We have previously bought 10 homes and have refinanced 4 times. On this move to florida we had purchased a home in sept using a bridge or balloon loan to not lose this particular property with the intention of refinancing and securing cash out. The bb and t representative assured us "no problem",because we had all our documents current ,should be quickly done. She explained that she was the best and had a "team" to work with us to get this done. In the following approximately 90 days ,we heard her voice 3 times ,twice assuring "the team" had under control. We constantly had to call on status and constantly were told will be done soon.
We held out having a home appraisal until we redid the landscaping and painting of the home as the last "box to check" knowing this affects the cash out based on the current appraisal. We were billed for the appraisal. Almost 60 plus days from when we first initiated the application ,the underwriter advised that we could not cash out until 6 months from the previous closing!! I was then advised that "we are working on that "! This was the last communication on the subject! We meanwhile checked 2-3 other mortgage companies and were advised that you can not cash out for 6 months.
The issue here... No one of the 6 people on the team ,the original mortgage rep or the assistant to the underwriter bought this up or seemed to know about this!!! Not only did we endure extremely poor service,no responses; no sense of urgency or care! Had we known from day one by the representative ,ms cheri campbell , we would have held off the appraisal and process until 6 months! We are now out approximately $ 500 for the appraisal and will need to pay for another one in the future. The bank has not acknowledged this cost and has never communicated to us since on the status of our application!
They just do not care!! This is both a personal as well as a systemic problem at bb and t
we recommend to all.. No mortgages with bb and t!
Long story short- DON'T EVEN WASTE YOUR TIME if you are trying to do this. If you do, the process will be long with lost paperwork and slow process of approval. After 6-7 weeks in the process with BB&T I decided to change banks. The new bank gave me a list of what they needed. I worked to get as much as possible to them that night. BEFORE NOON THE NEXT DAY I HAD APPROVAL FOR US AND THE BUILDER!!! We are now only 2 days in and I already have an appointment for the appraiser to see the lot tomorrow. This is further than BB&T was able to get in a 6-7 week period. I wish someone had warned me.
Border line ignorant! If you are having a bad day ask to leave you should never treat your customer like $#!T. After waiting 30 minutes to connect with customer service this idiot N.B. hung up the phone while I was talking. This is only 1 account of 5 that I have with the bank but I can say for sure by noon Monday all of my accounts will be closed!