HORRIBLE ! HORRIBLE ! HORRIBLE !
I took a financial loss and an emotional upset due to Bank of America.
First - I am told that the debt-to-income ratio was within their limits. There was no problem.
But there was a problem. People at bank of america are incompetent and liars.
Turns out - The day before closing after issuing a commitment letter they refused to approve my loan. If there was a problem (there should have been none because I did get approved easily by another bank), they should have realized it much earlier. Not the day before closing. But they didn't. That is incompetence. They had plenty of days to figure out any problems with the loan.
Second, I was told my debt-to-income ratio is 41.5 % and going for a higher rate and positive points will take of that.
How come the debt-to-income ratio changes every time I talk to bank of america? By doing this just a day before closing, they indirectly black-mailed me into accepting whatever rate they proposed. But it seems every single time the bank ends up with some other issue.
I have submitted multiple and several explanations regarding other liabilities like credit cards, car loan co-signed on; however I continue to get the same questions again and again. I wonder if the people working on my file were are making diligent efforts to know the case in and out?
I had submitted every single document required of me so far. I had done my diligent part in this partnership. But Bank of America fell short of its promises every time. The guarantee-to-close letter promised a closing date of 30th June. Now it is July 5th, and we are nowhere close to it. Not only did they not close, they did not pay me $500 that were promised if they failed to deliver.
They wanted me to pay a higher down payment and at a higher rate just before the closing date. I chose the bank because of the rates they offered me initially. This was totally UN-professional and probably ethically wrong too.
Based on their false promises and untimely updates, lack of communication, extremely late replies to my emails regarding the status of the loan - I had now moved out of my previous apartment, my belongings have had to be put in paid storage and I did not have a place to live.
I had to immediately look for a place to live.
I was really surprised to see all these last minute problems come up. If there were that many problems to begin with, how was I pre-approved for a higher amount or given a commitment letter by the bank 1 week before the closing. These things should have been looked at first and not last.
It seems that departments dont talk to each other well, people dont know details about their loan programs, people make false promises and are not ashamed to break these promises. This was an extremely horrible home buying experience for me.
I would never recommend and also strongly dissuade anyone from ever going to bank of America. They are making false promises. Totally untrustworthy.
Would have easily given a zero, given the horrible experience I had with bank of America. But for Jeff Carchidi as a person -I would probably give 2/10.