Bank of America Mortgages

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Consumer Complaints and Reviews

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Satisfaction Rating

We are trying to refinance our home to help us get out dad and be able to make our payments without working several jobs. Bank of America increased our payment by $150 without notification and I had our mortgage payment set up for automatic payment through our bank so they reported that we were 30 days late which is keeping us from being able to refinance. We had been with Bank of America for five years and have never been late with the payment and customer service said that they would get this corrected. I called today they said that they will not corrected and now we are out options to refinance and reduce our debt payments.

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Satisfaction Rating

Found our dream home. Jumped through all the hoops and filled all requirements. Sold our main home and even sold our weekend home (which wasn't stipulated.) Everything is going well and 48 hours before the close the banker can't give us the clear to close. Mind you the land is 61 acres with a home. They knew this from Jumpstart. At the last minute it is a problem. Now I am scrambling to find another lender and scrambling to find another place to live short term. Since I sold both homes. All I get in response from BOA is "sorry and I understand." The banker has become Mia and won't return calls.

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Satisfaction Rating

We have a home loan with B of A. It's been in place for 7-8 years. Never missed a monthly payment. We also have an Equity Line of Credit with them. Our interest rate is much higher than what it is today, so we thought that we should speak to B of A to see if they could reduce the interest rate to something closer to today's average rates. That was a huge mistake. We spoke to a rep with B of A and completed documents and all kinds of questions about us and our current situation. Long story, short. They used that information to suspend our equity credit line account, stating that we were a risk. Keep in mind that we had never missed a payment. There was no way we could solve this issue.

They assigned a new "rep" to us almost every two weeks and each new rep had no idea what we had gone though. After the fifth rep, we simply ignored the letters and calls and sent a letter to regional and company management. Of course, no response. So, we are now left with no Equity Line of Credit and our interest rate is the same as it was when we first contacted B of A. The gross incompetence of the bank can only be matched by their single objective of building a war chest of money. I've never experienced a corporation with so little caring for their customers. It's not by mistake on their part BTW, it is a well greased strategy of ignoring customers.

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Satisfaction Rating

Bank of America has held my mortgage since 2002. Today 11/19/2016, I received a letter saying that my mortgage has been sold to Carrington Mortgage Company. WTF? I have never heard of these people. Why are they doing this? I was a premier customer all this time. If they sell my mortgage does that mean I now have to pay service fees? Is this why Bank of America is doing this? Something doesn't seem right here. Is this happening to anybody else?

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Satisfaction Rating

BOA removed $4000 from my account because I defaulted on a second mortgage. The mortgage was originally from Countrywide and was a home equity loan, however later I rolled it into a balloon payment. During the negotiation to settle the account I told them I had $4000 I won in the lottery. They didn't respond to my offer, but did remove the money from my account and told me because it was a credit card account they could take what they wanted. It wasn't a CC account with them. Of course I had no leverage but to move my account to another bank. After researching I discovered BOA owns a lot of other banks Wells Fargo being just one. I found a local credit union and joined. It is true what they say about Bank of America. They are crocks 100 percent with little or no oversight.

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Satisfaction Rating

My condo is under a P&S agreement/contract. The buyer chose BofA for his financing & was pre-approved for a loan. The closing date was set for November 3, 2016. It was then postponed until November 18th. His loan was denied & then cancelled on November 16th. WTF??? A woman named Rebecca in the condo loan division in Florida has made both myself, the seller & the buyer's lives a living HELL!!!! She thought the buyer was purchasing a co-op... different from a condo and thought he was buying into a project under construction. She denied the sale & then cancelled the loan without verification from the attorneys, the real estate agents & the trustee of my condo association. I'm sleeping on my floor & living out of suitcases. I can't move until the sale goes through. My buyer is couch surfing. Big corporations could care less about hardworking people. I've always financed with local credit unions & will continue to do so.

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Satisfaction Rating

I had lived in my home for 12 yrs, without any problems, always made payments on time, never had a claim (Info. When I bought my house my lender was not with BofA, but through the yrs it changed from my original lender to a couple different one and I ended up with them). I bought my house in 1999. In 2010, due marriage problems my husband move out which left me without a second income. I called numerous times to see what I could do to keep my house. BTW I am hearing impaired and not hear on the phone when people answer with accents, or some people I just can't what are saying. I explained that to them. I asked if they could send info to me through the mail, or email me. They do neither of that.

