BOA LOAN QUESTION

[Anonymous]

I called BOA and applied for a home refi. They asked me why I wanted to refi and I said to get a lower rate. They asked me what my current rate is I said 7%. After running everything she came back with a rae of 6.85. Did they just come back with that rate b/c I said 7%? Is the rate negotiable? My scores are right at 600. Should I wait to get my scores to 620?

[ShanetheMortgageMan]

They might've, but they also might've just been asking.  Usually their rates are standardized, meaning that 2 people with the same situation would be offered the same rate... regardless if one was currently at 6% & the other was at 8%.  What is your entire situation?

[Anonymous]

Well my fico scores are Tu 598 Eq 552 Ex 600 I have a few recent medical collections due to my daughter being in the hosp. I have some other old pay day loan collections thats about 3 yrs old. Then she was talking about a 200.00 application fee. She said with my 5% down on my house and closing costs I would need about 10k at closing. I guess since my loan is through a private lender(Owner of the house) I cannot do a refi. I dont know if going through FHA would be better? The rate seems reasonable but 10k is alot to come up with. I bank with a small regional bank ive been with them for about 3 yrs. Would they be worth a shot? Or should I just wait and get my scores up more?

Message Edited by Badcreditguy on 12-15-2007 11:41 PM

[ShanetheMortgageMan]

Are you talking to a branch of Bank of America or Bank of America Mortgage?  They are actually two different divisions with very different loan options, in my opinion Bank of America Mortgage has much more knowledgable loan officers than just the branches.  If you are doing owner financing, where you are actually on title and the owner is holding the mortgage (so there are no liens on title except for the mortgage to you from the owner)... then there is no other way to do it BUT as a refinance.  Is that the case, or is this a lease-to-own situation?

[Anonymous]

I actually applied for the loan online from the BOA website. Its owner finance, we have a contract for deed but our names are not on the deed. Some lenders dont have a problem with it just being contract for deed and our names not being on the deed and other lenders dont like it. She also said all my collection account would have to be paid off. Should I try a local branch for BOA? I went with them because you told me before they usually have the best rates.

[Anonymous]

Another question, since this is not a true loan I have would I qualify for first time buyer programs? And do you know of any special programs here in missouri?

[ShanetheMortgageMan]

I'd search for Bank of America Mortgage to see if you can find someone more experienced, or who can explain things in a more understandable manner to you.  How long have you been in the contract for deed for?  Can you provide a copy of the notarized contract for deed & cancelled checks?

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