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kgd
RO# 29830
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 Posted - May 26 2012 : 11:07:43
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I am in the process of refinancing my boat loan. I have had this loan for about 4 years. Anything that I should watch for in newer loan agreements that people are seeing? My current loan is with Bank America and I am also using them for the refinance?
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| San Francisco, CA |
Homeport: San Francisco, CA
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Billylll
RO# 24494
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Posted - May 28 2012 : 22:13:09
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Many loans can be called in if the underwriter feels your financial condition has changed. Also watch out for hidden fees.
Chris I really like your boat very nice.
Bill
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WirelessOne,
40 Mainship
Sedan Bridge
Little Egg, N.J. |
Edited by - Billylll on May 28 2012 22:27:58 |
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Homeport: Tuckerton, N.J.
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kgd
RO# 29830
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Posted - May 31 2012 : 23:23:27
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Yea I noticed that clause in the note, it wasn't in the old one. I could not get them to either change the clause or define a material adverse change in the note. I did get the loan officer to define in an email that a material adverse change would be a change that would not allow me to make payments when due. Not as good as in the document but it is in writing from the loan officer at the bank. I am keeping a copy of it with my loan docs. I figured since the definition wasn't defined in the document and I asked the loan officer for the definition, which they provided, that this would help me a lot if they ever decide to mess with the rate.
I had a 5.75% rate from 4 years ago and got a 3.99% rate through the refinance.
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| San Francisco, CA |
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Homeport: San Francisco, CA
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JeffN
RO# 3672
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Posted - Jun 03 2012 : 11:56:07
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I'd make sure I cold cover the note with $ in an account. And get the specs on the officer, name etc, since they change with the wind at BoA. Maybe back up that email on a flash drive or some hard backup as well.
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| When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down "happy." They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~John Lennon |
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Homeport: Vero Beach FL
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kgd
RO# 29830
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Posted - Jun 03 2012 : 18:12:55
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I have backed up copies to both. I would hope it won't be an issue but I would have to thing the email would help me more than them if I ever need it.
I love your signature by the way.
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| San Francisco, CA |
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Homeport: San Francisco, CA
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Refinance
