BOA no fee mortgage plus

Does anyone have experience with BOA's no fee mortgage plus? I just called for a quote and was told that they pay all closing costs, which seems too good to be true! The rates weren't bad either.

Re: BOA no fee mortgage plus

No but I know that Teacher's Federal Credit Union does a no closing cost mortgage. The rate is .50% higher.

Re: BOA no fee mortgage plus

I looked into them this past August (we also bank with them; both business and personal), but from what we saw, they were actually charging discount points to cover the “no closing costs.” Or they are charging a larger % on the no mortgage interest deals.

Re: BOA no fee mortgage plus

I work for WaMu. Like BOA we have a no fee MTG. This does not include taxes which we escrow. There is usually a higher rate involved. You never get nothing for nothing

Re: BOA no fee mortgage plus

We went to them but I thought that whole no fee thing was a little bit shady...I know a few girls who used them and were shocked to find extra fees at the closing table

Re: BOA no fee mortgage plus

Thanks ladies. I figured that anything that sounded too good to be true probably was!

So far, Chase is in the lead....

Re: BOA no fee mortgage plus

I went to BOA first and then had a broker find me better rates/deals. I agree that there were higher interest rates, and there were points factored in just to get the rates lower.

Go over your Good Faith Estimates with a fine tooth comb. Then figure in another $5k above what is on that estimate just to close. That's what we did and I was glad - we were surprised with an extra $3500. due the week of closing.

Check out Wells Fargo too, I heard they have a good product. I personally detest Chase. I've had bank accounts, car loans, and credit cards with them. And a lot of bad experiences.