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Refinance with Bank of America taking F-O-R-E-V-E-R

Posted by wickedgrace (My Page) on
Wed, Jul 14, 10 at 23:40

We started the process for our refinance April 25th and still have not closed. Our credit score is excellent (over 800), we are refinancing the balance of our mortgage + $20,000 which is less than a third of our house value and the appraisal has been completed months ago, and have turned in all documents requested within the 1st week of process. We keep hearing things like "backed up", "technical problems" or not hearing anything at all. We have all of our accounts at Bank of America and have had them there for over 20 years. This just seems excessively long!!! Has anyone else had this problem?


Follow-Up Postings:

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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

Hi Wickedgrace,

Has anyone else had this problem?

Unfortunately... yep, I have (and I'm the guy trying to run the show from the INside.)

I suspect that you are being shielded from a series of chain administrative clusterflops, re-do's, and start-all-overs.... Its absolutely no fun in the mortgage world, at present.

Take a deep breath.... and SMILE! Interest rates have DROPPED since April, so whenever you pull the trigger on your lock you ought to be rewarded!

Luck,
Dave Donhoff
Leverage Planner


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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

I'd take my business elsewhere. I've closed on 3 housed in the last 6 months and they were all done online and were closed within 30 days


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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

I work at a federal charter bank and can do loans in all 50 states. Right now could get you a loan in the 4-4.5% range depending on a few other factors

BofA is taking forever right now but many others are not

thanks

Josh


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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

I'm not a fan of the giant, monster, mega-banks, but as Dave pointed out..... they did you a favor this time. After being stuck in a pretty narrow range for an extended period of time, mortgage rates have finally followed the downward trend of other interest rates. You will end up saving tens of thousands of dollars if you lock in soon.

Of course, if BOA can't get their act together, there are tons of other people who will lend 800+ FICO people money.


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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

At least talk to some other banks. Last Oct I applied for a HELOC with Wachovia and got this answer and that answer and by early Jan they wanted my documents again and to run my credit score again because it had been so long...all their doing! Granted, this was while they were being taken over by Wells Fargo.

Coincidentally, I was updating my homeowners insurance with my insurance company (USAA) when they did their "while hanging up sales pitch" of "are you interested in home improvements?" Well, as a matter of fact yes I am, tell me more. I was approved within 48 hours and just had to wait out a mandatory 14 day (IIRC) waiting period to get the credit line. And approved for twice as much.

Not a true apples to apples comparison, but it does illustrate that it really can vary from bank to bank.


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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

When I purchased my house last year, the whole process took about 5 months to close. The banks were moving very slowly and I assume they are still doing so today.

You should set a personal deadline (maybe August 31st). If they cannot close by August 31st, which is more than reasonable, you should then be ready to go to another lender and refinance.

Even well qualified people like you are having a tough time now adays.


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RE: Refinance with Bank of America taking F-O-R-E-V-E-R

It has taken well over a year with BOFA and I'm afraid we will not close anytime soon. We also have good credit and a good history with BOFA. Sounds like it is time to go elsewhere. Thanks for posting your experiences!


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