Bank of America is a large company that offers many kinds of financial products, including home loans. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, bridge loans, down payment loans, renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation. Furthermore, Bank of America has gone through several make-overs, especially in relation to customer service. Their reputation was less than sterling in that they treated their corporate customers as much more important than their individual customers. They have made great efforts to rebrand themselves, but the basic problems were mostly masked as opposed to corrected.
Bank of America’s Website
Bank of America’s website is overcrowded and less than clear. The number of programs associated with home loans are poorly organized and the emphasis is on taking advantage of other’s misfortune: short sales and foreclosures. Bank of America has many subsidiaries that are more than likely to be the actual people customers will deal with as opposed to the bank proper. The range of loan options available is broad and their specifically unique service is to provide people will short sale opportunities.
Lots of Words but What’s the Deal
The short sale descriptions include two options: stay in the house or don’t. There are several options under each, but to stay in your house with the Bank of America modification program you are required to allow an in-house appraisal. In spite of all the information on the site, there is no mention of how much the appraisal costs or who choses the appraiser. These types of programs often attract the desperate who will never be approved but will have to pay the fees associated with applications for the program. Proceed with caution!