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Watch out applying for a Pre qualification mortgage letter & getting a home inspection in The Villages, Florida. I did just that and was approved for a $280,000 loan. I found a house after a month of looking, told the bank and they said I should get a home inspection! Which I did for $500.00 !! Back to the bank the next day to sign the contract & the rep Cheryl tells me, OOPS! I pre-qualified you for to much of a mortgage. WHAT!!! So not only did we not get the house, We lost our $500.00 we spent on the home inspection!! She looks at us & says sorry about that, my mistake. Long story short, I closed my 2 BANK OF AMERICA accounts..well over $100,000 & put it in the Wells Fargo Bank right next door! BOA, WHAT A JOKE!
THE MOST HORRIBLE EXPERIENCE I HAVE EVER HAD WITH A HOME MORTGAGE!!! If there was an option to choose no stars I would have. They do not deserve even one star. HORRIBLE customer service and sloppy bookkeeping! I originally had Greenpoint. When they went down and B of A took over, the horrors began, starting with forced placed flood insurance even though I had proof via a flood survey that I was not in any dangers of flooding. They added $1500 a year into my motgage and increased my payments for 3 years. Even though I fought them and continued to dispute what they were doing, they stated they wanted a new more detailed survey (cost to me out of pocket in the amount of $3000). I finally had to get the new survey, which of course totally cleared my property of any flood danger. They then stopped the forced placed flood insurance, but gave me a continual run around about refunding the $4500 they unlawfully extorted from me and would not refund it. B of A also charged many unlawful "fees" and "late charges" they refused to refund. As long as the government keeps protecting these bank criminals, they will continue to defraud people! I now have no mortgage (worked like hell to get rid of it!) and will NEVER get a bank loan again! STAY AWAY FROM BANK OF AMERICA HOME LOANS AND CREDIT CARDS AND ALL OTHER BIG BANKS LIKE THEM!!! THEY ARE ALL CRIMINALS WHOSE INTENT IS TO RIP OFF AS MANY PEOPLE AS THEY CAN!!!
If you need a mortgage please do yourself a favor and look to one of the other Big Banks or a Credit Union. I've been a customer of BofA for 25 years and it was the worst experience of my life. Every step and aspect was broken. As soon as it makes sense to re-finance again I will, the thought of giving BofA one more penny of my money makes me ill.
Stay away from Bank of America. I have been provided, at best, misinformation regarding a mortgage payment withdrawal made in error on July 1. The refund has not been received as of July 26. I called 15 times. It got so bad with no updates I sent a certified letter. Today (July 26) I got two answers. The first was the funds were electronically sent July 18 and call my bank to see if the transaction is pending. After calling my bank to learn nothing is pending, I call BOA again and was told a check was mailed July 23. I won't believe anything until it happens. For my cost of mailing a certified letter, BOA sent a $10 check, which I received last week. But still no refund check. STAY AWAY FROM BANK OF AMERICA.
I don't write reviews, but I've decided to let out my frustrations based on a bad deal with Bank of America. First of all, that name does not represent America (it should be changed) because it forces people to take bad loans in efforts to profit the institution. I am stuck with a balloon second mortgage loan, which was never discussed at closing. As I am getting close to the term of the agreement, a letter was sent by the bank and the word balloon came up in big bold letters. When I called to get a clarification of what the "balloon" stands for; I was told that it is an interest only type of mortgage. My understanding was at the end of the term of the mortgage, I would be finished paying for the loan. This was a $69,000 loan and 13 years later, I still owe $55,000. Two more years to go to complete the term in which I taught to have a ZERO balance. Lesson learned, some banks cannot be trusted as they are greedy and will take advantages when possible. The government has now established regulations to punish banks that continue such practices. Be alert with mortgage transactions with Bank of America and those alike. Please read the agreement carefully and ask questions. If you feel something is wrong, go with another bank. Usually smaller banks offer better terms, and they are not as aggressive and greedy for your hard earned money. -Garry
I have been a member of BOA for about 3 years now. I have a savings account and a mortgage with them. They are very friendly, and their loan originators are very knowledgeable. They keep in contact with you and help you each step of the way when it comes to getting a loan. I even was given the opportunity to lower my rate by paying off my original loan with a home equity loan at a stunning 3% with no closing costs. I have saved a great deal of time and stress by having been a member of this bank. The tellers are very nice and can easily process any need that I have.
I only gave them one start because I had to. I wish there was an option for no stars. This bank is corrupt. There's no polite way to say it. Our mortgage was bought out from Country Wide, and had we known this would have happened, we never would have bought the home. During the economic crisis in 07-08, we got a few months behind on our mortgage. We stayed in contact, calling every week. We were told repeatedly that everything was ok, and that the bank had approved an agreement that would allow us to add the payment to the end of the loan. We kept calling, and tried to make payments. The bank REFUSED our payment, (claiming that they couldn't accept anything until the agreement was finalized, but again, telling us not to worry, after all, it was already approved.) About three months later, we received a denial on the agreement, and the banks reason was: (get ready to laugh), we made too much money. We were actually able to hold up our end of the agreement, but... we made too much money for them to give us one. I had seen these sorts of things on the news, and you never believe the people making these claims, but... its true. It happened to me. This bank should be closed down for fraudulent practices.
We refinanced several years back. BOA was very easy to work with, the necessary paperwork and application forms were straightforward and easy to fill out. The application writer was good to work with and she kept us informed of the entire process throughout and until closing. The appraisal went well and BOA was able to find us a local appraiser quickly. Everyone involved was punctual and followed through on all their promises. On the several occasions we've had to contact BOA Mortgage Department, they have been very helpful and answered all of our questions satisfactorily. BOA even went as far as reviewing our mortgage and finding us a way to save quite a nice sum of money every month. I would recommend them to friends and family.
I didn't start with Bank of America. They bought my mortgage. First I was unhappy to change the way I paid but it turned out to be much easier. It was easy to set up a direct deposit and I can pay off my mortgage early. They include a few tools to see how much faster you can pay it off with different methods like biweekly payments or additional payments. You can also pay a little more on principle or escrow online. They also have a calendar that shows when you are due and where late charges come into play. The thing I use the most though is the iPhone app where you can pay your mortgage on the phone so I don't even have to log into the computer. All in all, it's not bad. They are a few things I wish they had though like an auto pay feature but I am not sure I have heard of any banks offering that. Also, if you have an escrow and it goes over the amount authorized there is no option to just put that money on the principle. They end up sending you a check at the end of the year and you have to go cash it then bring it back to them. It’s kind of annoying but only happens once a year.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.