Bank of America mortgage?

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In closing on a house in a few weeks and I was wondering if anyone will be Bank of America as the day of my fence, because local lenders do. The loan is the Central Florida whice 1,000 miles away from me, I wonder what happens on the day of closing.
I was told that credit unions are known for buying and mortgages offer interest rates on their cash ….. It is possible, or what should I do to reduce my interest on my loan morrgage …..

9 Comments
  1. Reply
    Christopher B
    January 28, 2011 at 10:44 am

    Shah, as if!

    No, realistically there will be a title company representative, and the brokers/realtors and that will be about it.

  2. Reply
    Zach L
    January 28, 2011 at 10:54 am

    probably not, you will close with your lawyer who should also be able to explain the documents, dont forget your paying him too so dont be afraid to ask questions. make sure you understand and agree with all charges…

  3. Reply
    cope_acetic
    January 28, 2011 at 11:03 am

    Dude….Bank of America?
    Better not be one SECOND late, or they will foreclose.
    I have heard nothing good about these people–make sure you stay caught up or ahead!

    Just out of curiosity, may I ask what interest rate they gave you?

  4. Reply
    Big Deal Maker
    January 28, 2011 at 11:22 am

    You will be alone on that one.
    Here is what i do recommend before you sign a thing. Have a real estate attorney look over all of your loan papers, and offer papers before you sign a thing. The few hundred bucks you spend could save you thousands.

  5. Reply
    Pat B
    January 28, 2011 at 12:11 pm

    The mortgage papers will be sent to the title company who will then be paid by Bank of America to close the loan. The representative from the title company will be going through the paperwork with you, having you sign everything.

    Please keep something in mind. The Bank only works for the bank – they do not work for you! They do not make sure you are protected, they do not make sure you are signing what you think you are signing. This is up to you. If you want to read through the loan papers (the note and the mortgage), you should ask for a copy of them prior to closing. If you don’t understand them, take them to a financial advisor or a lawyer and have them explain them to you.

    It seems that too many people go through their home purchases thinking everyone works for them in their best interest – wrong! You and only you are responsible for making sure everything is in order!

  6. Reply
    spidergoat2
    January 28, 2011 at 12:45 pm

    You can refinance your home at any time, and that’s what you are looking for, a refinance loan. It has slightly different rules from a first mortgage. The good news is interest rates just dropped again.

    That said, you need to examine your reasons for refinancing. If you can drop your interest rates 2%, and you’re planning on staying in your home for some years, it could be a good thing.

    If you’re only looking at 1% difference or you may move in a few years, it may cost you money.

    A Credit Union could give you very good rates and you should certainly check them out. But other institutions also have good rates and may have slightly better terms.

  7. Reply
    ronnieD
    January 28, 2011 at 12:47 pm

    Refi with another lender. Be prepared for closing costs.

  8. Reply
    Richl F
    January 28, 2011 at 1:21 pm

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  9. Reply
    stan c
    January 28, 2011 at 1:37 pm

    Leave well enough alone. The difference isn’t that great. If you’re halfway through on the loan, you already paid 70% of the interest. That’s how most banks make their money.

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