If anyone needs more evidence of Obamas war on business, I've got a story for you.
In case anyone hadn't noticed - the news is filled with home prices rising. Since my rental property finally tipped back into positive equity, I figured I would try to refinance. After all, I have comps to prove my case. I have a credit score of 814. Normally these two things (in a conventional market) would allow a refinance. I mean, positive equity?
Not so fast cowboy.
As soon as Bank of America found out my property was a rental - mind you I already pay a higher interest rate because it is non owner occupied - they refused to finance me. Yep.
They gave a vague "we have too many loans in the pipeline" excuse. When I tried to narrow the guy down, to get him to give a more concise answer I couldn't. And you know I have mad interrogation skills. Especially when I'm nice.
I'm guessing it has something to do with the fact that Obama can't figure out why there isn't more first time buyers, and it still trying to penalise investment.
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And your problems could also stem from BofA being the evil one of banks. Others may be close, but they've gone seriously downhill since they were the Bank of Italy a hundred years ago. And remember, President MoneyBags is ending his convention in Panthers -- oops BofA Stadium.
ReplyDeleteOh! Is he? Figures. I wasn't aware of that. Yeah. I know about BOA. I got my loan before they were a steaming pile of shit. Then, the guy asked if he could call me back in a month. I said - well, with my credit score I think I will shop around. He replied - that's your prerogative. Which translated to me said - we don't want your business. We'd rather take risky loans then some idiot with a 814 credit score.
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