They are not the servicer, but they are the shareholder of the loan. I’m current. They took tax payer dollars to stay afloat. I believe they should help me.
How Can I Get Bank of America to Help Me Refinance My Home Loan?
Refinancing Loan
How to refinance loans
Remember, when you re-fi, you have to pay closing costs all over again.
This can easily add thousands of dollars to your loan.
Google “should I re-finance calculator”.
Money Magazine stated to only re-fi if you can make your loan term shorter, know that you will be in the home for 5 to 7 years, and if your interest rate will be 1.93% lower.
You may be better off putting all the money you would pay in closing costs into the principal of your home.
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Well, you call Bank of America and do an application, it’s not rocket science. But, they don’t have to give you a loan if you don’t qualify. Since they received money to stay afloat then it would not be in their excellent interest to refinance a client who cannot qualify. So if you have made your payments on time, have a job, decent credit scored and are not drowning in debt you should be just fine….