I'm 7+ weeks into the process of refinancing through Bank of America. The first 3 weeks of the process was pretty painless and I received several reassurances from my loan officer that I'd get the loan, but after the appraiser's report came back and said my property was worth 35% less than what I bought it for in Nov 2007 it quickly became another story. If they'd just say "NO", then at least it would be an answer, but instead, my loan app is sitting on some BofA loan exception reviewer's desk where they will decide if they will refi my 1st mortgage for 115% LTV because of the loss in market value. Our credit is nearly perfect, my wife's credit score is 803 and mine is 797. We've been paying on-time every month and pay extra toward principal every month so our payment history with BofA is impeccable. My 60-day rate lock perserving a 4.875% 30-yr fixed rate is ending in a little over 2 weeks and for the last 4 weeks, my BofA loan officer continues to string me along by saying that he can't do anything until he hears from the exception review committee or whatever. I really expected more from BofA and they are squandering this opportunity for my continued business.

We have been trying to refinance with B of A for over 5 months now. This whole process started in January. They initially told us there was a delay in assigning a loan processor. Then in mid April they said they lost all of our documentation and we needed to resubmit everything. Apparently we were not the only ones to get the call. They even requested additional information. It has been one thing after another. I am fed up and do not want to give them the business, but my husband insists. The experience has been absolutely awful. I am starting to wonder if they are trying to control which quarter the business is recognized in. There is something funny going on here because it should not take 6 months to go through this process. A colleague refinanced through Wachovia with no issues and it was done very quickly. Go elsewhere!!!

I refinanced my home last October with Bank of America, in order to avoid the next 1% raise on my interest rate with my FHA ARM.
I must say it wasn't a bad experience. The rate was good, and the communication was good as well. The only negative mark was for the timing of closing. They called me the final day before I lost my locked rate and said I needed to meet with the closer to get everything signed. I had an event planned that I had to miss in order to get it done. It was a higher priority, but I wish they had done a better job on their end.

I was in a very tight spot which forced me to refinance my home. I am very glad that i went with Bank of America. They gave me the best deal that i could imagine and now i have some extra money freed up each month. Thank you Bank of America