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?

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.

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.

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!

Title company called today, signing docs tomorrow afternoon. All looks like a GO !

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.