Bank of America Home Equity Loans Review
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Bank of America is a federally-recognized financial institution that offers home equity loans. Headquartered in North Carolina and founded in 1904, Bank of America is a direct lender that qualifies potential borrowers based on their credit score, employment history, and outstanding debt.
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Customer Comments & Reviews
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Mortgage was paid off in full. Applied for line of credit to make some repairs to boost value of home. Received call that they cannot help us. Then received multiple listings of Homeownership counseling from them. This makes no sense. We have been a prefered rewards platinum customer for years. I'm sorry, but with this type of treatment, We have no choice but to part our relationship with them.
Lack of communication. A processor who didn't know the difference between a SFR and a condo. A processor who asked for info from the wrong person on loan. An agent who didn't delete rude internal emails. Managers who didn't bother replying to concerns. Issues that led to delay after delay. I also hate receiving ale that has poor grammar/ language- don't know whether this was an outsourcing problem? Last bank I would ever refer after this experience
As a Platinum account holder and with them since 1987, I will be changing banks now. They try and find any excuse not to lend money. I am a successful business owner with 3 houses 2 of which are paid off. Spent $550,000 to build a house over the last 3 years that is worth over $700,000. They are now questioning where I got the money to do that. Every check was written through BOA!. Now they want me to research the last 3 years to find the exact amount I paid. The house will appraise at $700,000 but that's not good enough. I am requesting a home equity of $250,000. I have excellent credit with a large amount of cash in BOA accounts a house worth $700,000 and they are requesting everything... Read More
Frustrating, I have submitted a Home equity line of credit application since 5/31/16. I uploaded all the required document right away whenever there was any new document needed. The whole month without any returning phone calls passed by , 7/1/16 , I got notified that the appraisal report has not been completed. Three weeks later, a supervisor called me and said there is nothing they can do but waiting for the earliest appraiser on 8/23/16. I have bought a few houses, and each loan processes never exceeded 30 days. But Bank of America is the worst, if I continue the loan process with BoA, it would be at least 3 months.
After literally 4 months back and forth and supplying every single document requested I get rejected for the following reasons 1-Serious Delinquency (I have a Macy's card that I forgot about & had $41 on it. Macy's didnt send me the bill & charged me $29. I paid it all and closed the card but bank of america still want to hold me to that! 2- Loan to collateral value exceed guideline. I asked them for 80% of whatever the equity is worth. I estimated it at 250K it came out to 205K they said you asked for 200K which is more than 80% of the 205K. Ridiculous reasons.