Today, the nice folks at Bank of America told me our re-fi probably wouldn't be completed for 75 to 90 days. The last time I spoke with them, they said it would be 60 to 90 days, but the interest rate is locked at 4.375%. The excuse is the same: high volume of business.
I can wait. However, if BofA can't expedite a simple, low-balance re-finance, how are they going to handle mortgage work-outs and the new plan to lower interest rates to help keep people in their homes? Why can't this be just like the credit card companies, where you call your credit card company (say, Capital One) and tell them you've been offered a lower rate on your Visa through another company than they are offering you and then they offer to knock two points off your existing card interest rate?
