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

16 years ago

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?

Sort by:Oldest

Comments (11)

dave_donhoff
16 years ago
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
rafor
16 years ago
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
Related Discussions
HAVE: lots of seeds
Q
Comments (45)
my seed list was last updated 12/7/14. some seeds have been traded/used since then. but I have not found the magic link to update my list. can email current list to anyone interested.
...See More
E.B. Stone: Nature's Green Lawn Food 10-1-4
Q
Comments (1)
One reason the commercial branded organic fertilizers are not so well reviewed is more people are learning that they can buy the ingredients of those fertilizers at their local feed store for about 1/6 the cost of the fertilizer in the fancy bag. You would have trouble finding feather meal but fortunately it is not nearly as good a fertilizer as is alfalfa, soy, milorganite, cottonseed meal, corn meal, or even common flour. Any and all of these can be had for much less than you paid for not such a good fertilizer. If you have not opened it, I would suggest returning it and using your money to buy two, 50-pound bags of alfalfa pellets (rabbit, fish, or chinchilla food). Here is a picture taken by a former member here at GW who took the time to test the alfalfa concept. It is easy to see the improved color, density, and growth of the grass. The alfalfa was applied in mid May of 2010 and the photo taken a month later in mid June. It takes about that long to see the improvement. Had he applied over the entire lawn you would not be able to see the effect as clearly. Alfalfa costs about $12.50 per 50-pound bag. The application rate is 20 pounds per 1,000 square feet. After you apply, moisten the pellets with a light mist of water. They absorb the moisture over the next few hours, swell to look like fat green worms, and then fall down onto the soil at the next disturbance. Once on the soil, the soil microbes will take over and convert the food into plant food. Again, that is a biological process that takes 3 weeks. The problem with the ingredients of your fertilizer is that feather meal takes F-O-R-E-V-E-R to decompose. The blood meal is good and gives an immediate blast of food to the plants but after that effect wears off, you have to wait and wait for the feather meal to kick in. Alfalfa is a common ingredient in better organic fertilizers and you can have it for a fraction of the price by buying in a plain, brown bag. The other problem I have with commercially bagged organic fertilizers is they all seem to have potassium sulfate, a chemical, in them. They call it sulfate of potash. Different name for the same chemical. Unless you have a soil test which shows you have a potassium deficiency, then you might not need the 'potash.' And then the last problem is the cost. Your 20 pound bag probably covers 1,000 square feet. The cost is then $25 per 1,000 square feet. When you use plain alfalfa, the app rate is 20 pounds per 1,000 square feet. The cost, assuming the cost I stated above, is $5 per 1,000 square feet.
...See More
After the crash
Q
Comments (4)
Looks ok no McAfee files present. Some start up items running those are the 04 entries.Those entries always start when you log on most of them are not necessary and use ram. Close all windows, Open Hijackthis and do a SYSTEM SCAN ONLY place a check mark in the following entries" R0 - HKCU\Software\Microsoft\Internet Explorer\Main,Start Page = about:blank O4 - HKLM\..\Run: [ehTray] C:\WINDOWS\ehome\ehtray.exe O4 - HKLM\..\Run: [SigmatelSysTrayApp] stsystra.exe O4 - HKLM\..\Run: [NvCplDaemon] RUNDLL32.EXE C:\WINDOWS\system32\NvCpl.dll,NvStartup O4 - HKLM\..\Run: [HP Software Update] C:\Program Files\HP\HP Software Update\HPWuSchd2.exe O4 - HKLM\..\Run: [Logitech Hardware Abstraction Layer] KHALMNPR.EXE O4 - HKCU\..\Run: [MSMSGS] "C:\Program Files\Messenger\msmsgs.exe" /background O4 - HKLM\..\Run: [SunJavaUpdateSched] "C:\Program Files\Common Files\Java\Java Update\jusched.exe" O4 - HKCU\..\Run: [MSMSGS] "C:\Program Files\Messenger\msmsgs.exe" /background O4 - HKCU\..\Run: [SUPERAntiSpyware] C:\Program Files\SUPERAntiSpyware\SUPERAntiSpyware.exe If that is paid version don't check it. O4 - Global Startup: HP Digital Imaging Monitor.lnk = C:\Program Files\HP\Digital Imaging\bin\hpqtra08.exe O4 - Global Startup: HP Image Zone Fast Start.lnk = C:\Program Files\HP\Digital Imaging\bin\hpqthb08.exe O4 - Global Startup: Logitech SetPoint.lnk = ? Click Fix Checked Close Hijackthis Reboot the computer. Check to see if entries are gone by doing another scan and saving a log file. Keep the log for future reference. If any functions are lost Hijackthis keeps a back ups and are easily restored. I don't expect that to be the case. We are not removing anything just stopping it from running. If you don't stay ahead of start ups soon lots and lots of things are running and the computer slows to a crawl.
...See More
Problem still exists, Virus or surge damage?
Q
Comments (13)
Hmm, I had not read the whole MS page but basically you only need to follow the first 2 instructions. I have never had to use those other instructions myself. Remember that if you get flustered just click the Cancel button to get out of where you are. There is nothing to be afraid of when using System File Checker. You It simply goes through your computer checking all the operating system files and replaces those which are corrupt or missing. The need for the CD is so it can get the needed files to install for you. The slight downside is that it takes the computer back to when your particular CD was created which means you will be behind on security updates and possibly a service pack. No big deal there either, you simply go to the windows update site and the computer grabs whatever it needs. You are doing nothing wrong. Who knows why those files went missing. Perhaps/probably it was due to the power outage. You can of course extract and install each of those files if you wish to avoid using SFC. Follow the instructions here to do that for each file. You do not have to do them all at one time. Try one, see how it goes then do others as you feel up to the task.
...See More
indianadiy
16 years ago
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
Billl
16 years ago
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.
kangell_gw
16 years ago
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.
krycek1984
16 years ago
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.
Flowing10_gmail_com
15 years ago
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!
MrsShayne
11 years ago
I've had accounts with BOA since I was 15. I'm almost 29 and getting ready to close my checking and savings with them. I just did a refi and got rates from a big mortgage co. in STL and my local credit union who I've had three car loans with. I ended up doing the refi with my credit union. The other mortgage company flipped and warned me how strict local credit unions are and how my house wouldn't appraise... Long story short, house appraised for $30k higher than we thought and the credit union was a breeze to work with. They barely asked any questions and we got a great low fixed rate. I didn't even consider asking BOA. I'm done with the big wigs...
bry911
11 years ago
last modified: 11 years ago
Well...Since the thread was posted almost 5 years ago, I would be pretty pissed if my refi wasn't finished by now!
duluthinbloomz4
11 years ago
First red flag - no attention to detail. (like date of the thread)
sushipup1
11 years ago
Spammers never follow the rules.

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

Comments (11)

dave_donhoff

rafor

Related Discussions

indianadiy

Billl

kangell_gw

krycek1984

Flowing10_gmail_com

MrsShayne

bry911

duluthinbloomz4

sushipup1

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US