Why First Time Home Buyers Should Stay Away From Bank Of America

5.20.16  BY Robert Nichols

Many first time home buyers may not know this, but a Bank of America Pre-approval letter is one of the worst approval letters you can use if you are looking to purchase a home. Many listing agents and sellers refuse to entertain offers from buyers with Bank Of America Pre-approval Letters. The reason for this is the time it takes for them to underwrite loans and provide updates. They may take 4 weeks to review a file and request extensions and then deny a loan. The combination of poor communication and their inability to close on time or close at all have led experienced agents to essentially boycott their services. If you want to submit a competitive offer, choose any lender but BofA and you’ll increase your probability of success!