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I have Bof A and their customer service is average in my opinion. Other than that no issues.
So are they giving you grief about buying a house out of state but staying with current employer? How about getting a letter from your employer stating they are allowing you to work from your new home to get your loan approved?
Our mortgage is with BOA, and we have been with BOA for our personal checking and savings banking for 15 or years now - as well as a couple of BOA credit cards. No issues with our mortgage or banking and as was mentioned earlier in this thread - all of our accounts are linked in one simple online account, so transferring payments is simple and immediate, which we really like.
I often read the negative comments about BOA - but that hasn't been our experience at all - on any account type - we hope our long standing relationship with them continues status-quo Good luck on your home purchase - I hope if you go with BOA - that your experience is a good one as well - and if so - come back and say as much - too many of us that are satisfied customers of BOA don't speak up, or so it would appear on many threads here.....
Like most banks if you pay on time & never have any problems they are just fine. If you have anything go wrong (say you get upside down on your house or loose your job & go late on payments) they are the worst SOB company I have ever worked with. I would use almost any other lender if I had my choice. Just my FYI.
Just be careful..........BofA has a real bad habit of picking up the file 3 days prior to closing to get things into closing. If your file is pristine, you'll probably be fine. If they missed anything the first time out, be prepared for last minute requests.
Never had any issues with BOA mortgages. I went directly through them with my first loan in 2005 because they were on a preferred lost of lenders. Quick closing, all the paperwork was straight forward. They gave me final papers to review 2 days before closing. I also have BOA personal and business accounts. So payments made to BOA were done instantly anytime I wanted via online transfer.
I think most people who have complaints about BOA were original Countrywide mortgage paper signers. BOA inherited all of Countywide's loans/problems.
I really don't understand why there are so many complaints about BOA or any of the big lenders. The only people complaining are those begging for loan modifications and through frustration vent their anger at BOA.
If you have your documents all together. Are straight forward (w2, bank statements, schedule c, s Corp etc) almost all lenders should be able to close in less than 45 days. Those who have had problems always have glitches in their docs (yes that includes those with pensions income etc).
So u give BOA two thumbs up. My last one I went through a broker and he went with Provident Funding at the height of the credit crunch in the winter of 2009 when no one was lending. They are the best if you are considered a top notch client. We closed within 28 days. Of course Provident resold my loan o wells Fargo. Haven't had any issues with them either.
So I really don't know all the gripes with any of my lenders.
As the title says? Does anyone have anything good to say about BofA mortgages. I personally bank with BofA. I have never really had any problems with them.
Just started the process of buying a home, should be pretty much straight forward. New build house, putting 20% down very low income to pay ratio (30yr fixed conv loan). Solid employment history with same employer. Only issue is house is in a different state? but I am staying with my current employer and just moving states.
Open to all and any advice. Thank you
They are great, as long as you always pay them lots of money on time and otherwise never contact them for anything whatsoever.
I got a mortgage with BOA in May 2008, with no PMI, even tho I put only 10% down. That was the deal THEN. Now i'm trying to refinance with another bank, and my broker pulled up my information and said that Fannie Mae shows my mortgage HAS PMI. NO PMI has ever showed up in any of my payments. I have no idea why Fannie Mae would have me as with PMI. The problem is that is I refinance with another bank, an there is PMI on my current mortgage, there has to be PMI on the next mortgage! This is what my broker is telling me. He said it is possible that Bank of America has somehow included a PMI within the interest rate. Our rate is 6.125 conventional 30 years. Should their be DISCLOSURE of some sort, so we we could look and see if PMI is included in the interest rate. This is driving us up the wall. BOA is good for checking and savings...but mortgages..I wish I had looked around a little more first!!!
I got a mortgage with BOA in May 2008, with no PMI, even tho I put only 10% down. That was the deal THEN. Now i'm trying to refinance with another bank, and my broker pulled up my information and said that Fannie Mae shows my mortgage HAS PMI. NO PMI has ever showed up in any of my payments. I have no idea why Fannie Mae would have me as with PMI. The problem is that is I refinance with another bank, an there is PMI on my current mortgage, there has to be PMI on the next mortgage! This is what my broker is telling me. He said it is possible that Bank of America has somehow included a PMI within the interest rate. Our rate is 6.125 conventional 30 years. Should their be DISCLOSURE of some sort, so we we could look and see if PMI is included in the interest rate. This is driving us up the wall. BOA is good for checking and savings...but mortgages..I wish I had looked around a little more first!!!
You probably have what is called Lender Paid Mortgage Insurance(LPMI). Basically, instead of paying a seperate fee for PMI, you got a higher interest rate and the lender is paying the PMI for you. That was a good loan especially if your income was higher than 105k. PMI isnt deductible for home owners with high income, so it would make more sense to have a higher rate as all the interest is deductible and not a seperate PMI fee.
Why not split your mortgage into a first and second lien. That way you have no PMI and you can choose not to escrow taxes and insurance.
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Good luck on your home purchase - I hope if you go with BOA - that your experience is a good one as well - and if so - come back and say as much - too many of us that are satisfied customers of BOA don't speak up, or so it would appear on many threads here.....
