Monday, December 19, 2011

Bank of America Mortgages/Home Loans

Anytime we work with a buyer who wants to obtain a mortgage with Bank of America, we can't help but cringe a little (okay, maybe a lot). Many of times, buyers don't know where to begin shopping for a mortgage so they call the big boys .... Bank of America, Wells Fargo, etc. Unfortunately, they don't tend to win "service awards" in our book. I came across a video this morning of a couple from Georgia who missed four closing dates while they waited on Bank of America to get it together and close their loan. Meanwhile, the seller began charging a $50/day per diem for every day after their scheduled closing date. In effort to get Bank of America to cover the per diem and get the loan closed asap, they created this (cheesy) video ... and it worked! They also created a blog that outlines the entire loan history:

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...interesting to see what you have to do these days to get things done!

Most buyers don't realize how important it is to have a GOOD lender working for them. Not only is your lender determining your mortgage payment and fees for the next 30 years, but a bad lender can also cause all kinds of problems while putting your deal together on a home. In the worst cases, they can cause you to have to pay additional earnest money, hefty per diems (these guys had to pay $50 for every day they were beyond their closing date), and in the ultimate worst case scenario, you could miss out on the house all together. If you are unsure of the lender you are using research them....would you use BOA if you googled them and found this video? You could always call us....we have free advice on our experience with lenders and we know a few good ones we can send you to.
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