I applied for a no fee mortgage with Bank of America. At the time of application, I was told that 1.
I had to lock in my rate in order to be eligible for the no fee mortgage and 2. that if the Fed lowered interest rates that I could call at any time and re-lock the rate. I just recently found out that the seller of the home I plan to purchase is not ready to close by the time my lock-in expires. I attempted to call my loan processor and he hasnt responded to any of my voice mail messages.
I spoke to someone who claimed to be his supervisor but I found out later that this was not true. After my 5th phone call I asked to speak to his real supervisor who wasnt available for my call as well. Then I spoke to another person who informed me that with a no fee mortgage I am not eligble to re-lock my rate, I would have to wait 60 days and re-apply for the mortgage and I would have to pay extra points to extend my already high interest rate. Basically, I was lied to and taken advantage of.
My phone calls have yet to be returned.
Product or Service Mentioned: Bank Of America Mortgage.