I re-financed my mortgage with Bank of America in June of 2010 to take advantage of lower mortgate rates. I compared what they had to offer with several other banks. One of the reasons I went with them was the lower monthly cost. I have just received my statement to be paid on Jan. 1, 2011, and my monthly payment has gone up by over $200 per month: that is $2400 per year- a huge increase. I called b of a and they stated that they 'couldn't have known' what my property taxes were and they just had to 'guess' at the proper escrow amount. I know for a fact I submitted my actual tax bill as well as homeowners insurance information. This huge financial institution 'guesses' at such an important element of the monthly cost of a mortgage? I never would have gone with them if I had known they had calculated this information improperly. I have asked for a callback from a supervisor from bank of america but apparently, that isn't 'how we do things'. Please review any documents you have if you are closing with this bank, they are apparently very sloppy and not accurate, and clearly do not take the time to ensure the numbers are correct.