Posted on: 07th Jun, 2009 04:22 pm
Anyone with experience refinancing with BofA?
My mortgage was sold to Countrywide somewhat 9-10 month ago. I call what was then a Countrywide for refinancing an agent told me that since I dont take any money out, my equity-to-loan ratio is very high, credit is in high 700s'we should be able to close in 30 days. That was 3 month ago. Ever since Countrywide became fully BofA their mortgage processing unit became even worth. My phone calls are not being returned at all, I mean not a day or week later, they are being completely ignored. They are not asking for additional documents, or anything, they just make believe they are "not home". My guess is that they just dont want me to have my interest rduced from 7.125% to 5% that almost $400 on $208K mortgage. They just want to keep charging this money until I refi with the other bank. I feel so stupid.
Does anyone else had similar experience when refinancing with their current lender? Any Idea how to deal with that? Is there any law that limit processing time , at which the bank must come up with aether refusal or the loan? If not can it technically run for a year or two?
My mortgage was sold to Countrywide somewhat 9-10 month ago. I call what was then a Countrywide for refinancing an agent told me that since I dont take any money out, my equity-to-loan ratio is very high, credit is in high 700s'we should be able to close in 30 days. That was 3 month ago. Ever since Countrywide became fully BofA their mortgage processing unit became even worth. My phone calls are not being returned at all, I mean not a day or week later, they are being completely ignored. They are not asking for additional documents, or anything, they just make believe they are "not home". My guess is that they just dont want me to have my interest rduced from 7.125% to 5% that almost $400 on $208K mortgage. They just want to keep charging this money until I refi with the other bank. I feel so stupid.
Does anyone else had similar experience when refinancing with their current lender? Any Idea how to deal with that? Is there any law that limit processing time , at which the bank must come up with aether refusal or the loan? If not can it technically run for a year or two?
hi frflier!
welcome to forums!
lenders agree to refinance a property if the borrower has a good credit score, stable income and if the property has equity. it seems to me that you satisfy these criteria. so, the lender should have accepted your request for refinance. it is surprising to me why they haven't done this.
you can contact a lawyer and ask him to deal with your lender. the lawyer can send certified letters to your lender requesting him to justify why he hasn't refinanced the loan. however, i would suggest you to speak to other lenders and check out if they can refinance the loan or not.
feel free to ask if you have further queries.
sussane
welcome to forums!
lenders agree to refinance a property if the borrower has a good credit score, stable income and if the property has equity. it seems to me that you satisfy these criteria. so, the lender should have accepted your request for refinance. it is surprising to me why they haven't done this.
you can contact a lawyer and ask him to deal with your lender. the lawyer can send certified letters to your lender requesting him to justify why he hasn't refinanced the loan. however, i would suggest you to speak to other lenders and check out if they can refinance the loan or not.
feel free to ask if you have further queries.
sussane
A general rule states that if rates drop by two percentage points, that was the time to refinance
but you should also consider:
Refinancing costs
Prepayment penalty
Impact on taxation
but you should also consider:
Refinancing costs
Prepayment penalty
Impact on taxation
Just an fyi, I'm in the process of borrowing from CountryWide/Bank of America, and they are very busy. New mortgages are taking priority over refi's. My loan has been in the works since April 10.
Dew, what rate are they offering you? Are you locked in? It is not too late to change lenders.
Hi - I just got the commitment letter this morning. I am locked in at 5%. Is that good? I was a little nervous that it might go up a bit, but it didn't.
My RE broker blames FHA for this taking so long, but I suspect that all loan approvals are taking a long time, ragardless. Besides, it's not really any of his business how I got the loan. I had to go FHA in this case.
My RE broker blames FHA for this taking so long, but I suspect that all loan approvals are taking a long time, ragardless. Besides, it's not really any of his business how I got the loan. I had to go FHA in this case.
Hi DewOnAPetal,
In my opinion interest rate of 5% is quite good. Rates have started rising slowing and I feel you should go in with this rate.
In my opinion interest rate of 5% is quite good. Rates have started rising slowing and I feel you should go in with this rate.