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Buongiorno
LIF Infant
Member since 6/09 125 total posts
Name:
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Bank of America Home loans?
Has anyone recently purchased a home and used Bank of America? Were they fast? Did you get good rates using them?
I'm just undecided whether to use Continental Home Loans or Bank of America and I pretty much need to decide quickly. The prices are more or less the same, but I guess I'm looking to see which will give me a faster closing date.
Any help or advice is greatly appreciated! (and will probably help me relax a lot more!!)
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Posted 9/28/09 5:10 PM  |
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Prudential Douglas Elliman Real Estate
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Coley
LIF Adolescent
Member since 6/09 546 total posts
Name:
N
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Re: Bank of America Home loans?
Posted by Buongiorno
Has anyone recently purchased a home and used Bank of America? Were they fast? Did you get good rates using them?
I'm just undecided whether to use Continental Home Loans or Bank of America and I pretty much need to decide quickly. The prices are more or less the same, but I guess I'm looking to see which will give me a faster closing date.
Any help or advice is greatly appreciated! (and will probably help me relax a lot more!!)
We used CHL and BOA bought out our loan - CHL approves a certain amount of loans and then they shop around to see what bank will 'buy' them.. its confusing.. but regardless... BOA bought our loan - they have been great thus far 
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| Posted 9/28/09 5:13 PM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Bank of America Home loans?
We used B of A for our mortgage and they were amazing. We got an incredible date and closed in 35 days. We were supposed to close in about 30 days and because their lawyer couldn't make the close, they paid to float the rate an additioal week (even though we only needed 3 days) and sent us a $200 check as an apology. All in all a great process!
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| Posted 10/1/09 10:44 AM |
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Re: Bank of America Home loans?
Getting a mortage is fine it is the rest that may follow that is awful. Their customer service, no one knows what they are doing, and if you want a refinance or mod, forget it. I would stay away. From personal and other stories about them, they are awful.
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| Posted 10/1/09 11:18 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Bank of America Home loans?
I have a BOA mortgage (through a broker) and had no issues. I may use them again for my new house if they give me a great rate.
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| Posted 10/1/09 12:52 PM |
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lucamon
LIF Adult
Member since 6/09 1133 total posts
Name:
Samantha
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Re: Bank of America Home loans?
I have a Bank of America mortgage. I have no problems with their customer service. The only complaint I have is that you cannot make an online mortgage payment unless if you have a checkings account with them. I am very happy with my current bank and do not want to switch. So, I have been mailing checks for the past 2 years. You also do not get a monthly statement from BOA. They give you a coupon booklet when you close, and you mail in a stub each month with your payment. To this day, I don't know were I stand with my mortgage since I don't get statements. You can go to the bank and they'll print one out for you. It's their way of saving money, cutting back on stamps and no online banking except if you bank with them.
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| Posted 10/1/09 1:10 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Bank of America Home loans?
Posted by lucamon
I have a Bank of America mortgage. I have no problems with their customer service. The only complaint I have is that you cannot make an online mortgage payment unless if you have a checkings account with them. I am very happy with my current bank and do not want to switch. So, I have been mailing checks for the past 2 years. You also do not get a monthly statement from BOA. They give you a coupon booklet when you close, and you mail in a stub each month with your payment. To this day, I don't know were I stand with my mortgage since I don't get statements. You can go to the bank and they'll print one out for you. It's their way of saving money, cutting back on stamps and no online banking except if you bank with them.
I make online payments using my out of state bank's bill-pay system. I don't even use their coupon books.
Why not just open a checking account and put $5 in there? I did that and I have full access to my mortgage online.
I can see my payment history, escrow balances, county tax payouts, and all kinds of other info.
ETA: Also I don't see why you can't create an online profile without a checking account? If they require some form of other account, then a BOA credit card would probably do the trick. Create an online account for the credit card then link your mortgage to the account.
Message edited 10/1/2009 1:55:50 PM.
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| Posted 10/1/09 1:54 PM |
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lucamon
LIF Adult
Member since 6/09 1133 total posts
Name:
Samantha
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Re: Bank of America Home loans?
Posted by ave1024
Posted by lucamon
I have a Bank of America mortgage. I have no problems with their customer service. The only complaint I have is that you cannot make an online mortgage payment unless if you have a checkings account with them. I am very happy with my current bank and do not want to switch. So, I have been mailing checks for the past 2 years. You also do not get a monthly statement from BOA. They give you a coupon booklet when you close, and you mail in a stub each month with your payment. To this day, I don't know were I stand with my mortgage since I don't get statements. You can go to the bank and they'll print one out for you. It's their way of saving money, cutting back on stamps and no online banking except if you bank with them.
I make online payments using my out of state bank's bill-pay system. I don't even use their coupon books.
Why not just open a checking account and put $5 in there? I did that and I have full access to my mortgage online.
I can see my payment history, escrow balances, county tax payouts, and all kinds of other info.
ETA: Also I don't see why you can't create an online profile without a checking account? If they require some form of other account, then a BOA credit card would probably do the trick. Create an online account for the credit card then link your mortgage to the account.
It's a very long story. DH had an account with BOA. After we moved in together, he tried to close his account with them for over 2 years. They kept saying they'd do it but every month we get hit with a fee for having $0 balance.
I don't know if a credit card will work. The lady at the bank clearly said checking account. I didn't know you can pay your mortgage with a credit card. Maybe things have changed since. I tried doing this like 2 years ago. I do all my banking online previously but I've gotten used to writing checks again. haha.. I enjoy signing my my new last name.
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| Posted 10/1/09 9:58 PM |
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Mrs007
Im obsessed w my lil man!
Member since 3/09 2528 total posts
Name:
K
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Re: Bank of America Home loans?
Posted by Coley
We used CHL and BOA bought out our loan - CHL approves a certain amount of loans and then they shop around to see what bank will 'buy' them.. its confusing.. but regardless... BOA bought our loan - they have been great thus far
we had the same thing happen to us. We didnt even make our first mortgage payment before we got that letter from BOA that our mtg was with them. Its only been a few months but so far no problems.
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| Posted 10/2/09 8:27 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Bank of America Home loans?
we recently closed on our new house, and have a mortgage through BOA.
we had a (mostly) smooth process from application to closing. we actually closed less that 60 days from when we applied, which is not usually the case with FHA loans (from what i have heard).
the only hiccup we dealt with was that our loan officer only locked us in for 60 days instead of 90 as we requested - she said that she did it to save us money. however the sellers were not ready to close when we were, and we had to negotiate with them to allow them to stay in the home after closing. it all worked out in the end but was very stressful at the time.
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| Posted 10/2/09 9:58 AM |
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