Profile picture for maxihood

REFINANCE-BOA

SOMEHOW BOA doesn't sit right with me...I am already in the disclosure process - should I go elsewhere? My home is worth 400,000.00 -BOA HARP REFI @ 3.675 %. I OWE 276,000.00 and will have to Borrow 290,000.00 save 500.00 mo payment reduction from 2715.00/mo...somehow the paperwork is overwhelming as the bank farms it out to oops reps. would rather sit down with loan officer or at bank location. I fell I should be getting more savings... good credit rating, Fannie may owned, all papers are in order...same bank I have been paying mort with. why the 20000 more to borrow and why can't they do better on the monthly savings... my home is mint
  • February 15 2013 - Yonkers
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Best Answer

I am guessing that BOA is not doing a CEMA so you can avoid paying the mortgage tax all over again.  Kind of is lame since they have the loan.  I would look around for a better deal.  My group does not have an office right next to you but I can put you in touch with a licensed loan officer that will spell everything out so that you can easily understand.  Contact me through my profile.
  • February 15 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am guessing that BOA is not doing a CEMA so you can avoid paying the mortgage tax all over again.
========
either that or they are doing a CEMA but disclosing the mortgage taxes anyhow.

  • February 15 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

To a consumer the loan paperwork and documents can obviously be overwhelming. It is possible though for an experienced loan officer to explain all fees and the reason for each. They should also be able to give you options to decrease fees and increase rate and validate the benefits of each option. Your scenario does not seem complicated and in fact does not appear to need HARP refinance guidelines. All refinances  involve a great deal of paperwork, and it is important that you understand and agree with every paper you are expected to sign. Not every lender does HARP 2.0 but any lender would be able to do a 75% Loan to value refinance such as yours.  It would be hard to imagine cost being $14K, so I think it is important that you have direct discussions with another lender/loan officer. There are several NY lenders participating in this Zillow forum, and hopefully one or more will respond and offer to assist you.
  • February 15 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.