When Bank of America acquired Countrywide Home Loans, they inherited a huge mess due to Country Wide’s predatory lending practices. It appeared Bank of America had cleaned up Country Wide’s deceptive practices; however, this article in the Tucson Sentinel seems to show things have not changed. If you’re looking for the best refinance rates and want to avoid deceptive lenders there are several things you need to know before choosing mortgage refinancing with your bank.
A few months ago, Bank of America offered Sergio Cortez of Staten Island, N.Y., the help he desperately needed to stay in his home: a break on his mortgage. Like millions of others, he was facing foreclosure. But there was a catch buried in the fine print. Cortez had to waive any possibility of ever suing the bank for anything relating to the loan.
There are also a number of fees to consider before choosing a mortgage refinancing company. Mortgage origination fees, rate lock fees, loan processing, and various lender-closing costs all affect how good of a deal you’re getting on your mortgage refi. The more you pay, the longer it will take to recoup your expenses before you realize any savings from today’s best refinance rate.
You can learn more about avoiding unnecessary markup and junk fees on your next home loan by checking out my free Underground Mortgage Refinancing Videos.