After another many calls and also giving them my daughters number to talk to her, she has great hearing, knows what is going on with financial problems eat. They call once and told my daughter to call them. Anyways after months and farther behind in payments, I get a packet in the mail to apply for hardship. Did that, sent papers they requested. After waiting 30 days I call and they weren't sure what I was talking about and was assigned to an agent. He sent me another hardship packet. I filled it out and there was a convention thing on in PYLD OR, so my daughter and I went to it so I could some answers in person.

It ended up being a number, different stations where people look through packet to make sure you had all paperwork filled out. Yes I did have all my paperwork and I left my folder with them and said they would contact me within a month. No reply from them, phone calls start again, new packet arrives for hardship.

In 2012 I got a notice that my house was being put up for auction. I was freaking out and thought needed to move out. I moved out, and then I get a letter saying my house was not being put up for auction after all. Long story short I talk to an attorney. They told to "move into the house. You should never move out the house when through foreclosure". This was my first house. I don't the rules or games they play. 3 months before moving out my husband had a stroke in June 2012. Sept 2012 I'm thinking I gotta get my things out of my house. Stressed out over everything. Still nothing from BofA.

Sept 2012 (3 months later), my husband passed away, complication from his stroke. So dealing with that and house, I quit trying to save it. My house has been vacant for 5 yrs. They still not foreclosed on it. I have contacted recently to see what was taking so long. Their excuse is "it's a long process." 5 yrs? Come on. I cannot even attempt to buy a house until this one is out of my name. Also there is a 3 yr waiting after. Nobody to talk to in person. What do I do. I am stuck in limbo. How do I move on with my life? I get statement each month still. They charge me for mowing the grass, and for whatever the hell want. I told them to "take it, sell it. I don't care, just get name of it." Who do you turn to for help? Anybody have answers. Maybe I should move back in and not pay damn thing until they do something about it.

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Satisfaction Rating

I had the same experience as many others on this page. I had more than enough equity to remove PMI from my loan. Bank of America makes you use THEIR appraiser to get the PMI taken off. After paying $400 for their appraiser to appraise my condo at the assessed value, which was conveniently right below where PMI would no longer apply. I could have done that myself. BOA would not take the PMI off. I ended up selling the condo for 10% more than the "appraised" value. If Bank of America had done an honest appraisal, I would not have paid at LEAST $800 in PMI. Make your complaint known to consumeraffairs.gov so Bank of America stops getting away with this!

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Satisfaction Rating

These guys are nothing but crooks and WILL take your money without offering you effective customer service! We tried refinancing with B of A Home Loans located in Jacksonville, FL, and it was the absolute worst customer service I have ever experienced! They assured us that our refinance would be processed, charged us $475.00 for an appraisal (which we paid), then told us that they had to re-do our loan. We were asked to pay for an appraisal yet again which was about $675 (which we did NOT pay thankfully!), we were continually assured that our refinance was going to be processed, and after 3 months of completing paperwork, receiving loan estimate paperwork from them, signing numerous refinance documents, speaking to 3 different agents, they ended up denying our loan!

We "appealed" their decision to some e-mail address they sent to us, and all they did was tell us after a week that they did not change their decision to arbitrarily deny our refinance after 3 months! We asked for a refund for our appraisal which was never used, and did not get it back. This was the worst experience I have ever had period. I will never recommend B of A for ANYTHING, much less the home loan process! They are thieves, crooks, swindlers, manipulators, and most of all they could care less about the public they serve. Beware! Go anywhere else but B of A Home Loans in Jacksonville Florida! I'd rather give my business to Joe Schmo down the street than these guys!

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Satisfaction Rating

My home mortgage was transferred to Bank of America on Nov 1. I was in the middle of a home sale and set to close on Nov 2. BofA refuses to let me pay off my loan until Nov 9 and will charge me interest for the 7 days that they are 'processing' and setting up the new loan transfer. This is absolutely ridiculous and cost me money. In my calls with the customer support staff, they were extremely rude to me and often lied about what they were doing with my account. One would say they submitted a request for pay off and when I would call back that afternoon there would be no record that a request was submitted. I will be pulling all of my assets out of Bank of America asap - they just lost a top tier customer.

