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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Bank of America No Fee Mortgage with no PMI?
Think we're going to go with Bank of America- anyone use this specific product?
Did it work out?
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Posted 2/26/08 8:27 AM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Bank of America No Fee Mortgage with no PMI?
Just be careful - there are always fees involved even if they say no fee mortgage. We found their closing costs to be MUCH higher than any other bank we talked to, and their rates were also higher - thus getting their "fee".
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| Posted 2/26/08 8:40 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Bank of America No Fee Mortgage with no PMI?
My friend was going to go with this program until her house fell through because of an illegal apartment & missing permits (go figure LOL).
It seems like a pretty good program. The only catch is they make you pay a 1% origination fee I believe so the deal isn't as sweet as you would think.
But other than that it's a pretty good deal overall since they do cover most of the closing costs.
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| Posted 2/26/08 10:14 AM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Bank of America No Fee Mortgage with no PMI?
Posted by VickiC
Just be careful - there are always fees involved even if they say no fee mortgage. We found their closing costs to be MUCH higher than any other bank we talked to, and their rates were also higher - thus getting their "fee".
this is 100% true! becareful with BOA
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| Posted 2/26/08 10:44 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Bank of America No Fee Mortgage with no PMI?
I used BOA for my mortgage - but it was thru DH's teachers union.
We paid no PMI, got a lower rate than any other bank, no points. normal closing costs.
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| Posted 2/26/08 10:46 AM |
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freckles
Love My Little Man!
Member since 5/07 1825 total posts
Name:
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Re: Bank of America No Fee Mortgage with no PMI?
Posted by VickiC
Just be careful - there are always fees involved even if they say no fee mortgage. We found their closing costs to be MUCH higher than any other bank we talked to, and their rates were also higher - thus getting their "fee".
We had the same experience. The closing costs were a fortune compared to other quotes we received. i'd shop around a bit.
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| Posted 2/26/08 11:49 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Bank of America No Fee Mortgage with no PMI?
the % rate is def higher.
my aunt works with BOA so I thought it would be best to just go with her.
I checked with Chase and their closing costs on the house would be like 18k and the rate is a little lower..
the PMI on the loan would be $120/month and the closing costs I'd be responsible to pay with BOA is $3k... so Now I don't know what to do.
I was trying to do this on my own w/o a broker...
but should I get one?
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| Posted 2/26/08 12:06 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Bank of America No Fee Mortgage with no PMI?
You can still do it on your own. There are tons of banks out there! Become a member of a Credit Union if you can. They typically have lower rates and closing costs than others.
We found this to be true as well as our CU had the best rate and the closing costs were around $5,000 less than any broker or bank we talked to.
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| Posted 2/26/08 12:48 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Bank of America No Fee Mortgage with no PMI?
Posted by freckles
Posted by VickiC
Just be careful - there are always fees involved even if they say no fee mortgage. We found their closing costs to be MUCH higher than any other bank we talked to, and their rates were also higher - thus getting their "fee".
We had the same experience. The closing costs were a fortune compared to other quotes we received. i'd shop around a bit.
You know I looked at my friend's good faith estimate and her closing costs were relatively cheap.
In fact they were less than what I paid for on my house and I didn't pay any lender fees on my mortgage.
Maybe you had a bad experience or a bad loan officer because I can state for a fact that BoA's closing costs with this program (the no closing costs program) are significantly less than what I found with other lenders.
The BoA deal they are paying some big ticket items like the Appraisal, the Bank's Attorney, and all the title work! Plus there are zero 800 fees with this program.
So where's the catch because I am pretty familiar with the mortgage industry and I don't see a catch.
Bank Of America "No Fee Mortgage PLUS"
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| Posted 2/26/08 12:56 PM |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: Bank of America No Fee Mortgage with no PMI?
We used BofA & even the attorneys representing us & the sellers were impressed. We did pay a higher % rate but everything else was pretty good.
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| Posted 2/26/08 2:35 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Bank of America No Fee Mortgage with no PMI?
You usually pay a higher rate and also be aware that you will have to pay mortgage tax still, so it's not "fee free". They don't consider mortage tax a fee.
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| Posted 2/26/08 7:25 PM |
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