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what can I do about my interest rate?!

I refi'd in 2005 at a rate of 5.375 with Countrywide, they've sold my mtg to Bank Of America. I called there today to see waht the balance is and the recording stated my balance and an interest rate of 5.875! Who can I contact about this and how can I find out how long I've been paying too much and how can I get that money back?
  • July 15 2009 - North Mountain
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Answers (5)

The first thing that I would do is check the "note" for the exact terms of your mortgage.  Then I would call Bank of America.

If you have questions feel free to contact me.

John
  • July 17 2009
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Profile picture for slabor
Thanks everyone, our mortgaage is a 30 year fixed term. We refi'd from an adjustable to this fixed rate in 2005.  I got a call into my broker and it looks like he's got all the documentation to make sure I'm ok. thanks so much for your answers :)
  • July 15 2009
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DId you have an adjustable rate? If not, you may have signed at a 5.875. Changing the entity that services your loan cannot change the terms of your loan. This means that either you had an adjustable rate, or your rate was locked and closed at 5.875.
  • July 15 2009
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Look back into your records for the original Countrywide paperwork and read "The Note."  It will tell you what your interest rate is and the terms of your loan.  Has your payment changed as well?  You may have been given an Adjustable Rate Mortgage.  Hope this helps.
  • July 15 2009
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Countrywide was acquired by B of A. They can't change your interest rate. Go find your original mortgage note and you will see it's 5.875. A 3 and aa 8 look very similar in fine print. .... Rudi
  • July 15 2009
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