U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-05-2009, 10:20 PM
 
135 posts, read 634,924 times
Reputation: 45

Advertisements

Till last week I was able to see the ad online. But today, I couldn't see the ad from their site.

I was hoping and collected 10% downpayment plus money for all other expenses to avoid PMI...but it looks like they dropped down...that sucks..

Any Broker -- please verify this..

But I found this link for their closing fees....
http://www.bankofamerica.com/loansan...=closing_costs
Reply With Quote Quick reply to this message

 
Old 03-05-2009, 11:50 PM
 
Location: San Jose (Willow Glen)
180 posts, read 626,724 times
Reputation: 96
The BofA no fee mortgage was always pretty gimmicky.
No fee meant that the fees were paid by BofA. How, you ask, did they pay for the fees?
Simple...they increase the rate that they sold you, so that when they sold the loan on the secondary market, they received a large premium (since the loan with the higher rate was more valueable to the end investor).

The way that the bond market is right now, you are always going to get a better deal paying your fees (and in most cases paying at least one discount point) up front, instead of financing them through a higher rate.

As far as the PMI, you need 20% to avoid it.
Reply With Quote Quick reply to this message
 
Old 03-09-2009, 09:51 AM
 
4 posts, read 9,329 times
Reputation: 13
We're in the process of buying a home and BofA gave us 4.625 with 1 point under the No Fee Mortgage Plus. After I got this offer from BofA, I called the two other banks we were pre-approved with and a mortgage broker and they could not beat this rate. Our down payment is 10% with no PMI. Of course under this program, BofA is not charging any fees and paying for third party fees (appraisal, survey, etc.) and they are providing 1 free year of no strings attached Buyers Protection. The percentage rate alone beat out all of the other lenders I was considering using. Still waiting for the catch, but we close this week and we haven't found it.

I did see that the no fee option seems to have been removed from their website. Not sure if it's still available - I would call and ask a representative. If you've got good credit and the right downpayment, as far as I have researched, this loan program is the best in the industry.
Reply With Quote Quick reply to this message
 
Old 03-09-2009, 10:31 AM
 
Location: Castle Hills
1,129 posts, read 2,284,637 times
Reputation: 605
Quote:
Originally Posted by tsquargirl View Post
We're in the process of buying a home and BofA gave us 4.625 with 1 point under the No Fee Mortgage Plus. After I got this offer from BofA, I called the two other banks we were pre-approved with and a mortgage broker and they could not beat this rate. Our down payment is 10% with no PMI. Of course under this program, BofA is not charging any fees and paying for third party fees (appraisal, survey, etc.) and they are providing 1 free year of no strings attached Buyers Protection. The percentage rate alone beat out all of the other lenders I was considering using. Still waiting for the catch, but we close this week and we haven't found it.

I did see that the no fee option seems to have been removed from their website. Not sure if it's still available - I would call and ask a representative. If you've got good credit and the right downpayment, as far as I have researched, this loan program is the best in the industry.
You are one of the lucky ones. The above poster was correct.. they give you a higher rate with the NO fee mortgage. If you are smart and can talk them down, then you can get a lower rate. Most people are just so worried about how much they have to put down etc. that they ignore the rate and thats how BOA gets you.
Reply With Quote Quick reply to this message
 
Old 03-09-2009, 07:49 PM
 
87 posts, read 347,734 times
Reputation: 35
Damn thats a great rate tsquagirl. Be sure to post back here after your closing to let us know how it went.
Reply With Quote Quick reply to this message
 
Old 03-09-2009, 08:45 PM
 
135 posts, read 634,924 times
Reputation: 45
So far with my 2 GFE requests from BOA and comparing with 4 other banks..I cant get other banks to match their rates as well as fees.

My closing will be on April 30..and Bank of america CSR told me that No fee mortgage is removed from website but officially its not closed yet. It will be over in 60 days....I wish i will get them without any issues and games during closing...
Reply With Quote Quick reply to this message
 
Old 03-31-2009, 01:36 PM
 
32 posts, read 111,191 times
Reputation: 16
I too have a pre approval from BOA and I think the cath might be bait and switch.

I have heard alot of times the laon falls apart at the end due to some issues they with finally approving. They somestimes ask you to but more money down.

I just hope I can count on this loan, i do have a back up plan but of cource not at BOA terms.

They told me on the the phone that it wont be discontinued just changed, but they do not know the details yet. Anyways if I want this deal I have to put a contract in by 15 April.

Pat33
Reply With Quote Quick reply to this message
 
Old 05-14-2009, 09:46 PM
 
135 posts, read 634,924 times
Reputation: 45
Bank of America Sucks...@$...

I am supposed to close tomorrow at 10.00AM. They are telling me today that they are waiting for Appraisal documents. And they postponed my closing to next friday. S(u)n of ...

What should I do now guys...
i asked the loan officer CLEARLY -- do you have any issues to be discussed from my credit approval and decision making ? -- he said No..your stuffs are fine and no issues.

What should i do --- I dont have any backup plans --- all other bank rates are crazy...
BOA rate locked at 4.375% 31 days ago..valid for 14 more days..
Reply With Quote Quick reply to this message
 
Old 05-14-2009, 10:06 PM
 
5 posts, read 13,788 times
Reputation: 10
I do feel sorry for you !!

Because their home specialist never communicate so we decide to take our business to the other lender. We are glad that we did this a couple weeks ago.




Quote:
Originally Posted by newhomebuyer80 View Post
Bank of America Sucks...@$...

I am supposed to close tomorrow at 10.00AM. They are telling me today that they are waiting for Appraisal documents. And they postponed my closing to next friday. S(u)n of ...

What should I do now guys...
i asked the loan officer CLEARLY -- do you have any issues to be discussed from my credit approval and decision making ? -- he said No..your stuffs are fine and no issues.

What should i do --- I dont have any backup plans --- all other bank rates are crazy...
BOA rate locked at 4.375% 31 days ago..valid for 14 more days..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top