Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4825260
Complaint Overview
Complaint ID: 4825260
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Texas
ZIP Code: 76210
Date Received: 2021-10-19T12:00:00-05:00
Date Sent to Company: 2021-10-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
At the end of XX/XX/2021, we were approved for a refinance of our existing mortgage loan. It is already thru Bank of America. The closing costs were estimated at around {$7000.00}. We disclosed that we wanted to pay all closing fees out of pocket and also that property tax is due in XXXX We were assured that there were no hidden costs and that we were okay on only having partial property tax included in the closing costs even though property tax is due in XXXX XXXX and that we would close at the end of XXXX. The closing date was scheduled for XX/XX/XXXX. We provided all financial docs to confirm we had the required amount plus funds to cover 2 months of mortgage payments. Now almost 2 months later, they changed the closing costs amount 2 times because they did not calculate it accurately and we called them on it. They tried to include some of the closing costs into the new loan amount without telling us. When we said again that we were paying all up front, they were now asking for more funds to be in the account because they wanted the full property tax for the year. And when we agreed to the new amount of {$11000.00} in closing costs, they still said they could not close us by the end of the month. Also, the loan officer said that we dont need to pay XXXX mortgage payment as we were going to close on XXXX XXXX so we did not. Thankfully we had that money on the account to make mortgage payment timely. So we decided to withdraw our application. This process was painful, long, dissatisfying and it felt like they were trying to take advantage of us and hide costs within the new loan balance.
Frequently Asked Questions
What is Complaint #4825260 about?
Complaint #4825260 was filed against Bank Of America, National Association regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-10-19T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.