Refinacing with a bank you dont know????

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Matty

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Post Posted: Thu May 28, 2009 12:50 pm    Post subject: Refinacing with a bank you dont know????
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Hi,
I am looking into refi our home mortgage and used this site to get some offers. I am corresponding with a few, most are from banks which i have never heard of. With all the uncertainty in the economy especially with banks how do u know that u r refiing with a bank that is stable?? And if something were to happen to the bank what would u have to do then?

Sorry if this is a silly question but i am not used to the financial structures in the USA.

Thanks for your help.

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Post Posted: Thu May 28, 2009 6:37 pm    Post subject:
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Matty

It really does not matter. What matters most are the terms of your loan and the fees. Keep in mind that the bank is giving YOU money. Financing with a "well known" bank does not mean you are getting a better deal by the way.

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Post Posted: Thu May 28, 2009 8:23 pm    Post subject:
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Eirc your answer is on the spot.


Matty

If you worry that, if the bank closes tomorrow, what will happne to your loan. Probably the loan will be sold to some other bank.

But you also need to look at one more factor. Since you will be submitting lot of yoru personal and finacial information to this bank, you need to be sure that they are legitimate and they can safe gaurd your information.

You do not want to be in siautation where the bank went bankrupt and they could nto protect yoru data.
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