About Bank of America Mortgage
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Bank of America offers mortgage loans nationwide and has lending specialists available online and at branch locations. If you’re searching for a mortgage loan, loan refinancing or a home equity loan, visit Bank of America’s website to apply.
Overall Satisfaction Rating
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- Loan specialists online or in-store
- Multiple loan types available
- Adjustable rates as low as 2.6%
- Best rates only for top credit scores
Bank of America is one of the three largest banks in the U.S. It provides mortgage loans, loan refinancing and home equity loans for consumers in every state.
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My first mistake was refinancing with BOA. My original loan was with them in 2013, as well as a previous refinance in 2018. In 2018, they had issues with remembering basic requests that I had. This time around in August 2020, they failed miserably to pay attention to detail. With COVID, most of the communication during the process is either by phone, or via their chat thread in the BOA site itself. I had to resend the same information multiple times.
The biggest failure was with the title. During three separate phone calls and two threads, I especially mentioned that I was to be solely on the title and all docs. I had assumed they prepared the final docs correctly. I made the mistake of taking the final loan disclosure (6 pages) sent as doctrine. I should have asked to review the entire packet. The best advise I can give is to specially document your requests in the thread, and to insist that the final loan docs be reviewed prior to signing. I am so irritated that just in spite, after the refinance is finalized next week, I am going to refinance again just to get away from BOA.
I was told my mortgage could go on forbearance for 3 months during the pandemic... Not only NOT TRUE but I was put into credit for nonpayment. I spoke to Melinda **, Denise **, Calvin **, William **, Dominick, Shawna **. A Shanika ** Never answers her phone or call me back. Actually a Supervisor named Melinda ** told you, "Do NOT have to call anymore. We will take care of it," that was July 3 in June. Bank of America hot my credit again, Also as I was calling and getting nowhere, they hit me with a $17.50 charge twice sending someone to my home to make sure it was in good condition since I did not make my payments. I was on the phone with the managers & supervisors above since end of March.. Now I have been on hold for an hr and sent to the wrong dept. 3xs trying to get the $35.00 taken off...NIGHTMARE!
If I could give it negative stars I would. Most onerous, inefficient, confusing process imaginable. It took over 50+ emails & communications back and forth over a period of more than 85 days -- to refinance a mortgage that was ALREADY held at Bank of America. Underwriter would demand a piece of documentation at 4:30 pm and threaten that if it wasn't uploaded by the next morning, our loan would be cancelled. This happened at least 20 times. Even after closing (signed docs, transferred funds), Bank of America continued to demand additional documentation before finalizing the mortgage - with our funds in hand! Representative & manager were completely useless. They were just playing telephone with the underwriter.
None of the requests were collated or organized and many of the requests did not align with what was being requested via the web portal. So we ended up having to upload many things twice because it was requested via the web portal but then the underwriter would claim it wasn't uploaded because their interface didn't show them what was uploaded in the portal and the underwriter would request it again. I will NEVER use Bank of America mortgage again. I don't care if they offer a full % off the going rates.
Currently with Bank of America, some of the problems I have had with them are they wouldn't allow me to purchase my own home owners insurance, or well they would let me purchase it, they just wouldn't accept it as the policy and they refused to work with my insurance agent to figure it, so they could sell me their own double the cost insurance. Lots of fun they are.... Now trying to refi the loan and the loan officer offered one rate during the whole process and then when we accept the offer she says the rates suddenly went up, even though the fed has lowered rates daily during the virus and they aren't going up anywhere else but Bank of America.... I asked where I could review the rates for refi and they will not explain or allow the consumer to see the rates and they make them up based on what the cost of their new boat will be.... I would NOT choose bank of america, I chose a local bank and they sold the mortgage to bank of america....
My loan officer Mark *** was extremely unorganized. I spoke with him at one point and he said I was approved for a certain amount by myself, then the next day when I spoke with him he told me something different. I then at that moment have to put my fiance on the loan with me. He said he would call him right away because I had explained to him that the home we wanted was needing us to get the approval letter fixed with my fiance's name on it, then they would sign a contract with us. Mind you this was a 830AM. While I was on the phone, my real estate lady said that someone put in a cash offer for the house and that they liked us more, but we had to get the approval fixed THAT DAY. Otherwise they would have took the other offer. I needed things done fairly quickly and I emailed/ called and no answer and my fiance didn't hear anything from him either yet.
Time went on and we were running out of time. He would not call back, he would not email back. It got to the point where I had to call his supervisor and request that I get someone new. They first refused me someone new, then after it was 1PM now and I hadn't heard anything and neither my fiance. I called again and spoke to someone else, I asked for a new guy then they were going to give me a new guy but all of a sudden Mark was calling my fiance. After everything was said and done and fixed the approval letter. My real estate agent needed some paperwork from Mark. He did not send the correct paperwork at first. Then he send the correct paperwork but with the incorrect numbers on it. Not to also mention that he was quoting us at a crazy amount of money to pay him up front.
