I applied for a refinance on a house on ten acres in Michigan, only wanted what I owe $128,000. Appraisal came in at $170,000.
Credit 762 and 801 with over $25K in Bank of America accounts plus almost 100K in 401K and deferred comp. Owned the home for twenty years and current mortgage is through Bank of America!
They said that ten acres was too large a piece of property and my road was gravel and therefor difficult to get to my house during the rainy season. I live in Michigan not Bangladesh. When it rains the road get wet, then the sun comes out and it dries.
Those were the only reasons they gave me.
I told them I would take every penny out of their bank. They could not care less.
Product or Service Mentioned: Bank Of America Mortgage.