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Satisfaction Rating

I have a mortgage loan with BoA. I paid down my principal significantly (almost 51% of the original principal). When I requested for my PMI to be deleted, BoA told me to go and pay for an appraisal. Without appraisal, my PMI will not be deleted. This is fraud in disguise. Each time I contact the PMI department, I receive a letter in the mail within 10 days requesting me to order an appraisal that will cost me over $400 through CoreLogic Valuation Services. Why will BoA be so unreasonable? Paying 51% of my principal should give BoA reasonable assurance that I have more than enough equity on my house to delete PMI.

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Satisfaction Rating

A while ago, Bank of America started holding me to the changes in their new accounts. I've been with Bank of America since the late 1990's. Everything was great, then like all Banks after expansion, they became greedy. They started charging left and right for any fee they could conjure up. The latest was my account being -.80 cents. I called up and was told by management that everything was fine. I made a transfer from my savings account to cover the negative status. Still, they charged me a fee after the fact, but pushed the date before I my transfer date so that it would appear as though the fee was properly assessed. All the while, the fee was not present at the time of my transfer. This is dishonest and corrupt. I am closing my account, they care nothing for customer service.

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Satisfaction Rating

Do not do business with this company!! I have an FHA loan I took out 9/2011 with PMI that was supposed to drop off after 5 yrs. When I asked why they are still charging me, they told me I had a late payment within the last 12 months. So until I have 12 consecutive months of on-time payments they will not remove the PMI. Yes, it probably is in the fine print and they never told me... but we all know PMI is just another fee to charge you because they can!!! They could care less about keeping a customer much less keeping a customer happy. Yes, I am refinancing with someone else and will never do business with this bank!!! And nor should you!!

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Satisfaction Rating

I have a mortgage with Bank of America. I have no income because of health issues. My husband passed away three years ago, if not for my son I would have lost everything. My son gets paid on the 15th, so I have to make my payment then. I have received a letter requesting I send over 2.000 dollars in late fees. They are already charging me late fees for November in October. Also saying if I do not pay fees they will foreclose on my home. I struggle every month. My poor son is doing the best he can.

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Satisfaction Rating

I applied for a conventional loan with BOFA back in July. I have 20% down, great credit, all documents good to proceed. But, I was never told that the BOFA branch I was assigned to in MA used Fannie/Freddie underwriting for conventional loans and, as such, items like a missing stove - are automatic fails. The loan officer knew I was buying a HUD home AS IS property - he failed to mention I might want to look up Fannie requirements. After jumping thru hoop after hoop for what should've been a typical conventional loan but in actuality required FHA requirements - I'm now told that their appraiser, who's 4 hours away from my property, cannot get back for a revisit for another 3 weeks!

I'm now on my 3rd extension, paying tons living in a hotel with my dogs, waiting only for the clear to close from BOFA and that can't happen until the only appraisal apparently available for this MA branch office can find the time to get me into his schedule. NO help from the loan officer to rush the appraisal revisit. No offer to move my loan app to a local bank that uses local appraisers. No regrets or offers of apology that he misled me about the conventional loan requirements via Freddie/fannie requirements. I would have used a different lender that did NOT need to meet Fannie requirements and saved us all time and saved me HUGE frustrations.

I even had a call with the guy who reviews the loan status - before the appraiser ever went to my property - and asked him (Duane) for verification, that as a conventional loan I don't have to jump thru hoops like with my VA loan. "No" he says, as long as it meets value... I've now had to request a 3rd extension from HUD (with charges for this) because BOFA can't get an appraiser out, as a revisit verification only, until the end of the month. Unbelievable. If I wasn't so set on this home, I'd dump BOFA entirely, but unfortunately, they are tied to my contract to buy the house.

