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07-24-2008, 11:46 PM
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Member
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Join Date: Jun 2008
53 posts, read 29,221 times
Reputation: 13
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Has anyone dealt with the Bank of America "No Fee Mortgage"?
My husband and I are close to purchasing our first home. We spoke to people at Bank of America and discussed the "No Fee Mortgage".
Just wondering if anyone has any input, suggestions or comments.
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07-25-2008, 08:02 AM
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Member
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Join Date: Apr 2008
Location: Long Island, NY
34 posts, read 11,321 times
Reputation: 12
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We looked into it and it seemed like what you don't pay upfront, you wind up paying back over time in the form of higher interest rates. Even if you use the money you 'save' to buy down the rate with points it still wasn't competitive. I think they'll do a loan with less than 20% down w/o charging PMI, so that's good (unless they increase the rate even more to compensate). There are definitely better deals out there.....
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07-25-2008, 10:53 AM
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Senior Member
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Join Date: Nov 2007
173 posts, read 64,664 times
Reputation: 18
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the fair thing for BoA to do here is make sure potential buyers know the "No Fee Mortgage" is actually costlier...but i'm sure i'm reaching
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07-25-2008, 11:52 AM
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Senior Member
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Join Date: Jan 2007
Location: Brooklyn
205 posts, read 115,001 times
Reputation: 73
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If you are buying in an area that has had home prices decline (ie, everywhere) then you have to pay 15% down.
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07-25-2008, 07:21 PM
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Senior Member
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Join Date: Aug 2007
265 posts, read 115,103 times
Reputation: 39
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Be really careful of some of these mortgages.
I just saw on the news where the gov. is trying to get people who had arms and other non-fixed rates into a fixed rate mortgage.
Do you homework well.
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07-25-2008, 07:27 PM
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Member
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Join Date: Feb 2008
20 posts, read 12,481 times
Reputation: 10
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They get you either way...I just closed with WAMU yesterday...seems like they gettin out of the mortgage business..
my whole experience was ok.. one thing for sure... If I were you , make sure when they lock your rate,, they give it to you in writing that same day before 5 pm....I lucked out , i know a lot of people who got taken for....good luck
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07-28-2008, 09:40 AM
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Senior Member
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Join Date: Jan 2007
638 posts, read 381,903 times
Reputation: 226
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I used BoA and their No-Fee mortgage to buy my current home in 2007. I did my homework, compared all the deals and their associated fees. In the end it worked to my advantage and I saved money (over $1k) to go with BoA. There are always better deals available than whatever you're looking at but at a certain point you reach diminishing returns and don't realize it.
BoA has also proven to be an excellent banking partner in the time since. We received a premium checking account and have access to branches (and their ATM's) every where I travel.
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