New Member
Posts: 2
Registered: ‎09-10-2007

Bank of America Preapproval?

I went to a Bank of America to start my preapproval process. Basically, I have every documents (w2s, checkstubs...etc) with me and the lady pulled my credit report. Needless to say, I was preapproved for a $200,000 mortgage. I requested a preapproval letter and GFE and she gave them to me. Then she said she needed $50 for the underwriting process so I handed her my checkcard. A few days later, I got a package from BoA with my loan application. This look like the full loan application but the preliminary box is checked instead of final. I don't even have a house yet. However, my main concern is that there's a $450 nonrefundable application fee with my check card number on it. Does this mean I already started the application process and if I decided not to get the loan from BoA, the $450 application fee will be withdrawn from my account?
Posts: 86
Registered: ‎07-08-2008

Re: Bank of America Preapproval?

Check there website which states  0 fees across the board... so according to that you should be able to get all of you money back and proceed with the application process FEE free.
I've been where you are trying to go and I don't wanna go back.
New Contributor
Posts: 71
Registered: ‎10-25-2008

Re: Bank of America Preapproval?

I have a pre approval from bank of america and their rates were high.  I didn't use them and use another lender with better rates and after three months I got a letter from boa saying that my pre approval has expired.  I'm not sure about the fee though.  I didn't have to pay any fee's and I did get the same packet in the mail. 



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