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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Called BOA to refinance(my bank)-Horrible
I called BOA due to I have my mortgage with them. They gave me low rates but refused to give me a breakdown of closing costs. They said if I did not sign with them on the phone I would loose the rate.
Isn't refusing to give a breakdown of closing costs illegal? Also, if I have a mortgage with them why would my closing costs be $8500?
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Posted 10/5/11 1:07 PM  |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Called BOA to refinance(my bank)-Horrible
Because banks are thieves! They caused the housing bust and they just keep making things worse. Can you imagine if they made refinancing to qualified customers actually affordable! Charging $8500 to refinance is BS.
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| Posted 10/5/11 1:28 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
That was with my own bank..Can you imagine what the costs would be with chase, etc? Why would i ever sign up for a loan without knowing what I was paying for.
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| Posted 10/5/11 1:35 PM |
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Re: Called BOA to refinance(my bank)-Horrible
? you should be able to do a stream line refi with your own bank
the closing costs should be very minimal
I would go into a branch and speak to an actual person living in NY- not a call center in AZ
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| Posted 10/5/11 2:09 PM |
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Dulcinea
Weekend Warrior
Member since 3/08 2530 total posts
Name:
Dulcinea
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Re: Called BOA to refinance(my bank)-Horrible
Posted by hanna7636
I called BOA due to I have my mortgage with them. They gave me low rates but refused to give me a breakdown of closing costs. They said if I did not sign with them on the phone I would loose the rate.
Isn't refusing to give a breakdown of closing costs illegal? Also, if I have a mortgage with them why would my closing costs be $8500?
BOA holds my mortgage too but the rates I see on their website is really high! I didn't even bother calling, what rates are they quoting you?
And I agree charging 8500 to get a lower rate is absurd! I don't know how these banks are allowed to do that. My bro uses Bank of NY to refinance 2x so far and they charged him $500 each time.
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| Posted 10/5/11 3:51 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
Application fee $400...keep rate for however long to close
3.875%-$8500 closing costs
4.0% $7000 closing costs
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| Posted 10/5/11 5:39 PM |
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smooney
Hidey Ho!
Member since 2/10 1669 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
OMG i just got off the phone with wells fargo (who we already have our mortgage through) and they quoted me $9200 in closing costs to refinance!!! he was kind enough to tell me that we'd get back $1900 though bc of taxes we'd already paid. Gee, thanks bud..... 
it't highway robbery!!!
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| Posted 10/5/11 5:54 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
BOA puts closing costs into loan.
Not that this is for everyone but my FIL is a CPA and he does not believe in such high closing costs to refinance. He mentioned something at TD bank that is adjustable for 5 years but the lower number has been stable for a few years, I told him no way.
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| Posted 10/5/11 6:05 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
I use wells and I refinanced in the past. It was $4000. When I just called about refinancing again I was told it would be about the same - $4000. Are you sure points are being included in these very high closing costs?
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| Posted 10/5/11 6:06 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
I recently refinanced with our bank (Chase) and the closing costs will vary depending on your individual property taxes and insurance. The closing costs typically include escrow amounts for t&i. This is why it is higher for some than others.
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| Posted 10/5/11 6:19 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: Called BOA to refinance(my bank)-Horrible
I hate them! Go with someone else if you can
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| Posted 10/5/11 11:37 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Called BOA to refinance(my bank)-Horrible
I have no idea what is in the closing costs because he refused to tell me. I cant see paying that much money just for pmts to be $200 less a month.
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| Posted 10/6/11 7:19 AM |
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hopeful123
LIF Infant
Member since 9/10 220 total posts
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Re: Called BOA to refinance(my bank)-Horrible
I just got a quote of $4,300 from BFCU. I was told it was a set fee since our mortgage is under $100,000. It is a 3 and a half percent difference from what we have with BOA, but could not believe it was $4,300.
Message edited 10/6/2011 6:05:40 PM.
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| Posted 10/6/11 5:54 PM |
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