Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You are going to find a lot of horror stories because they are a big bank that many people try to use. It's not too late to back out, you will almost certainly have a better experience with a smaller bank or credit union.
Also the people who's process goes smoothly won't leave feedback or a review, because you expect things to go well, but the bad ones will. So there are more reviews. That is why I would not go with Wells Fargo because there are too many bad stories and I know that big corporations only care about the bottom line and not about people. You are just a number.
I like TD for banking but they hire idiots who don't know the first thing about mortgages. One lade wasn't even aware of or heard about a USDA loan, but they are one of the major banks (at least on the east coast( that do them, but at least she was very nice and not dumb. I did meet with a competent person, but he still made a mistake in my application. He was just filling in that day. I went back, waited 45 minutes and a dumb lady didn't know what she was doing, I don't know how she got that # on her card that allows her to do loans, she didn't know the first thing about them, she didn't even know if her Right Step product loan had closing costs. I didn't ask here if it did, I asked her about them and she said she didn't know if the loan had them. How nice would a mortgage with no closing costs be? Many are just trained to do bank related work like opening new accounts, etc.
When are you closing? If you are closing before August 1st, you should get a GFE. My understanding is that the new forms go into effect August 1st, but I can't imagine they are allowed to give you nothing between now and August 1st. If she won't give you a GFE, ask her for whatever form they are giving out right now.
And, for the record, I would stay on top of your loan officer like white on rice. My parents had a terrible refi with them after being customers FOREVER. It took months and months and months. As a real estate agent, I would rather my clients choose just about anyone than BOA. That's how many bad things I've heard. But, say with it and stay on top of things and don't be afraid to call and check up on things as many times as possible.
And, for the record, I would stay on top of your loan officer like white on rice. My parents had a terrible refi with them after being customers FOREVER. It took months and months and months. As a real estate agent, I would rather my clients choose just about anyone than BOA. That's how many bad things I've heard. But, say with it and stay on top of things and don't be afraid to call and check up on things as many times as possible.
I am dealing with BOA on a loan right now with a closing date week after next. We switched to them from another lender (BBVA) after BBVA (with whom we have 2 current home loans) dragged their feet on locking in a good rate. The rate we have from BOA is 3.875% versus 4.25% offered by BBVA. For our loan amount, that was a significant enough difference to justify the switch.
My communication and processing with BOA has been slow and frustrating compared to previous loans. I was cautioned about BOA before we started the process with them about their reputation, but was assured by the LO that things have changed and that would not be a problem...
As suggested above, I sent an email to the LO this morning to ask where in the process we are, and will continue to send daily emails to he and his Manager until I feel comfortable.
If I had to do it all over again, I would not have changed lenders. At least with BBVA I was getting personal service from my LO here in town. If anything adverse happens to this BOA loan, I will be kicking myself and will take my business elsewhere (spouse and I have been customers jointly since 2001 and singly even prior to that).
When are you closing? If you are closing before August 1st, you should get a GFE. My understanding is that the new forms go into effect August 1st, but I can't imagine they are allowed to give you nothing between now and August 1st.
The new forms go into effect for all applications on or after August 1.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
