Refinance

[kgd]

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?

 

[Billylll]

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

 

[kgd]

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.

 

[JeffN]

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.

 

[kgd]

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.