My re-fi actually closed… after 5+ months in process

[davelj]

I started the re-fi process on March 24 with BofA for a 4.25% 30-year fixed-rate mortgage with 2.25 points. (That’s an APR of 4.55%.)

Incompetence and tomfoolery went into high gear shortly thereafter. Once rates had increased by 100+ bps and a couple of months had passed with no progress, I assumed they were trying to win a war of attrition with me and hope that I just went away.

I had to provide all documentation TWICE, as the original documentation was stale at 90 days. They just kept coming back and asking for more and more information, which I dutifully sent to them. Granted, this is all information they should have. But they should have asked for it right out of the gates.

Finally, they tell me about a month ago that they’ve got everything they need but one last detail. They need to get their underwriters to “approve” my condo building for the loan. I responded, “Really. My building’s not approved, huh? That’s strange… considering that my CURRENT loan is with YOU – BofA.” (The only reason I went to BofA for the re-fi in the first place was that I thought it would be easier given that they held my then-current loan. Wrong!) That revelation was met with a resounding, incoherent mumblefest.

Anyhow, despite their best efforts, it finally got closed this week and that’s the important part. Next time, I’m going to go to a local credit union so that I can talk directly to the person who is managing the process. Dealing with multiple processing agents all over the country was really silly. What a pain in the ass. At these big banks, the right hand has no idea what the left hand is doing.

[[email protected]]

Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.

Check out my weekly rate survey at: http://www.themtgmentor.com/Rate_Survey.html

Best reqards
Bill Ladewig
[email protected]

[[email protected]]

Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.

Check out my weekly rate survey at: http://www.themtgmentor.com/Rate_Survey.html

Best reqards
Bill Ladewig
[email protected]

[[email protected]]

Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.

Check out my weekly rate survey at: http://www.themtgmentor.com/Rate_Survey.html

Best reqards
Bill Ladewig
[email protected]

[[email protected]]

Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.

Check out my weekly rate survey at: http://www.themtgmentor.com/Rate_Survey.html

Best reqards
Bill Ladewig
[email protected]

[[email protected]]

Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.

Check out my weekly rate survey at: http://www.themtgmentor.com/Rate_Survey.html

Best reqards
Bill Ladewig
[email protected]

[davelj]

[quote=Mortgage Mentor]Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.
[/quote]

Actually, I RE-learned that lesson. I’ve always known that the Big Banks had horrible service – which is why I only do business with much smaller banks (absent this re-fi) – but I just assumed (you know what happens when you assume) that since BofA already owned my then-current mortgage that using them was the path of least resistance (also, they had the lowest APR available at the time). Doh!

[davelj]

[quote=Mortgage Mentor]Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.
[/quote]

Actually, I RE-learned that lesson. I’ve always known that the Big Banks had horrible service – which is why I only do business with much smaller banks (absent this re-fi) – but I just assumed (you know what happens when you assume) that since BofA already owned my then-current mortgage that using them was the path of least resistance (also, they had the lowest APR available at the time). Doh!

[davelj]

[quote=Mortgage Mentor]Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.
[/quote]

Actually, I RE-learned that lesson. I’ve always known that the Big Banks had horrible service – which is why I only do business with much smaller banks (absent this re-fi) – but I just assumed (you know what happens when you assume) that since BofA already owned my then-current mortgage that using them was the path of least resistance (also, they had the lowest APR available at the time). Doh!

[davelj]

[quote=Mortgage Mentor]Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.
[/quote]

Actually, I RE-learned that lesson. I’ve always known that the Big Banks had horrible service – which is why I only do business with much smaller banks (absent this re-fi) – but I just assumed (you know what happens when you assume) that since BofA already owned my then-current mortgage that using them was the path of least resistance (also, they had the lowest APR available at the time). Doh!

[davelj]

[quote=Mortgage Mentor]Hi Davelj, sorry about your experience. You learned the hard way that Big Banks = Big Prices and Small Service.
[/quote]

Actually, I RE-learned that lesson. I’ve always known that the Big Banks had horrible service – which is why I only do business with much smaller banks (absent this re-fi) – but I just assumed (you know what happens when you assume) that since BofA already owned my then-current mortgage that using them was the path of least resistance (also, they had the lowest APR available at the time). Doh!

[UCGal]

Yikes – that sounds like a nightmare, Dave. I refied about the same time, for the same rate – and it went pretty smooth. But I was dealing with HLS, not BofA.

That’s amazing they didn’t even realize they currently held the loan. Idiots.

[UCGal]

Yikes – that sounds like a nightmare, Dave. I refied about the same time, for the same rate – and it went pretty smooth. But I was dealing with HLS, not BofA.

That’s amazing they didn’t even realize they currently held the loan. Idiots.

[UCGal]

Yikes – that sounds like a nightmare, Dave. I refied about the same time, for the same rate – and it went pretty smooth. But I was dealing with HLS, not BofA.

That’s amazing they didn’t even realize they currently held the loan. Idiots.

[UCGal]

Yikes – that sounds like a nightmare, Dave. I refied about the same time, for the same rate – and it went pretty smooth. But I was dealing with HLS, not BofA.

That’s amazing they didn’t even realize they currently held the loan. Idiots.

[Author]

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