Long story short. We went with a different bank that was way more organized and helpful and emails/calls me within about 5 minutes if I have a concern. BUT WAIT. THE STORY DOESN'T END THERE. After I told him that we were not going to use BOA for our loan and not use him for the loan officer. Then, he was emailing me like crazy fast. I was honest with him about how I felt about him and the experience and told him that my fiance and I went with a different lender and different bank. He said ok thanks. 2 WEEKS later he sent an email and called me asking if we were still in the market for a lender. I messaged him back and said my point exactly, you have documentation that I went with a new lender 2 weeks ago and now you are asking me if we are in the market for a new lender. EXTREMELY UNORGANIZED! In which at that point, I decided to write this review.
Doing refi with Bank of America was the worst decisions I’ve ever made. This loan officer Eddie ** never following up with you throughout this process, doesn’t know what they’re doing, don’t waste your time with this guy. After more than three months this guy will blames on everyone else except himself, I’ve never experienced this bad of a customer services. I had left a message to his manager but also no response, you would think Bank of America would care to know how their employees treated their customers. At this point it’s too late. I’ve moved on. Go with a local lender around your town for faster process and better customer services.
Worse customer service ever. Do yourself a favor a do not get a mortgage or refinance your existing mortgage with Bank of America. I wanted to refinance my mortgage with them. I thought it was gonna be a simple and straightforward process since I have perfect credit, 6 figure W2 income, and there is over 20% in equity in my home. I am also a Preferred Platinum Honors customer with Bank of America. Well, everything was fine until the appraisal report came out which came in like 30k below market value. According to Realtor.com, Zillow, Trulia and Redfin my property is worth from 375k to 390k. I also had my realtor run comps and he suggested the same value. Average price per square foot in the area is like $205 and the appraiser decided to use a comp which value was $168 per sq ft destroying the whole value of my property.
I submitted sufficient evidence proving that the property that the appraiser selected was not relevant nor fair because my house is completely renovated and that comp was falling into pieces and the lending advisor (Andrew **) decided not only to not do anything about it but to also ignore my calls and emails. They also assigned a random lending advisor right after the appraisal who I had never spoken to and who won’t answer my calls or emails. Do yourself a favor and do not waste your time or money with these people. I immediately applied at a local credit union and I’m glad I did because they are giving me a 3.25% which is much lower than what Bank of America was offering me, much lower closing costs, appraisal came in 40k higher than Bank of America’s and a much better customer service and experience.
The BOA mortgage loan process is a long and tedious one. Including endless prying into your personal and financial life. But the worst part of my experience was being denied a loan right before closing due to being laid off. No matter how many times I explained I could afford the loan and offered to add on cosigners, the soulless nonpersonal behemoth that is BOA denied me. Just remember that large institutions like BOA do not care about you no matter your situation.
I asked for forbearance and they said that I would have to pay 3 months worth of payments at the end of three months, they are stupid if you lose your job then you don’t have 4000$ or more to make up payments. They are not doing their best to help customers out in these terrible times, and they are getting g relief from the government. Does the government ask them to pay back? They suck. I hate them.
If I could give BofA Mortgage 0 stars, I completely would. I was buying my first house and thought that going with BofA Mortgage would be very easy since I bank with BofA. I was absolutely wrong, especially because BofA Mortgage ISN'T EVEN PART OF BANK OF AMERICA (learned this later). Originally I had decided on another lender with lesser fees but I was told they could not give me a loan due to my limited credit history (I have a great score though). So I asked the lending officer at BofA if this was going to be an issue with them because I didn’t really have any time to waste since I’d already started the closing process. The woman told me it would be fine with the type of loan I was getting.
Then, 10 days go by and after submitting all of my information for the loan application (which was asked for MULTIPLE TIMES???? They kept losing stuff???), the lending officer gets back to tell me underwriting says that my credit was an issue and we could explore other loan options. She outright LIED TO ME days prior. I also forgot to mention that she also locked in my rate when I SPECIFICALLY asked her not to because I wanted to let it float for something better. Once she did that, I couldn’t unlock it and was stuck. Anyways, I decided to leave ASAP when they were on the fence and went to a local mortgage lender and my experience was 1000000% better. Find someone who actually cares about your loan and avoid Bank of America Mortgage at all costs.
Bank of America Mortgage Company Information
- Company Name:
- Bank of America
- Company Type:
- Ticker Symbol:
- Year Founded:
- 100 North Tryon St
- Postal Code:
- United States
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