Yesterday I got a letter in the mail from BofA... They want to warn me that the loan on my primary residence is going to adjust in April of 2010.... Very nice of them, right?
I've been through this 10+ times before with other banks though in the past few years, so I read on....
On the letter is says that my current rate is 4.875%, and it's probably going to adjust to about 3.375%, based on where rates are today. There is a huge WARNING that my monthly payment will go up by $206.33 to $1066.33 per month.... Oh my god!!! --- Except wait... My payment currently is at $996 per month... That's not $206.33, WTF? And wait, my rate is going to DROP -- not go up.... So my payment will actually be decreasing pretty nicely!
Their letter continues that if I don't call them and REFI now into a fixed rate mortgage, I'm basically going to be screwed, yada yada yada....
Once again the Jackasses at BofA either a). can't even do simple math or b). are trying to fear-monger everyone into paying for a refi when they don't necessarily need one.
Gotta love being one of their customers... I've tried to get away many times, but my notes keep being sold back to the BORG! It's useless to resist them I guess...
- Hakrjak
I've been through this 10+ times before with other banks though in the past few years, so I read on....
On the letter is says that my current rate is 4.875%, and it's probably going to adjust to about 3.375%, based on where rates are today. There is a huge WARNING that my monthly payment will go up by $206.33 to $1066.33 per month.... Oh my god!!! --- Except wait... My payment currently is at $996 per month... That's not $206.33, WTF? And wait, my rate is going to DROP -- not go up.... So my payment will actually be decreasing pretty nicely!
Their letter continues that if I don't call them and REFI now into a fixed rate mortgage, I'm basically going to be screwed, yada yada yada....
Once again the Jackasses at BofA either a). can't even do simple math or b). are trying to fear-monger everyone into paying for a refi when they don't necessarily need one.
Gotta love being one of their customers... I've tried to get away many times, but my notes keep being sold back to the BORG! It's useless to resist them I guess...
- Hakrjak
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