, Bank of America changing addresses without notification, poor customer communication and many more variables. I pulled out of the loan the same day the documents were ready to sign and close, remember this was after the closing deadline, Bank of America offered me 1000 dollars to change my mine, I explained all the problems I had with this loan and no employee at this branch including the manager seemed to care.. They proved how fast they could work when they were loosing my account by getting the docs in at 9:30pm in order to save the account and make the second deadline. Do yourself a favor, the odds are against you. After all I was a 25 year customer, that doesn’t mean much these days. Remember, you have to live with a mortgage for a very long time so do yourself a favor, shop around for the best, most honest deal you can find.
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