Sir:  I went to my bank, the one I use for checking and savings. I did this for materials I needed for a loan agency I had begun dealing with to mortgage a home out of state. The rep at my banking center told me I could be “preapproved with them”. The rate was good and I could shop for a home knowing financing was taken care of.
When I found a home and asked for the paper work to be done it was turned over to a loan center in Tampa, Florida. Then I was informed that my income to debt payments were to high,
I co-signed for my son’s auto in 2004 and my vehicle monthly amount was too much, my vehicle pay off is 12/2006, 3 more payments and it’s mine clear. I was instructed to get a copy of my son’s checking account to show he has made all current payments, did same, and I was asked if my pension was going to be good for ten more years? Yes,
I hope for 50 more years, Police and firemans pension for 25 years of service with the New Jersey Department of Corrections, did that through Trenton, NJ. all explained. Then they wanted to know where my $5000.00 downpayment was from, I said another account in New Jersey. Show a letter of how and if it were a gift, from who.
I explained that the money was in my savings account with their bank.
I was then informed that because of my debt to income, that I would need at least 20% down, $14000.00 on a $68500.00 home that would be reduced to less that $55000.00 dollars.
Funny part is when I asked if I should consult a lawyer about this bait and switch deal the branch that made the original preapproval got very polite and extremely helpful.
Could I have caught them in a scam? It’s been 4 days now and they haven’t said yes or no. If you could reply to this, I would really be grateful.
ps: The Bank of America to answer your question.        Thom Hackett

Posted on 09/04/2006 at 11:03 AM

This is exactly the “corporate runaround” which I speak of in some previous articles.
Too many large corporations have dropped out the “individual client” and see themselves as behemoths which have their own set rules without face to face service.
Here’s the motto for success:  DELIVER BETTER THAN PROMISED
My personal feeling is that it’s difficult for clients who’ve worked for corporations or government to break free from the idea that “big business will take care of me”.
It’s a leap of faith; but give me “mom and pop” everytime.  Small business has lower overhead and big business charges retail.
It’s sort of like buying produce from the roadside stand, if the quality is there and the price is right who needs to fund employee vacations, 401K’s and stock options.

Posted on 09/04/2006 at 12:52 PM

need a comercial loan with a1a credit rating over 740 we are buying and office

Posted on 02/06/2007 at 6:02 AM

When it comes to researching mortgage options, the Internet offers 24-hour convenience. While most customers still prefer to complete their loan transaction with a “live” mortgage broker or lender, there’s a lot of valuable information online.Here, we explore the benefits and alert you to the potential pitfalls of shopping for your mortgage online. Mortgage websites come in two basic flavors: those sites that don’t offer loans (called “no-loan” sites) and those that do.

Mortgage Information (“No-Loan”) Sites..No-loan sites don’t broker or lend mortgage money, but typically provide mortgage content, information, and news, as well as mortgage rates—just what most mortgage shoppers want and need.Sites like HSH Homeplans and Bank Rate Monitor keep daily tabs on mortgage rates, indexes, and market events that push costs up or down. Visit sites like these to obtain the latest regional average rates on purchase, refinance, equity, and other mortgages.

Posted on 01/17/2009 at 5:05 AM