August 22, 2017

Are you Refinancing with Bank of America?

Have you had to deal with or are you currently in a transaction with Bank of America to refinance?  After speaking with a colleague at Bank of America yesterday, we have learned of some news that would greatly affect timely transactions—information that is not disclosed to the consumer at the time of application.

Refinances with Bank of America are currently taking over 90 days to underwrite and over 4 months to close.  Industry standards for underwriting are approximately 10 days or less after loan submission to a lender and closing in 45 days or less.  B of A begins the underwriting process after 90 days.  After 3 months without communication from the bank and finally receiving notice of conditions needed for your loan, B of A allows only 48 hours to submit documentation; otherwise, your loan could be cancelled.   Remember they do charge a $400 application fee at the start of the refinance process.

After speaking anonymously with a B of A Loan Officer, we were told (twice) that refinances were closing between 30-45 days and purchases between 20-25 days.

Refinancing will continue with the low fixed rates and especially with the updates to the Obama Home Affordable Refinance Program (HARP).  With HARP you do NOT need to use your current loan servicer, feel free to contact us with questions or a pricing scenario.

With any refinance make sure you are receiving the best financial plan possible to meet your real estate and mortgage goals.  For updated mortgage news, please follow us at the Mortgage ReelTM.




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