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Old 03-12-2008, 10:19 PM
 
221 posts, read 773,662 times
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Hi does anyone know where the best place right now is to get a 30 year fixed mortage. Bank of America seems pretty good with no closing or application fees. Also do you get a higher mortage if your not paying your insurance and taxes through your mortgage? Im in Massachusetts. Thanks Mindy
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Old 03-12-2008, 11:40 PM
 
Location: Columbia, SC
8,858 posts, read 17,468,555 times
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Shop 3 lenders and see what they have to offer.
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Old 03-14-2008, 08:48 PM
 
Location: CNJ/NYC
1,240 posts, read 3,644,467 times
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Quote:
Originally Posted by mindy410 View Post
Hi does anyone know where the best place right now is to get a 30 year fixed mortage. Bank of America seems pretty good with no closing or application fees. Also do you get a higher mortage if your not paying your insurance and taxes through your mortgage? Im in Massachusetts. Thanks Mindy
Shop around. Are you looking for conforming? Jumbo? Work with a hybrid mortgage bank as they have access to numerous lenders' rates as well as their own.
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Old 03-14-2008, 09:07 PM
 
Location: Gorham, Maine
1,816 posts, read 4,273,560 times
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More important than the best rate is a loan that will be funded at the closing table. The crisis from last summer isn't over yet, there are still issues with some brokers. Be very careful with those that advertise low note rates only to sock you with junk fees on your HUD statement, which you don't see until 24-48 hours of your closing. If you are working with a good Buyer Agent ask her/him for some recommendations of reputable, local (brick and mortar) places where you can interview a loan officer before making a decision.
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Old 03-17-2008, 05:54 PM
 
61 posts, read 370,352 times
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Default Low rates

Check Compare Mortgage Rates | CD Rates | Home Equity Loans Mortgages Quotes Best Rate Calculator Bankrate.com

Also if you are super qualified and have great credit most local (state chartered) banks will offer low rates and don't charge extra apr for most jumbo's (over $417K). This is the best option if you qualify. Good luck.
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Old 03-18-2008, 08:22 AM
 
4,546 posts, read 11,564,064 times
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Quote:
Originally Posted by mindy410 View Post
Hi does anyone know where the best place right now is to get a 30 year fixed mortage. Bank of America seems pretty good with no closing or application fees. Also do you get a higher mortage if your not paying your insurance and taxes through your mortgage? Im in Massachusetts. Thanks Mindy
There is a .25% fee (to costs not rate) that is charged if you don't escrow for taxes and insurance. You only have this option if you are putting 20% down. You may or may not see this fee if you opt to go this route as it may be built into the interest rate.
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Old 03-18-2008, 08:35 AM
 
542 posts, read 1,511,023 times
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Quote:
Originally Posted by TimtheGuy View Post
There is a .25% fee (to costs not rate) that is charged if you don't escrow for taxes and insurance. You only have this option if you are putting 20% down. You may or may not see this fee if you opt to go this route as it may be built into the interest rate.
I also recommend you shop around and compare not only the rate but the expected costs as well. I do know for Bank of America, there is not a fee to wiave the escrow with their No Fee Mortgage Plus program. There typically is with other lenders though as stated above. Not all lenders will allow you to waive escrow.
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Old 03-18-2008, 09:12 AM
 
Location: Simpsonville, South Carolina
333 posts, read 1,064,522 times
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I just come from B of A for other business and they tried to sell me on their "no fee" mortgage. Was not impressed. They were trying to charge me 2 + points to get a 5.75 mortgage rate. Their posted rate was 6%. Their total closing costs ended up being about $8000 on a $200k mortgage. The difference in rate and apr was more than .2%. I just thought their program was a joke to me. Maybe in some circumstances, with no pmi it would make sense, but not in my case. Point is, be sure to shop around. I have been told they can pull your credit for mortgage as much as possible within 30 days for mortgage with no penalty on your credit score. Liz
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Old 03-18-2008, 10:40 AM
 
4,546 posts, read 11,564,064 times
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Originally Posted by vukinjo View Post
I also recommend you shop around and compare not only the rate but the expected costs as well. I do know for Bank of America, there is not a fee to wiave the escrow with their No Fee Mortgage Plus program. There typically is with other lenders though as stated above. Not all lenders will allow you to waive escrow.
Did you see the part about "built into the rate"?
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Old 03-18-2008, 12:30 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,106,922 times
Reputation: 1008
a lot of lenders give good rates/loans to borrowers...

then when the word gets out.....it's time to raise those fees/rates!

this happens with wholesale lenders as well.
They lower the rates so all the brokers go to them.
Once they receive a lot of business, they start raising the rates.
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