How do I know if the Home Affordable Refinance Program will improve the “long term affordability of my loan”?
When you apply for a refinance at Bank of America, you will receive a Truth in Lending Statement containing your new interest rate, mortgage payment and the amount you will pay over the life of the loan. Our Clarity Commitment® document, a one-page summary of key loan terms also written in plain language designed to help you better understand what you’re getting.en_clarity_commitment Together with your home retention specialist, you can compare the Truth in Lending Statement and Clarity Commitment® to your current loan. If the proposed new payment is not an improvement, the Home Affordable Refinance Program may not be right for you and you are under no obligation to continue. But you might want to consider the possible advantages of refinancing from an adjustable-rate loan to a fixed rate loan, or eliminating higher risk loan terms such as interest only payments or balloon payments. This may help provide you with more long term stability. Refinancingen_refinance may increase the total
