Thursday, April 16, 2009

Our Refiance

Let me begin by saying that my family has been a Bank of America customer for longer than I have been alive. My father prided himself on loyalty and when he walked into the bank, they would know who he was. When we moved, my father went to the local BofA branch and talked with the VP of the branch. He found going to the top dog to be very useful when he had an issue. (These days, it seems like everyone is a VP and really don't care who you are or what you bring.) My first checking/savings account at BofA, my first house mortgage, etc. You get the point. Well, my wife and I decided to refinance the house since the rates are so low. So, we went online and filled out an application with Bank of America. (coming back to that loyalty thing) We promptly received a call from a broker to talk about our options. He and I agreed on the loan amount, points, and what the house is worth (based on the tax assessment). He called again one other time to make sure that we received the application and to tell us who would be our closing rep.

So, I called the closing representative to make sure that she has everything that she needs in order to go forward. But, I got voicemail, which is fine, I generally will send people to voicemail when I am busy. So, I left a message… the next day, I called again… I finally received a call back with a request for a mound of paperwork. It was very apparent that she did not even bother to determine what she had, since most of the paperwork that she asked for was sent with the original paperwork. But, that is okay.. I can fax it.. again. I called several times to verify that everything is on track and there was nothing further required on my part. (queue tumbleweeds) I finally received a call with closing information about our refinance and the points, which were increased from 2.125 to 2.625. Hold up a sec… That is not what the original agreement was, costing me about $400 in addition. So, let me get this right, I have to pay the application fee, closing costs, and now an additional $400 dollars. I think not! When I dared to inquire about why the change, I was told to go and contact my Rep. (who is out until May 2nd) I guess it a screw-you service charge for being a loyal customer for 20 years.

I talked it over with the wife and decided to be pissed about it, but to continue with the process. They are going to get their money one way or another. Grin and bear it! However, This will be the LAST Bank of America mortgage that we do. EVER!

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