The bride and yrs. truly are purchasing the lot next door specifically to keep someone from building on it. We have agreed to a price, and have made the initial deposit. The lawyer handling the transaction suggested that we get a home equity loan for part of the purchase so as not to take such a big hit to our savings account. I took his advice and applied for a loan at the Bank of America. All went well at first, then I started getting phone calls that they needed "one more document." They said that they could not email them to me, but would only fax them. I do not have fax capability, so every new document was 11 miles each way - two round trips per document. This happened about four or five times. The bride picked up the last document at the office and asked if it really was the last document? She was assured that it was. Two days later you guessed it - they called and asked for another document. I said no. The day after that we got a call asking why I had made a payment to the IRS for $2,000. I told them that frankly it was none of their business, but in fact it was a quarterly estimated tax payment and if they checked they would have found a payment to the IRS every three months for many years. They acted as if they had never heard of an estimated tax payment. Then came the capper - a couple of days later they called and wanted to know what a check to an individual for $10 was all about. At that point I politely but very firmly told them to cancel the loan application and to rescind any fees that I had paid except that the guy that they sent out to appraise our house (about five minutes) should be paid for his time and mileage. I have not had such a runaround in years - and my credit score is 818. Arragh! what a waste of time and effort.
If you have your savings and checking accounts with B of A this might be a good time to switch banks.
I'd go to Credit Union. And, I'd definitely call a district manager and let them know exactly how you were treated. Someone at that bank is a complete a-hole and those 'petty' questions are ridiculous, especially with your credit score.
Went through that 10 years ago when I bought my FL house. I understood it because we just went through the crash and all the resulting bad loans. Stupid thing was I could have paid cash for it and they knew that from my filings.
B of A, it figures! we sh!t canned all banks yrs ago, now just have 2 credit unions, and life is so much easier, went to buy a new car, stop by the bank to see about loan papers, lady says just write a check for the car, we will do the paper work when you stop by later, told me the int rate, and that's was it! seriously, less than 5 min in the office,
Would have used my CU, but it's in NY and they don't write out of state mortgages. They are the way to go.
Big banks are bad news. If you're not a big ($$$$$$$) customer, you're trash. Stick to local banks and or credit unions.
Me too. Buying a house while self employed is nearly impossible. I finally gave up and got a "real" job. I make less money now(way less) and when I bought my house, the bank didn't even blink. Pretty maddening really.
Too true, I have been self employed for over 20 years and you would think I am a criminal the way the banks treat me.
Yep. We were gearing up to buy our second house. The bank wanted 5 yrs of tax returns and endless nonsense. I easily shuffled 750k a year through the accounts. I took a regular job that was roughly a 1/3 of what i paid myself. I only had to have it for 30 days before it was considered stable enough for a mortgage. i was sick to my stomach..
If they can't email and sign Electronically then you need a different Bank. I just sold 1 of my houses entirely from outside the Country 100% over the Internet.
Might I add, I'm betting the jerk behind all the problems is a newbie young manager 'enjoying their new power'. As I stated, I'd go to the top of the bank's ladder and let them know. Complete BS.
Few years ago when we were buying a new vehicle I was at the local credit union. Me to the loan officer- "my wife and I are buying a new van in the next day or so, I would like to be pre-approved for a loan of about $25,000 ". Him- "You can't just walk in here and expect us to loan you $25,000! It needs to go before the board to be reviewed, and many other things we check before we can give you a loan like that. Might take a few days or at least a week". Me- "Okay, I didn't need to do all this last time we came in for a new vehicle loan, we just came in and asked". Him- "Give me a few minutes". Gone for about 5 minutes. Comes into the office and says "Well sir, you and your wife's credit scores are XXX (low and mid 800s) and we have absolutely no problem in loaning you this money today". John, if your credit score is that good along with your wife's I think the bank is jacking you around.
My wife's score is a little lower then mine, but still in the mid-700s. She was the victim of a scam which we reported to the USPS inspectors and B of A. I have been unable to untangle the mess because so far I have not found a way to get to talk to a Human at equafax.
