The next time you contact your mortgage broker, don’t expect that he or she will have the Bank of America rates According to a recent Wall Street Journal article, BofA is no longer extending loans through mortgage brokers.
The company said as of Oct. 5 it no longer accepts applications from brokers. However, the company will honor any loans that are in the works presently. The decision is going to affect roughly 1,000 workers but some workers are going to find other positions inside the company.
BofA began its venture in …

Most people have no idea what recasting is. Most people don’t know its talking about their home mortgage. The premise behind it is to lessen the amount of principal on your loan and reduce how much you pay every month. Here’s an example of recasting:
Say you have a $300,000 30-year fixed rate mortgage loan with an interest rate of 4.75 percent. For one year, you decide to recast the loan, placing $60,000 toward the loan’s principal amount, dropping it to $255,371. Assume there are 29 years left on your loan. …