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Bank of America No Fee Mortgage Plus
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Bank of America No Fee Mortgage Plus
Has anyone gone through BOA's No Fee Mtg Plus program recently? Is it as good as it sounds (no fees, no PMI, etc...) Is there any hidden costs I am not seeing? Are their rates generally higher than going market rate? I am just trying to see the 'negatives' of this option....
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Posted 2/9/09 5:57 PM  |
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itsaboy
LIF Infant
Member since 6/08 111 total posts
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Re: Bank of America No Fee Mortgage Plus
there are things they don't pay, like state tax/ stamps - its about 2400 or so. And then keep in mind you'll need to bring to the table your pre-paids - a full year home insurance, 1 few months taxes, etc. Even though they cover about $4k of closing costs, you're still going to have to come up with a pretty penny - especially if you purchase points!
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| Posted 2/9/09 7:58 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: Bank of America No Fee Mortgage Plus
The APR on that loan is always higher than what you can get from other banks or lenders. I find that it's always at least 1% more than the national average. If you really calculate the payments, you end up paying a lot more over the course of the loan to not pay some closing costs.
Having said that, one of my friends used that program to buy a co-op and he was very pleased with BOA. They even reimbursed him for what he paid his lawyer!!
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| Posted 2/10/09 8:40 AM |
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