I am refinancing my house with bank of america ?

Marianne
At First the lady said my closing costs would be around 4K for a 202K loan. I am doing a 30 year fixed rate and the closer just called me today at said my closing costs would be around 7K. That seams like a lot of money to be off from the first quote. I have no idea if they are screwing me or not? I am paying my taxes and insurance separately...plus the closer said he cant give me any of the specifics until the 11th and the closing date is on the 12? Help...how to I know if this is legit and they are trying to get an extra 3K out of me?

Latrisha
I know people that have been in the mortgage industry and what you are speaking of is very common, especially if those extra fees come in the form of points. Shop it around, and remember, you don't want to make a bad deal and have to live with it for the next 30 years.

Deloras
well your main mistake is using Bank of America...they screw everyone!

Elnora
I would beware of Bank of America.

Jon
The important thing to remember is that you are in total control of this situation. You don't have to close this loan with BofA if they won't answer your questions, immediately. Tell them to email you an exact breakdown of ALL closing costs or else you are going somewhere else. Plus, rates have gone down recently and you can most likely get a better deal with someone else right now than BofA is giving you.Personally, I bank with BofA and think they are a great bank, but I would never send a mortgage loan to them. I've been in the mortgage biz for 10 years and have never once brokered a loan with them because. Every bank has it's strengths and weaknesses, and mortgages at Bank of America are not really competitive with what you can get elsewhere in the open market.Good luck.

Angele
It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature<!--usually are very profitable and it's a good idea to remember where all the money is generated from. You, the customer are the root of their profits. http://mortgage-loans.awardspace.com/ http://best-loans.awardspace.com/homeloans.htmOnce you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-->enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

Anissa
If your rate is decent, why are you refinancing?The purpose of the good faith estimate of closing costs is there to protect you from situations such as this. It is supposed to give you an estimate of costs so you can compare packages. What this lender is doing is wrong and you should look elsewhere for your refinance.

Abbey
It may just be your interest from closing to the end of the month that was not included in the original estimate since they didn't know what part of the you were closing in.as an example if you close on the 1st of the month you pay one months interest as part of your closing costs. If on the other hand you close on the last day of the month you pay one days interest as part of your closing costs.Either way they should be able to tell you what is involved in the difference in the two figures.You might be getting screwed or you might not, it just depends on the details. Get the details.Good luck.

Gertie
All I can tell you is this: find a different bank to go through for your loan. Bank of America will go to great lengths to screw you over, they WILL NOT work with you if problems arise, and they have NO qualms about bending or breaking the law to get what they want from you. They ARE jerking you around (or, if they aren't NOW, they will) and you should take your business elsewhere.

Chasidy
BOA is not a good bank for the common person they cater to big business. Yes that is too high and by law they are suppose to give you a break down of the fees in serious detail. NO that number is too high. Try some credit unions in your area or smaller banks they will do better by you. Also try some of the MTG companies iin the area, but run them by the better business bureau to see if they are ok too!!

Eleanore
It may be an apples and oranges comparison. The 4K could be just your non-recurring costs, while the 7K could include prepaid interest, tax and insurance impounds, etc... what we call soft costs or recurring costs. This might just be a case of poor explanation rather than you getting screwed. Review your GFE closely and see the total hard costs and soft costs. If you need help, give me an email.www.ahdevito.com