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Satisfaction Rating

Kermit **, Bank of America Independent Appraiser - Mr. ** has never responded to my claim on an appraisal for B of A where he had stated 500 sq ft of the original state appraised property of 2140 sq ft was "basement" when it had been registered upon purchase 20 years earlier as a single family residence with no basement. Very incompetent and would not recommend him for his lack of accuracy and professionalism.

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Satisfaction Rating

They will deny you for any reason, legal or not, instead of approving a modification. They will claim they call you then deny you claiming they "couldn't reach you" or claim they didn't get some document that you know damn well you sent. I fought with them for 3 years until I finally got my congressman involved, then they finally approved me..... by increasing my mortgage payment by $300!!! There was never anyone to talk to, they kept switching case workers, it was impossible. And the govt? Yeah, they knew there was fraud going on so they fined them (not that we saw any of that money) and then bailed them out. Gotta love big banks/govt!! Nothing corrupt there.

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Consumer Increased Rating!
2

It's been a mess but getting VP involved may have helped. 8 days after closing date they have an appraiser and we should close in another 30 days. My trust this home can close has increased.

Darren of Bothell, WA on

Original Review

I had a BOA refi on the home I was selling so I decided to go with them for my new home purchase. BIG MISTAKE!! Started out smooth and fast with pre-approval process. Then September 4th 2016 I sign contract with seller and alert lender. She received all requested info less than an hour after asking. Of course on October 10 2016 they are still sending me paperwork they need signed. :( We were contracted to close on October 6th. On October 4th, I call BOA lender to see if we were ready to close. I'm then told NO. The appraisal hasn't been done and there isn't anyone assigned nor a possible appraisal date. I find out 2 days before closing, I'm glad I called. They use a 3rd party for finding appraisers that must be of low regard (cheap for BOA though) because the several appraisers I called don't deal with BOA.

On October 10 2016 I get a call from my lender. It was short but she told me I should find another lender! I couldn't believe it. They should have told me that in the beginning. I found an appraiser that can do a rush job and was top rated and passed the info to BOA thinking problem solved. Their 3rd party vendor doesn't have a relationship with him so it was a fast no from BOA. I know there is a national problem with appraisers but it's compounded by BOA choice of 3rd party vendor.

BOA is just pretending to be in the home finance business as far as I can see. Their lack of properly managing this loan now has me homeless with all my belongings in storage. I guess I still have some summer clothes in a box but it's getting cold out. I called another lender and they advise me up front to pay rush appraisal fee and no problem closing in 30-45 days. I'm going to have to do this unless the seller backs out. My dream home has become a nightmare thanks to BOA. The reason for this review is to try to save you from BOA headaches. Go with a lender that specializes in home loans. BOA just dabbles in loans so they can say they offer them.

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Satisfaction Rating

They make the pre-approval so easy and at first, everything seemed to be going smoothly. We have great credit (797) and good income, yet three days before scheduled closing all of a sudden they needed more documentation which had already been provided more than once. Loan officer says talk to processor, processor says talk to officer, so after numerous phone calls, emails and lots of frustration... our closing is still delayed. Added loan fees aside, this got way too complicated. Way too much stress for no reason other than the employees there who not take ownership and apparently do not communicate internally.

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Satisfaction Rating

If you are thinking about a home mortgage with Bank of America run like Hell. Not only will they give you the runaround and not close when you are promised a closing date and given a close on time commitment letter, they will lie to you about what is going on with your loan during the process and end up NEVER closing your loan. I gave them the date that I wanted to close, September 30, 2016 on August 26, 2016. Here it is October 5, 2016 and they are still not able to give me a date of when I can close. All of my belongings have been on a moving van since September 28th costing me $100 a day plus I am living in a hotel at a cost of $100 per day plus 25 dollars a day for my dog. I have told them my situation and they still won't or can't rush the process. I'm mad as hell!!! This is money that could be used towards my closing!!!???

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Satisfaction Rating

I am truly sadden. I have attempted to contact someone who works on floor 22 or above. The policy and agreements are not a one way road. I have lost 9 years of my life trying to gain the mental ability to not eat crayons without peeling them first. 9-11 we lost 3346 souls in an act which warranted a American rage for a slap Back. I did what you asked. I did so as I did the 21 years prior to Jan 16 2003. I am not asking for anything other than the same rights and treatment I would render any of you without doubt. I need to understand how you refused a winning Bid on a Home in your REO department. Hudson and Marshall you auction company. I am not the writer. I was or was told once before. But I am worthy of this. I have a audit trail. Check and Balance. Emails and purchase contracts. Then being told you would allow a VA loan to be used to purchase? Come on CEO. This is worth your appointing someone who is on floor 21 or below?

