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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Has anyone looked into bank of americas no pmi/no closing costs?
I just saw it online...whats the catch?
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Posted 7/24/07 8:04 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
hi - there is no catch..i was curious about this too, i had my dad lok at it online for me..dh and i actually went yesterday to prequalify..there are some closing costs but those are the ones that are not affiliated with the bank - anything on the banks side is waived. hth
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| Posted 7/24/07 8:14 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
in my opinion there is catch.. the catch is the higher than norm interest rates. that's how they recover their so-called no closing costs or pmi
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| Posted 7/24/07 8:43 PM |
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seank80
Don't Taze My Dog Bro!!
Member since 5/07 2240 total posts
Name:
Sean
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
Chrissy is 100% right. Two of my sisters work at BOA. When I went mortgage shopping they told me about this awesome new program. No Closing Fee mortgages. We also know the DM for their district so he put me in touch with someone else that could help me. Before the program launched here it was available in CA. We did the rates as if it were in CA. A traditional mortgage for say 300k at the time was about a 6.25. The no closing cost mortgage was 6.7 with him buying a point down.
Assuming 6.25 the monthly payment is 1847.15 total repayment is 664,974 and interest is 364,974
Assuming the 6.7 the monthly payment is 1935.83 total repayment is 696,898 and interest is 396,898
To save the 4k that you would actually save you just spent 31k over the life of the loan. As preciously said it's not a true no cost mortgage. You will have to pay some costs but most bank and atty fees are absorbed by BOA. I would call them up when you see a house you like. They have a program which gives grants depending on the address of a house. If it is in a specific area then you may be eligible for an 8k grant and that is no strings attached. It can be used for either down or closing costs. I forget the name of the program but in Selden and Centereach it's about a 50% shot. I am not sure about other neighborhoods but it is a national program. Unfortunately not too many people know about this program but because I have family that works there I was informed about it. I hope this helps. But be sure to shop around and compare the different types of mortgages. Always look at your bottom line. What are you paying out over the course of the loan. I mean you can refinance but rates are going up so doing that may not help you in the future.
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| Posted 7/25/07 8:03 AM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
Posted by seank80
Chrissy is 100% right. Two of my sisters work at BOA. When I went mortgage shopping they told me about this awesome new program. No Closing Fee mortgages. We also know the DM for their district so he put me in touch with someone else that could help me. Before the program launched here it was available in CA. We did the rates as if it were in CA. A traditional mortgage for say 300k at the time was about a 6.25. The no closing cost mortgage was 6.7 with him buying a point down.
Assuming 6.25 the monthly payment is 1847.15 total repayment is 664,974 and interest is 364,974
Assuming the 6.7 the monthly payment is 1935.83 total repayment is 696,898 and interest is 396,898
To save the 4k that you would actually save you just spent 31k over the life of the loan. As preciously said it's not a true no cost mortgage. You will have to pay some costs but most bank and atty fees are absorbed by BOA. I would call them up when you see a house you like. They have a program which gives grants depending on the address of a house. If it is in a specific area then you may be eligible for an 8k grant and that is no strings attached. It can be used for either down or closing costs. I forget the name of the program but in Selden and Centereach it's about a 50% shot. I am not sure about other neighborhoods but it is a national program. Unfortunately not too many people know about this program but because I have family that works there I was informed about it. I hope this helps. But be sure to shop around and compare the different types of mortgages. Always look at your bottom line. What are you paying out over the course of the loan. I mean you can refinance but rates are going up so doing that may not help you in the future.
ooooohhhh I love hearing that I am right! lol!
it's true.. they do absorbed some of the closing costs.. but again they charge you a higher interest rate. so that's how they make their money over the course of the loan.. they actually triple their return. I would becareful.. there are a lot of other banks that offer attractive plans/mortgages and there's no catch.
eta: also, the BOA program may be for you if you intend on selling in the short term but def. not for the long term. you could also refinance down the road. this program is great for people who don't have a lot of money to put down.
Message edited 7/25/2007 8:43:25 AM.
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| Posted 7/25/07 8:41 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
I hated using them for my mortage!! I wouldn't do it!! Last min they changed our rate on us!! They stink JMO
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| Posted 7/25/07 8:49 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
This came out after we got our mtg from BOA, so I unfortunately can't help you, but I will say - I'm so thankful for the mtg we rec'd from them...it saved us THOUSANDS of $$$.
Message edited 7/25/2007 1:19:58 PM.
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| Posted 7/25/07 1:19 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: Has anyone looked into bank of americas no pmi/no closing costs?
yes we are doing a heloc thru them- no closing costs.
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| Posted 7/25/07 3:34 PM |
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