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ty_lees · Joined: 22 Apr 2008 Posts: 6 3.77 Dollars($)

Shop for loan > Get Pre-Approve letter > Shop for Home > Sign Contract for home, put Earnest $ down > Do Home Inspection > Send documents to bank including buyer contract > NOW WHAT????

I don't know what else to do. I'm a little worried because I feel I'm not in control. All the documents are sent to the bank. I was told I don't even have a person to handle my loan and only a department for now. A live person will work on my account for 25 days or so then let me know. Which means I don’t know 100% for sure about closing or everything else. Closing is set to July 18 and it feels like it's around the corner. I'm worried something might come up and I'll lose my Earnest $ and cost for home inspection. My realtor indicates it's all up to the bank now and we'll have to wait to hear from them…Some one comfort me, with good news please. Is this normal of most banks? BTW, this is BOFA.

brian1 · Posted: Fri Jun 20, 2008 4:36 pm Post subject:

I am very biased when it come to the broker vs. bank debate and this is one of the reasons. Banks do not require licensing so you are not only at their mercy time wise but you are at their mercy as far as who they assign to your loan. Now you have a month and they have the paperwork it will probably be fine there is plenty of time but not knowing who to contact with questions puts you in a helpless state.

BofA does have some solid loan programs I hope it all works out for you

Brian

gmakerley · Posted: Sat Jun 21, 2008 4:35 am Post subject:

brian's last 2 sentences pretty much sum up my take on this matter also. i suspect also that "it will probably be fine" and that "bofa does have some solid programs."

i am flabbergasted that you don't have anyone's name at the bank, however. frankly, it sounds like you began with a broker who is working with bofa wholesale division (sorry, brian, if this is the case, there goes your theory about bankers).

you had to have someone who first directed you to forward documents - who was that? how is it that you might have had no human contact in this process? somebody's name appeared on that preapproval, didn't it? something is not right here.

Guest

Thanks guys for the quick response. This is how it all started. I went to the BOFA website shopping for a loan. Did my application like anyone should of. A Loan Rep from San Diego calls me about the loan in specific. I indicated I wanted a Pre-Approval letter. I then gave him all my detail info in which he stated he would send to the underwriting department to review. This process took 1.5 days. I was given a follow up that I was pre-approve and that a packet was sent to me via mail while a letter of Pre-Approval was sent via fax. On the Pre-Approval letter it has a departments name as a representative, called "BUYER READY LOAN LINE" In which all documents are directed to this department. From my conversation with BOFA, its goes to this department for review then transfer to an underwriter, who furthers review my application. That underwriter may take 25 days. The underwriter MAY or MAY NOT contact me, depends on the application.... I'm just a worried first time buyer putting more than 20% down on my dream home.....I've already exhausted $2300.00 and afraid its going to waste.....

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

I hated that my mortgage was handled by a company that I was not familiar with, but our everyday neighborhood bank would not finance us, so we ended up going with a company that found us a pretty descent mortgage, the company that found us the mortgage still stays in touch with us and it has been over 5 years. Our mortgage was sold to a different company and everything has remained the same.

brian1 · Posted: Sat Jun 21, 2008 6:30 pm Post subject:

So you are putting 20% down? It is pretty easy to get a loan when you have that much on the table.

Not a whole lot you can do now except maybe find a broker or another bank to get you set up with a back up plan.
If you do this make sure and tell the person what is going on. It is not fair for them to do work when there is a strong chance it will result in no pay. Many will agree to this hoping it doesnt go smooth with BofA many wont.

Good Luck
Brian

gmakerley · Posted: Mon Jun 23, 2008 10:06 am Post subject:

my expectation would be that the "loan rep from san diego" would be the primary person to contact. in your case, i think i would hound that person until some more favorable response came through.

it's not a bad idea, as brian mentioned, to have a backup just in case. perhaps you'll be quoted a better price in the process - who knows.

but no matter what else you do, see if you can get your san diego person to update you on what's happening.

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Am I doing it wrong, (OR) is it the system???