Bank of America
SLOW on Refinance - Refinance Home Loan

We started a Refinance mid- June. Were told that it would take 60-90 days to process the loan. A week or two later were told that it may take a couple weeks longer because they were backed up with all the Home Buyer Tax Credit mortgages that needed to be done by the end of June. No big deal.

Well, here we are, mid October and we are still waiting to close. They didn't even start to process our file until well after the 90 days they originally said it would take to complete the process! We decided to refinance becasue money is very tight and saving even a little on our monthly payments would help us out tremendously with bills each month.

I was told in September that they thought our refinance would close in Ocotober. I was told today that it won't close this month but it should close next month. At this point I am 2 monthly payments beyond where I was supposed to be saving money on my payment so that I could pay other bills too.

Extremly frustrated with the amount of time the process is taking. To add to it all the customer service has been terrible. Almost every conversation, via phone or email, has been initiated by myself. And then the responces are short and often delayed. I feel like I am less than 'just a number' with this company.

If they are so far behind on loan processing then why don't they hire more people? Everyone knows there are tons of people looking for jobs these days.

Company: Bank of America
Country: USA

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