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 !
Do not do business with this bank. They tried to reduce 100% verified income by 50%, which is illegal per the FTC under the mortgage discrimination laws (complaint was filed). Then they kept trying to add back in student loans that were consolidated, even after I communicated several times that these loans had been conolidated. There is little to no communications or call backs, the underwriting process is weak and deceptive and seems to rely on illegal practices. They then tried to push me into a high fee point loan which would have required high out of pocket costs after selling me on another product that I would have easily qualified for if they would have underwrote the loan correctly.
If I was you I would never bank at BBT. EVER!!!! I am a 15 year account holder that will be closing my account over a $10.00 fee that they charged and stated that while it was not charged correctly they will not refund it.... Spread the word!!! (Share if you would like!)
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