Question by babyg: How long does it take for mortgage company to do they paper work for closing in 3 weeks?
I have hear 2-6 weeks to month. So i am not sure.
Me and my husband is looking for mortgage and i think we stick with BOA .we thought they were giving us good deal at the beginning. Now we think now We are closing in 3 weeks But they screw us over by giving bad option. They boost up the APR because we plan to add MIP or two mortgage payments. We putting down 5 %. We still have to pay the same amount each month
I just wanted to know if i can find another mortgage company that is can process in three weeks. It going be rush.
We have look for other mortgage company but they were not giving us good rates.
I feel as my husband got screw by BOA
Mostly of all we may wanted to find better mortgage company or maybe in future we can refinance.
Best answer:
Answer by mike b
since the market has slowed down a mortgage co might be able to do it in 3 week. it sounds kind of close though. you probably might want to look into brokers than if you dont like BoA and dont have much time.
What do you think? Answer below!
if you have to add MIP your APR goes up automatically. APR isnt your “note rate” It is a calculation of the “cost of the loan”
http://www.firstarkansasfinancial.com/interest-apr.htm
It sounds like you have everything ready to go. If so, many companies can get you to closing withing 10 business days. We have done it in 5 days.
Ask BOA for an FHA loan. 971/2% financing, lo MI, or depending on where you are buying, a USDA loan. 102% financing and NO MI.
Mike
babyg, listen to John J because he is correct. Forget about the APR, it’s not your note rate, and yes it goes up if you add a MIP.
Stay with your bank. Sounds like they are treating you fairly and can close you on time.
I have a friend that should be able to help you out. I have been hearing a lot of people are having problems with Bank of America just like Wells Fargo who are changing their guidelines and not staying true to conditions that were drawn with approvals. A loan that used to take 3 weeks to close is going on for months right now. I know my friend could get the loan done in 2-3 weeks. It sucks to get screwed, and they shouldn’t mess with your lives like that. He is doing 30 year fix rates as low as 5.5%. Mike@afbankloans.com
Good Luck!!
Hi,
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