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 s at Bank of America making a lot of mistakes and not making deadlines as promised on your closing.
I just completed the loan process with Bank of America and some of the problems I faced were, No communication with me, loan information going to an email address I never provided, not making the closing date on time, costing me the seller paid escrow fee, the whole process was horrible and this was a little mortgage for under 50K. Bank of America had me down for 5.5 percent interest, most lenders are going for 4.5 or under Its is more involved, what happens after your loan is approved, there will be more mistakes long term, you may have to deal with, lost payments, Bank of America changing addresses without notification 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.
They proved how fast they could work when they were loosing my account. Do yourself a favor, the odds are against you, after all I have been a 25 year customer.
Product or Service Mentioned: Bank Of America Account.