Followers, I don’t even know how to begin this article. Let me begin by saying that I have given up on the bank I was initially refinancing my primary home with. I started the refinancing process the first week of October and come Christmas 2020 and New Years and no closing date.
Mortgage Loan Officer
This woman was clueless. Something told me at the very beginning that she was a bit lost. I don’t blame the bank or the underwriter. They do the work based on what the loan officer gives them. This woman got all my financials mixed up. I am quite good about keeping my finances in order and I am able to generate reports like P&L, Balance Sheets, etc. in about five minutes from my computer. Bank statements I can get from my bank in the same time, all in pdf format.
I emailed all these documents and separated my personal financial statements from my business statements. Since this is what she requested initially. Guess what? She sent the underwriter the wrong documents and on top of that, the underwriter did not needed the personal statements to begin with, only the business statements.
I was patience, but after no closing date and from my talking to this woman gave me the feeling that she kept making things up as we went along. I have been in business and in the financial sector long enough to know when someone is making something up or just lying. But someone working at the bank, where you expect integrity and honesty. Boy have the big banks changed.
Approval
They did finally approved my loan after the underwriter understood what was going on. But you know what? Just one week before we were going to close on the loan (sign all the bunch of documents), I drafted a letter and emailed it to her. I put an end to the whole process. Pulled out. Just like that. 3% interest rate that I had locked in was too high now, after such a long time.
She called me and left me message. Even the upper management from the bank called me. I told her I was busy. I don’t get pay to explain in detail how poorly their employees are. Let them figure it out for themselves. At our level, where you are not refinancing a small $300k loan, it is way higher than that. They should be more careful and take care of these high net worth clients. Oh well. Someone else gets the business. This was Bank of America by the way.
New Financial Institution
I went back to the existing institution that I had my loan with. This is the institution I had initially intended to use, but they kept on putting me on hold such a long time before a licensed loan officer could talk to me. I called three times and I just gave up.
Finally, they answered my call. Boy, what a difference. This company is just amazing. I was able to lock a 2.75% rate for 30 years. I should close the loan by the beginning of the February. They even gave me some cash towards closing for refinancing with them.
Lesson Learned
Advice to you if you are thinking of refinancing. Don’t do it with the large banks. They are no different nowadays with Covid-19. You don’t meet with anyone and all is done electronically in the portals. Shop around. Above all, question everything the loan officer tells you. Keep good notes of what they say and what they promised.
Take care all and thanks for visiting my blog. I know, I know. I have not written to many articles recently. I got a few projects going on.
Economy Chief