Beat the Bank

The first thing we did when we began our whole home buying process was go to our bank to get "pre-approved" - which means nothing really, but that's a whole other story.

When we went in to the Bank of America to meet with a mortgage advisor we were introduced to the "Best Value Guarantee". In nutshell, if you are approved for a mortgage by the B of A and then decide not to close with them, they will give you $250.

Sound too good to be true? Well I am ecstatic to announce that we received our $250 cheque today! Of course the B of A doesn't make it *easy* for you to collect on their guarantee. But with a little legwork it becomes well worth the hassle, IMHO.

For any of you out there who stumble across this posting, here are the steps I went through to get our reward:

• Figure out how to apply for the redemption. Though the pamphlet that we were given at the bank doesn't have any details on how to go about collecting, a quick Google search reveals that you need to phone 800.870.3206 to answer a brief automated phone survey
• At the beginning of the survey they tell you that at the end they will provide the fax number and mailing address to send in a copy of your HUD-1 to prove that you actually closed and closed with another lender (in addition to giving them all the details they ever wanted to know about their competition). Note: write down BOTH the fax number and the mailing address. I planned to fax, so I only wrote down the fax number. But the fax number was bogus so I had to do the whole survey over again to get the mailing address
• Fax Number: 800.272.0562 When I first did the survey I swear the fax number they listed was 800.272.0576 which is disconnected and made me very cynical. However when doing the research for this blog post it seems to have been fixed, so I'm slightly less cynical than before)
• Mailing Address #1 Bank of America Best Value Guarantee, Attn: Pauly Bradshaw, 1375 North Highway Drive, Fenton, MO 63099
• Mailing Address #2 Bank of America Best Value Guarantee, Attn: Pauly Bradshaw, 1375 North Highway Drive, Fenton, MO 63026-1929
• Why 2 mailing address you ask? Well, the curious cat that I am, I was interested in knowing where this Bank of America location was and I looked up Mailing Address #1 on Google Maps. However, I was slightly confused when the zip code came up as 63026. So I looked up the zip on USPS.com and found it listed as 63026-1929 which matched Google Maps. Just to cover my bases I mailed a second letter to Mailing Address #2

And after 29 days of patience, my efforts were duly rewarded with a cheque in the mail for $250 :)