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> Bank of America
Drazzaz
post Nov 3 2009, 01:49 PM
Post #1


Group: Newbies
Posts: 7
Joined: 18-June 09
Member No.: 95,952
Hiya all,

We are getting ready to do business with the Devil and I am very apprehensive about it. We are close to a refinance out of an 5.5% ARM to a 30 yr fixed with Bank of America at 4.875% I don't feel they deserve my business but that is the way our broker went with the deal, and it's almost too late to back out if I need to.

Does anyone have any PROs or CONs of doing business with this institution?
 
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Googie
post Nov 3 2009, 01:49 PM
Post #
The MoneyMaker

Group: Accounting
Posts: One in Every Topic
Joined: 1-February 03
From: Mountain Home, CA Member No.: 1


 
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liverichly
post Nov 3 2009, 02:56 PM
Post #2


Group: Members
Posts: 7,895
Joined: 28-September 04
From: Aliso Viejo, CA
Member No.: 8,773
While their policies aren't spectacular (such as $15 for a faxed payoff quote, not doing pre-approvals), and not getting into the political side of them, I've personally spoken to over a dozen people who had them as their mortgage servicer and they never had any issues. Just remember to stay in communication if you have any questions, evaluate your mortgage statement each month carefully, and pay the mortgage on time (preferably on BofA's website so you aren't relying on your own bank or check to make it their in the mail)... doing those will keep the problems to a minimal and if there are any you'll be able to quickly spot them, address them with customer service, and come to a quick conclusion.


IPB

Shane Milne
TheBestHomeLoans.com & My Blog
Mortgage Broker with a Federally Chartered Bank
Direct local #'s: 949-273-4161 in OC & 646-257-4842 in NYC
Lending in all 50 states + the District
FHA/VA ~ Conforming ~ USDA/Rural ~ Alt-A ~ Jumbos
Emails, phone calls & PM's answered
 
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undecided
post Nov 3 2009, 03:05 PM
Post #3


Group: Members
Posts: 68
Joined: 26-March 07
From: SoCal to Oregon
Member No.: 47,117
I refi'd with them 5-1/2 years ago and have had no problems. I was mailing in a check with my coupons, then I changed to paying online by transferring the payment from my savings account to my mortgage. Either way, the payment was always posted on time.

However, they are changing mortgage servicers from "Bank of America" to a new subsidiary "BAC Home Loans" probably as a result of the Countrywide acquisition. They say the transition will be seamless, but I intend to watch very carefully to make sure my payments continue to post on time. The change is scheduled to happen as of November 16th.
 
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Drazzaz
post Nov 3 2009, 03:29 PM
Post #4


Group: Newbies
Posts: 7
Joined: 18-June 09
Member No.: 95,952
Thanks for the replies, that puts my mind at ease a bit.

Docs have been ordered and if all goes as planned we will close this Friday or the following Monday.



I've got my fingers crossed there isn't a last minute hang up!
 
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Drazzaz
post Nov 4 2009, 05:55 PM
Post #5


Group: Newbies
Posts: 7
Joined: 18-June 09
Member No.: 95,952
Title company called today, signing docs tomorrow afternoon. All looks like a GO !
 
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Drazzaz
post Nov 13 2009, 12:55 PM
Post #6


Group: Newbies
Posts: 7
Joined: 18-June 09
Member No.: 95,952
Loan has funded and recorded with the county! 4.875% 30yr fixed. Thanks for all the information and help along the way.

I am officially in bed with the Devil.
 
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