Are you considering mortgage refinancing with Bank of America? If so, you might be surprised to find the mega bank is less than interested in your home loan. In fact, since the Countrywide fiasco, Bank of America has been gradually getting out of the mortgage business. Here’s the latest on mortgage refinancing with Bank of America to help save you a significant amount of time and frustration refinancing your home.
Bank of America Refinance Rates
B of A isn’t exactly turning heads with their refinance mortgage rates. Despite this, they are having trouble keeping up with demand, mostly thanks to HARP 2.0. The new Home Affordable Refinance Program pretty much allows anyone access to today’s ridiculously low refinance rates, regardless of how underwater they are. This has led to a rush on mortgage lenders due to renewed interest in mortgage refinancing. Bank of America, despite being a mediocre bank, enjoys enormous brand recognition, hence the backlog on their mortgage refinance applications.
Because Bank of Amercia has been steadily getting out of the mortgage business, their maket share is now less than 5 percent and they don’t seem to care much about addressing the backlog. The bank is focusing solidly on retail homeloans and is no longer in the wholesale or correspondent markets.
90 Day Mortgage Wait At Bank of America
If you have your mind set on B of A for your refinance, you won’t quite need the patience of Job, but it wont hurt. Bank of America isn’t turning people away yet but if you call durning peak hours they might require you to make a reservation.
Once you’ve got the application out of the way it could be up to 90 days before anyone gets back to you. After that expect to wait even longer to get through underwriting and eventually get your home loan funded. If you haven’t fully locked your refinance rates and terms there’s no telling what will have changed by the time you finally do close.
One other thing of note, Bank of America has stopped offering cash back and Home Equity Lines Of Credit (HELOC).
If you are truly committed to mortgage refinancing you’re better off doing business with one of today’s best mortgage lenders like Amerisave, who is equipped to handle your home loan in a timely manner. When shopping for the lowest refinance rates be sure to check out several lenders and mortgage brokers, comparing lender fees and closing costs before choosing one of the best mortgage companies.
You can learn more about getting today’s lowest reninance mortgage rates without paying junk fees or unnecessary markup by checking out my free Underground Mortgage Videos.