I am learning how someone you hold accountable under company REO sales employs being the keyword. I am able to disclose your approval for granting my ability to engage in the auction. Prove I won the bid. Prove I had a sales contract. And prove I was denied purchase due to someone other than the home inspectors report which cost 350 rather than 500 from VA that the home wasn't going to pass. I ask how a worker from Hudson Marshall office in Cali emails me 4 hours later to say BOA won't accept a VA loan. I think we both know how much Being an approved VA lender means to BOA.

Here is what I am prepared to do. Allow this to be dealt with and disclose the dirty listing agent who owns 36 of your reos from 5 years. County GIS tax records. Hell she has 14 LLC also being used. Hickory NC. I have this for the boys with PA. ADA laws. Fair consumer laws. Forget the veteran of 26 years. I'm an American first. Now Let's see what you do. I hate having my ** in the street. Let's fix it or I'm going to start low naacp, ada civil rights scra and protest the VA remove your ability to service VA loans. It's a rule of thumb. The poor can't beat the rich in court. But being shot by cops, not robbed by banks and paying in my health for the revenge you sought after 9-11. I'll post the contract you breached the emails and the bidding which shows the Bank running up your price.

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Satisfaction Rating

If you are thinking about getting a mortgage loan with BoA, run the other way! Never, never, never go through BoA for your mortgage loan. We have been a preferred customer for years now and this has been the most frustrating and ridiculous loan procurement experience we ever had in owning 12 homes. We have been told 10 or 12 times in the weeks before and after we were supposed to close the deal that just one or two more docs were needed. Most of these were already sent or uploaded two or three times during the process. We have impeccable credit, put down upwards of 60% on the home and were ensured all along that we would close on time. We are a week past closing and still no closing date! So stressful, so unnecessary!! BoA another customer just bit the dust.

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Satisfaction Rating

Customer since 1983. Decided to refi home loan and have never dealt with such horrible customer service. I have to call a minimum of 3 times to get one return call. Wrong info sent to attorney before closing and no one will call you back! Do not use this bank!!!

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Satisfaction Rating

If you want to buy a house, My recommendation is Never Ever go with these guys. Very bad customer service, irresponsible, mismanagement, no ownership, no accountability and you name it and you will be left in a black hole and will always keep thinking or guessing on your loan status. They will stress you out to a level that you never would have came across in your life. I don't want to give them even a single star and I do not know how to give them a negative star if at all available.

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Satisfaction Rating

Two months ago, the Bank of America Mortgage Loan Specialist sent me email if I want to refinance my house. He will give me no cost and 0 pt. With low interest right now, I did refinance my mortgage. When doing the refinance paper, I see about $3000 on closing cost. I asked him why it is $3000? He told me it will take out when come to closing. Guess what! He did not take it out at all. He find different excuse for not taking out the $3000 closing cost. So I did not sign the closing document.

One week later, he moved my closing cost to $4000. I called and emailed him. He did not answer my email or phone call. I called his manager. She just asked him to call me. Then he gave me all kind of **. I got mad. Went to Consumer Financial Protection Bureau and file a complaint on it. After that, I sent him an email and let him know. Then he called me the next day and said sorry about it. We then agreed to cancel the loan. He asks me to retract the complaint. I still mad at it. I believe that he did this to many people. This kind of people did not have any ethic. He should be fire and not allow to work on this field. So if you read this, stay away from Bank of America at Capitola and Acorns.

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Satisfaction Rating

I made an appointment to me with a mortgage loan specialist at the teller window. Told specialist would be in their branch Sat. Sat I wait 30 min. They took people ahead of me that had just walked in. Said they had appointments too. Then I get called to the desk. Person is not specialist. She called the specialist on the phone. He doesn't really have time to talk because he has an appointment coming soon. He asked for first piece of documentation. Letter from student loan. I sent it by email and ask "What else do I need to send?" No return email no phone call, no confirmation that he got it.

