Closing with Bank of America

Microsoft fang2
Jul 8 28 Comments

Any recent experience on closing with Bank of America? I see mortgage Rates are insane and no one can beat them .. but do they close within a month?

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TOP 28 Comments
  • Microsoft lHcN54
    Why would you buy a house now? Just to find out in a year that it lost 10% of its value?
    Jul 8 1
    • Amazon TDKU11
      Because i still need a place to live. Not good to time the market. If I buy now who cares what happens next year. I care about 10+ years from now
      Jul 8
  • Oath Atinlay2
    Anyone can if you’re prompt with your paperwork
    Jul 8 0
  • Microsoft
    nomethod🥔

    Microsoft

    PRE
    Moosejaw, Google
    BIO
    Beware of elves
    nomethod🥔more
    They are slow. Their underwriting seems to be clueless. Several realitors in Seattle said they refuse offers when BofA is the Dundee because they are so bad. That said, we used them. They delayed closing several times. Almost lost the whole deal. Eventually closed and did get that sweet sweet low rate.
    Jul 8 6
    • Microsoft fang2
      OP
      Thanks, is it recent experience or few years ago?
      Jul 8
    • Microsoft
      nomethod🥔

      Microsoft

      PRE
      Moosejaw, Google
      BIO
      Beware of elves
      nomethod🥔more
      Within the last year
      Jul 8
    • Microsoft fang2
      OP
      Looks like a risky bet then. I need to meet closing date
      Jul 8
    • Amazon
      no-money

      Amazon

      PRE
      Microsoft, Oracle
      no-moneymore
      +1. I recommend using WellsFargo
      Jul 9
    • Microsoft fang2
      OP
      @no money, did you have bad experience with Bank of America?
      Jul 9
    • Amazon
      no-money

      Amazon

      PRE
      Microsoft, Oracle
      no-moneymore
      Yes, really bad exp. my friend had similar and we went and situation to WellsFargo and they fast tracked and completed and best BoA rate.
      Yesterday
  • Amazon pancake02
    I just closed with BOA. It was pretty smooth. My agent placed a condition to my loan officer that the loan needed to close in 30 days. Took exactly 30 days to close.
    Jul 8 2
    • Microsoft fang2
      OP
      I see. How did he place that condition?
      Jul 8
    • Amazon pancake02
      The sellers agent requested that the loan needed to close in 30 days. My agent told the loan officer that we would only go with BOA if they could close in 30 days (or less). BOA said yes. (Written and documented)
      Jul 8
  • Amazon
    no-money

    Amazon

    PRE
    Microsoft, Oracle
    no-moneymore
    BoA - Bullshit Of Assholes’. Their process and torcher is unbearable. Don’t go them WellsFargo is awesome
    6d 0
  • StubHub !wayfair
    How much is the rate?
    Jul 8 0
  • Bank of America REax37
    I’m closing with them now and it’s god awful. I’m an employee too, maybe that’s why they don’t give a shit. Combined household income is over 400K and they’re being dicks about documentation and keep changing the documentation requirements on a daily basis. If I had the time, I would switch lenders.
    Jul 9 5
    • Microsoft fang2
      OP
      Thanks.. I am afraid. I think I don’t want to take chances and lose house. I will rather try other lender
      Jul 9
    • Oath Atinlay2
      All lenders are that way about documentation. See: housing crisis
      Jul 9
    • Bank of America REax37
      True however we almost lost the house because it took them so long to give me the official loan approval. I sent them back all the requested docs within a day or two but UW kept adding additional requests and taking a week or more to review documents. Sounds like UW is completely swamped. If you’re in a time crunch and don’t have time to babysit your LO, go elsewhere
      Jul 9
    • Microsoft fang2
      OP
      That’s bad, I guess that might be because there would be lot of people applying for insane low rates. What is UW?
      Jul 9
    • Oath Atinlay2
      Underwriting
      Jul 9
  • Amazon TDKU11
    I just applied too. The rates are great
    Jul 8 4
    • StubHub !wayfair
      What rate did you get?
      Jul 8
    • Amazon TDKU11
      I saw 3.25 with some points on a 30 year...I need to call them to finalize

      I’ll update tomorrow
      Jul 8
    • Microsoft fang2
      OP
      I am worried if they don’t close on time, there is risk of losing earnest money.
      Jul 8
    • Amazon pancake02
      Was this at BOA?
      Jul 8
  • Yahoo / Design getAway
    Where are you closing ? Seattle?
    Jul 9 1
    • Microsoft fang2
      OP
      Yes
      Jul 9