Bank of America customer service is very courteous, but you never get them to do what you need. You will get the usual "I'm so sorry to hear that", followed by "there is nothing I can do", "I know it doesn't sound reasonable, but it is in the rule book". I will try my luck with a small regional bank next, I think it will be a better experience.
Evidently I have to fill this out to get rid of the notification that my mortgage is not being monitored for savings and it forces you to write 130 characters.
Run from this bank! They'll tell you to miss 3 months to qualify for govt mortgage reduction,drag thier feet to approve you while moving double time to foreclose. When you call them out on it and try to pay what's owed, they wont accept cash payment at any of thier branches. Once you do get them paid by sending cashiers check to a secret dropbox somewhere in Dallas, they change your late payment status from 60 to 90 to 120 every time you dispute it, dragging down your score for years after you've paid off your mortgage.
Flexible repayment plans including interest only, principal plus interest and prepayment to lower overall interest paid. Reports to all three credit agencies.
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.
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.
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.