Three weeks of emailing and calling Mr. ** in Missouri. Last call he picks phone up and just holds it then hangs up. I call back. Giving him benefit of doubt. He will not answer. Finally, I called to file complaint, ask for **'s supervisor, and to be switched to another specialist. No call from Stupidvisor or **. I have made a few more calls. Moved all my accounts to another bank. Got lower interest rate. Have all documentation in reviewed, approved and looking for a home all in one week. I stick my tongue out and blow at Bank of America!!!

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I had what I thought was a very productive meeting with Robert ** at the Steinway, Astoria location of Bank of America to refinance my mortgage on Tuesday, August 2nd, 2016. He was very helpful and we emailed back and forth with necessary documents. I followed up later on August 17th, 24th and 29th and did not receive a response to any of my emails. Today (Sept. 6th) I left a message on Robert's voicemail and also called the branch and spoke to Samantha, who guaranteed Robert would respond today, and if he didn't she would personally get back to me. I already have a mortgage with B of A and wanted them to have first dibs on the refinancing. That being said, I refuse to fight for someone to take my money and will be taking my business elsewhere. Incredibly unprofessional. I am very disappointed!

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Satisfaction Rating

Where do I begin? By far the worst company I have ever dealt with. I started a refi June 24, 2016. I still have not closed on my loan. They have the worst communication and customer service ever. I seriously do not understand how that can stay in business. When I began this process the loan manager was so ever eager to help and kept pushing to get documents in. By the beginning of August I discovered that our loan had not gone through via snail mail. My loan manager did not even contact me. The reason our loan did not got through was because the house did not appraise for the amount they thought it would. I called and complained and got some poor sap to answer the phone and he was very nice.

I decided to stick it out with Bank of America - BIG MISTAKE! The right hand does not know what the left hand is doing. They do not respond in a timely fashion to calls, emails, etc. This has caused me unnecessary stress and anxiety. I will tell everyone I know about this horrific company. The only reason I have Bank of America as a mortgage is because it was sold by Countrywide. PLEASE PLEASE PLEASE do not use this company.

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Satisfaction Rating

My refinance activity began with me just looking to lower my rate. My current rate is 5.23 & I was looking to go below 4%. There are two Bank of America branches in this area that I have used since 1997. I refinanced once before which took about one week total time to go to closing. That was to lower the interest rate also. My current balance is below $55,000 (won't give actual amount here). I was told by BOA they will not refinance amounts under $60,000 so we did paperwork for that amount. When I left this BOA office the paperwork was put in for the $60,000 at the 4% rate. I received a packet of papers to sign but the rate was in at 4.5%. The BOA rep told me that that's what the rate is (no change) so we closed this activity & it went away.

A couple of weeks later I went to the BOA branch I normally deal with & spoke with their rep who told me based on my activity & credit score they would do a 3.8%. We made an appointment & began paperwork. Midway through this meeting the BOA rep told me she "just" received an email (I didn't see it) & she couldn't to the 3.8 but could do a 4.0%. We settled on that & I had to jump the refinance amount from the $60,000 to $65,000. With over 15 trips/meetings, paperwork review/signings I still don't have the BOA finished paperwork to do a closing. No return calls, emails or paperwork? It's going on three months now. I paid almost $500 for the title search & market review (a person made a visit & went through the house). I have a copy of the report & it's OK. So far my current mortgage is with BOA. No misses or ever any problems. Just can't get them to respond.

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Satisfaction Rating

I dealt with Bank of America since 2008. I went to NACCA and got my mortgage reduce and my 2nd mortgage was removed. Once I completed the refinance Bank of America sold my mortgage to SLS. I'm happy because they lost out on 100k. Check out www.nacca.com coming to a state near you.

Bank of America Mortgages Company Profile

Company Name:
Bank of America
Company Type:
Public
Ticker Symbol:
BAC
Year Founded:
1992
Address:
100 North Tryon St
City:
Charlotte
State/Province:
NC
Postal Code:
28255
Country:
United States
Website:
http://www.bankofamerica.com/