My mortgage is with Bank of America, need financial advise.

[rafterman191]

I have a 30 year fixed rate FHA loan with BOA and their politics and policies are not something I want to support beside the fact they are far from AMERICAN. What can I do?

 

[tmfinney]

How long have you had the mortgage with them? If you've had it for a while, I would think you could refinance it with another bank, definitely check with a local credit union.

 

[EvilElmo]

AFAIK your only option is to refinance with another bank. It'll mean paying closing costs and your loan will reset to 30 years from the time you close (assuming you stick with a 30 year loan).

On the bright side interest rates are still very low and all things being equal your payment would be somewhat smaller since you'll effectively be borrowing a smaller amount.

All of this is assuming you have enough equity left in the house after the recent plunge in real estate values in order to qualify for the loan.

 

[jrainw]

Refinance with a local bank, mine have great rates now and I've been thinking about refinancing also.

 

[Kedric]

Yep, like others have said you will need to refinance with a different financial institution. Just make sure you research them and find out their politics and policies before hand.

 

[churchmouse]

Look into the credit unions. We made the switch and could not be happier. Screw the big boys.

 

[rafterman191]

Yes, my original mortgage was with Quicken loans, which lasted all of a year before they sold the mortgage to BOA. This was obviously not something I was even aware they could do without my help. Shows you what I know about this garbage. I will ask around some of the local credit unions and if I can get anything comparable I will let them have it. Any idea if it affects your credit rating negatively?

 

[HavokCycle]

knowing your interest rate would help. if you're like most of middle america, and bought in the last 5-10 years i'm guessing its somewhere around 6%.
however, on loans, you pay all the interest up front, with a minimal payment to the principle, which means if you're in that time frame i've mentioned, you've really not built any equity at all.

if thats the case, and you re-fi now, you'll get a lower interest rate yes. BUT you'll pretty much be starting over, and you'll have built ZERO equity.
6 in one hand/half dozen in the other. you've already paid a lot on the interest. if you refi, you'll pay less a percentage going forward, but a lot of what you've already paid is lost.
if you're determined to be pissed off because of their politics, then do as you please. i'm only giving you my knowledge of economics and finance.

again, this is assuming the first question, in that you've recently bought, 5-10 years. if you've owned it for say, 15-20 years, it would indeed make sense to re-fi, as you'd have taken a serious chunk out of your principal at that point.

 

[88GT]

Yes, my original mortgage was with Quicken loans, which lasted all of a year before they sold the mortgage to BOA. This was obviously not something I was even aware they could do without my help. Shows you what I know about this garbage. I will ask around some of the local credit unions and if I can get anything comparable I will let them have it. Any idea if it affects your credit rating negatively?

Ironically, you signed a piece of paper at closing where the lender disclosed the percentage of loans they typically sell/have sold in the last X months. Entities like Quicken rarely, if ever, service the loans they originate. They profit from the origination fees then sell the loans to avoid the 'overhead' costs of carrying the loan. Pretty sure there's a term in the note document that specifically lists the right to transfer/assign/etc the note to another party as well. But nobody reads the note.

It does not affect your credit rating negatively to refinance.

 

[Signal23]

Yes, my original mortgage was with Quicken loans, which lasted all of a year before they sold the mortgage to BOA. This was obviously not something I was even aware they could do without my help. Shows you what I know about this garbage. I will ask around some of the local credit unions and if I can get anything comparable I will let them have it. Any idea if it affects your credit rating negatively?

I am a home builder by day, I deal with this stuff every day. PM me if you want more detailed advise.
Mortgage rates are super low right now, even for BOA is now "servicing" your loan.
What you want to find is a Mortgage co. that services it's own loans, so when you call, ask, do you service your loans or sell them........
Also, dont use a Broker, use a Lender.
Brokers meet with you and sell or originate you loan at a slightly higher rate than a Lender.......and they keep the difference.
Here is what that could look like. Say the going rate is 3.5% which is what it is today, a broker might quote you 3.75% or 4%, PLUS fee's to do your loan....that is how they make there money, some people need that type of agressive help, but most don't.
Hope that helps.. So you want a lender that services its loans.

 

[Cheapdiesel]

pray you don't have to call customer service. I also have BOA and their customer service is worse then awful! It took them nearly 2 months to get the escrow straitened out when I changed my insurance company and I warned them 30 days before it happened and told them everything they needed to know still they kept screwing it up until I refused to pay them for a couple of months and then they decided to get their heads out of the @55 for 30 seconds. I hate them I also have to deal with them for my FSA at work. They do everything possible to steal my money. I have no choice about work and my mortgage was sold to them last year. THEY SUCK!!!!!!

 

[88GT]

I am a home builder by day, I deal with this stuff every day. PM me if you want more detailed advise.
Mortgage rates are super low right now, even for BOA is now "servicing" your loan.
What you want to find is a Mortgage co. that services it's own loans, so when you call, ask, do you service your loans or sell them........
Also, dont use a Broker, use a Lender.
Brokers meet with you and sell or originate you loan at a slightly higher rate than a Lender.......and they keep the difference.
Here is what that could look like. Say the going rate is 3.5% which is what it is today, a broker might quote you 3.75% or 4%, PLUS fee's to do your loan....that is how they make there money, some people need that type of agressive help, but most don't.
Hope that helps.. So you want a lender that services its loans.

Lenders originate the loan. Brokers find the lenders.

 

[Panama]

I have a 30 year fixed rate FHA loan with BOA and their politics and policies are not something I want to support beside the fact they are far from AMERICAN. What can I do?

My wife and I do not currently have a mortgage, but if we did...........
Call, immediately!

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