Mortgage Closing timeline from big banks

Sony
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Go to company page Sony

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Aug 11, 2021 8 Comments

Hey fam, I’m looking to shop for lenders as a first time home owner and we just entered into contract with a 30day escrow closing period starting today. Looking to finance from BoFa and wondering if they can close it within the timeframe, wondering if anyone has experience with them?

This is in the Bay Area Single family home, and a certain mortgage broker tried to scare me that the big banks won’t close on time, because it’s a flipped property I’m buying.
Note: the 90 day flip rule has passed two days before we entered into contract. Reason I’m going with bofa is because their interest rates are way better than this small mortgage broker who’s giving me shitty rates and threatening me that they will pull out of my loan thing if I shop around. WTF.

Please advice. Wondering if Bofa can close on time is what I’m thinking about.

Fwiw:
2.65 at bofa vs 3.2 @ mortgage broker
For 30yr fixed. Not looking for ARM but
2.0 @ bofa vs 2.35 @ broker

comments

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TOP 8 Comments
  • Call BofA branch and let them know you want to speak to their mortgage specialist ASAP. Have them lock the rate they gave you over the phone and ask them if they can close in 30 days (they should be able to).
    Aug 11, 2021 1
  • Once you lock the rate it will be fixed
    Aug 11, 2021 1
  • Should be fine. Broker wants his commission. Get started with BofA ASAP. Talk to a mortgage specialist in a branch so you have someone you can pressure if necessary to push things through
    Aug 11, 2021 1
    • Sony
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      Go to company page Sony

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      OP
      Will the rates they gave me over the phone be the same offered in a branch ? Or will they offer me a different rate ?
      Aug 11, 2021
  • Apple
    s3xynotch

    Go to company page Apple

    s3xynotch
    Why are you so concerned about closing time? Seller will extend if needed as long as you are in it with good faith and not trying to sabotage. Bank delay is out of your control. Just use the best rate possible
    Aug 11, 2021 0
  • Facebook
    WhoAmI🤔

    Go to company page Facebook

    WhoAmI🤔
    BofA is well known for closing delays & rates. But you got good rate at 2.625 , so assume positive intent and hope they close on time . Also I heard appraisal will typically be below purchase price 🤷‍♂️ . Did u try Wells, US Bank
    Aug 11, 2021 0