Refi Madness

In January, I met a woman who works as a loan officer for Bank of America. "You should call me about refinancing," she said. So I did. She took down my information, worked her magic at exactly the right moment, and got me a loan at 4 7/8%, a full percentage point below my current one. The rate was available for ONE DAY - it dipped down to that rate, then jumped back up to 5 1/4 the next morning. So I'm happy with the rate she got me.

Nothing else has gone right in connection with this refinancing. The initial documents reflected only my parents (who co-0wn my house) as borrowers, my father's name was misspelled, and the dollar amounts were all wrong. I told the loan officer, and she told me she'd correct the problems.

We requested final documents to review before signing. They didn't arrive, didn't arrive, and didn't arrive. They weren't ready by the time the rate lock was set to expire. So the bank extended the rate, at no cost to me because the problems had been on their end. And when they finally arrived on Thursday - the day before the rate was to expire after being extended - I still wasn't listed as a borrower, and the dollar amounts were still wrong.

I told the loan officer the docs were wrong, and that I expected her to extend the rate again, and to do so again at no cost to me. She promised me that, instead, she'd withdraw the initial application and resubmit, while giving me the same sweet rate.

I have no recourse if she fucks it up again. I never had a binding commitment from the bank to make me the loan. But if I end up losing out on this, I will be pissed.

You just can't find good help these days.