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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Question about Bank of America Mortgages
We spoke with someone at BOA today and they mentioned the no fee program where they basically pay all closing costs. I was a little apprehensive about this program. Has anyone used this program? Is it legitimate? Any catches???
Thanks 
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Posted 10/12/07 7:20 PM  |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: Question about Bank of America Mortgages
Hey Kathleen, this is who we used. The no fee closing costs isn't totally free, but we saved about 4k (title search, survey & more). HOWEVER, instead of the # we wanted they up'd the figure we wanted by 2k, (we didn't find this out until we were at the closing...so we left it as all the paperwork was done in that amount)---not sure if this was a glitch or on purpose.
The lawyers all said they haven't seen this deal b4 & it was worthwhile & something they'd have their clients look into.
fm me for any further info
Darlene also used them
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| Posted 10/12/07 7:47 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: Question about Bank of America Mortgages
Kathleen, like Cindy said we used BOA w/ the no fee mortgage. There were some issues that really pi$$ed me off, but in the end we did save some money. FM me for the details about the issues.
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| Posted 10/12/07 9:31 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Question about Bank of America Mortgages
Posted by DancinBarefoot
Kathleen, like Cindy said we used BOA w/ the no fee mortgage. There were some issues that really pi$$ed me off, but in the end we did save some money. FM me for the details about the issues.
FM
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| Posted 10/12/07 9:48 PM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: Question about Bank of America Mortgages
we dd the community commitment program. I dotn relaly know about the closing cost one. we paid all closing costs
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| Posted 10/12/07 9:56 PM |
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rbethm
LIF Infant
Member since 8/07 120 total posts
Name:
R
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Re: Question about Bank of America Mortgages
We went to BOA, but nothing in life is free and the rates were really high.
We ended up going through Nassau Educators Federal Credit Union. They had the best rate. We also came really close to going with Chase b/c we used them for our co-op and their rates were def. competitive.
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| Posted 10/12/07 9:57 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Question about Bank of America Mortgages
Posted by dbleplay17
we dd the community commitment program. I dotn relaly know about the closing cost one. we paid all closing costs
What is that???they never told us about that one
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| Posted 10/12/07 9:58 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Question about Bank of America Mortgages
Posted by rbethm
We went to BOA, but nothing in life is free and the rates were really high.
We ended up going through Nassau Educators Federal Credit Union. They had the best rate. We also came really close to going with Chase b/c we used them for our co-op and their rates were def. competitive.
Really? WE have one close to us maybe we will check with them tomorrow
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| Posted 10/12/07 9:58 PM |
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rbethm
LIF Infant
Member since 8/07 120 total posts
Name:
R
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Re: Question about Bank of America Mortgages
Posted by beautyq115
Posted by rbethm
We went to BOA, but nothing in life is free and the rates were really high.
We ended up going through Nassau Educators Federal Credit Union. They had the best rate. We also came really close to going with Chase b/c we used them for our co-op and their rates were def. competitive.
Really? WE have one close to us maybe we will check with them tomorrow
Def. check out everyone even small banks like Long Island Savings. Are you a member of a credit union?
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| Posted 10/12/07 10:01 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Question about Bank of America Mortgages
Posted by rbethm
Posted by beautyq115
Posted by rbethm
We went to BOA, but nothing in life is free and the rates were really high.
We ended up going through Nassau Educators Federal Credit Union. They had the best rate. We also came really close to going with Chase b/c we used them for our co-op and their rates were def. competitive.
Really? WE have one close to us maybe we will check with them tomorrow
Def. check out everyone even small banks like Long Island Savings. Are you a member of a credit union?
Yes I am...I have like nothing in there anymore but I still have my account
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| Posted 10/12/07 10:03 PM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: Question about Bank of America Mortgages
it is for 1st time homebuyers ask them
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| Posted 10/12/07 10:08 PM |
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rbethm
LIF Infant
Member since 8/07 120 total posts
Name:
R
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Re: Question about Bank of America Mortgages
Posted by beautyq115
Posted by rbethm
Posted by beautyq115
Posted by rbethm
We went to BOA, but nothing in life is free and the rates were really high.
We ended up going through Nassau Educators Federal Credit Union. They had the best rate. We also came really close to going with Chase b/c we used them for our co-op and their rates were def. competitive.
Really? WE have one close to us maybe we will check with them tomorrow
Def. check out everyone even small banks like Long Island Savings. Are you a member of a credit union?
Yes I am...I have like nothing in there anymore but I still have my account
Doesn't matter. DH and I use BOA for checking and savings and I wasn't even a member but since DH had a small account we were able to use them for our mortgage and it has been great. It is our first house and they help us every step of the way.
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| Posted 10/12/07 10:12 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Question about Bank of America Mortgages
The community committment is when you can put only 5% down but not be hit with PMI (mortgage insurance) which would usually kick in if you put less than 20% down.
We went to BOA first, got a side-by-side comparison of all the things we were interested in, and then used that to shop around.
We did find a better product elsewhere, we are paying closing costs, but have a lower interest rate.
Sometimes what BOA will do is figure in 1 point payment to bring the interest rate down. So there will be a few thousand dollars that is required to be paid which is not considered a closing cost. But in order to get a rate below 7%, you have to pay for a point.
I also went with someone who was very attentive and always available to us, day and night, for questions and concerns. The guy from BOA we were talking to was hard to get a hold of. Except when he realized he was losing our business, and then the emails and phone calls picked up. 
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| Posted 10/13/07 11:49 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: Question about Bank of America Mortgages
I don't know if they still offer the program we had, but it was for 1st time homebuyers. We put down 3%, NO PMI & ONLY ONE mortgage. Oh...and our interest rate was 30 years fixed at 6.125% w/NO points.
The industry has changed drastically since then (Feb/March 07), so I'm not sure if it's being offered anymore or at those #s.
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| Posted 10/13/07 4:33 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Question about Bank of America Mortgages
Posted by lorich
I don't know if they still offer the program we had, but it was for 1st time homebuyers. We put down 3%, NO PMI & ONLY ONE mortgage. Oh...and our interest rate was 30 years fixed at 6.125% w/NO points.
The industry has changed drastically since then (Feb/March 07), so I'm not sure if it's being offered anymore or at those #s.
we used this too - actually i got a discounted rate because DH is a NYC teacher - it was on the UFT website..
in december 06 we put 10% down, no pmi, only one mortgage, no points (and no other fees built in as others suggested, beleive me i checked!) and our rate is 5.875% fixed.
i dont see bank of america listed anymore, but here is the link...
UFT site
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| Posted 10/14/07 9:24 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Question about Bank of America Mortgages
Posted by beautyq115
Posted by rbethm
Posted by beautyq115
Posted by rbethm
We went to BOA, but nothing in life is free and the rates were really high.
We ended up going through Nassau Educators Federal Credit Union. They had the best rate. We also came really close to going with Chase b/c we used them for our co-op and their rates were def. competitive.
Really? WE have one close to us maybe we will check with them tomorrow
Def. check out everyone even small banks like Long Island Savings. Are you a member of a credit union?
Yes I am...I have like nothing in there anymore but I still have my account
If you're a member of a CU, go see what they have to offer. Our CU's rate was over 1.25% lower than BOA with their no closing costs. And our CU's closing costs were still lower than BOA as well. Since we also went directly through the CU and did not use a mortgage broker, we also saved $5000 in closing costs.
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| Posted 10/14/07 11:35 AM |
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