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Profile picture for 4551

Our mortgage is with Bank A. If we refi with another lender what is involved? We pay 6.3% /30yr fix

  • January 22 2009 - Rhinebeck
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Answers (4)

Another consideration, since you are in NY, is mortgage tax. Depending on your loan amount, you may want to obtain a CEMA. This will save you money on closing costs, usually on loan amounts $250k +
  • January 22 2009
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Profile picture for Chris Corica
4551 - It has been my experience that more times then not, BoA has higher fee's and/or rate then most. Post a loan request, come back and post the quote ID and i'm sure you will get some excellent guidance on the best loan for you.
  • January 22 2009
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4551,
Simple answer to your question.  You do the same thing that you did when you secured your mortgage with Bank A.
1.  Complete a mortgage application.
2.  Have your credited ordered and reviewed.
3.  Get the okay from the lender to proceed.
4.  Lock or float the rate.
5.  Appraisal is ordered.
6.  Sign the complete mortgage application.
7.  Return it to lender along with supporting documentation that is requested: W2's, pay stubs, asset statements, proof of insurance etc.
8.  Wait until your are approved and get a clear-to-close by the lender and schedule a settlement date.
9.  Settle your loan with the title company.
10.  3 business days after settlement, your loan has funded.
  • January 22 2009
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First post a request on here to see what is out there in terms of rates for you.  Unless BofA is willing to just modify your loan, the process is going to be the same regardless.  Do some investigating on the lenders you would liek to talk to and then reach out to them.
  • January 22 2009
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