new bee: broker vs. bank, which one to choose, how is Bank of America no fee mortgage plus? (mortgage broker, credit)

[lily123]

We just got our house. So excited. It will be our first home!!!!
We're so confused that we don't know if we should choose broker or bank. We prefer to get loan from banks with local offices in the area but seems the rates from banks tend to be higher, such as Bank of America, Wachovia, and suntrust. we noticed Bank of america has a no fee mortgage plus program. Anyone has used their service? Any suggestions or names would be highly appreciated.
another questions is where to get a reliable attorney. One broker suggested he would send an attorney. Our agent also suggested one. Should we find attorneys by ourselves or go with broker's or agent's pick?

Thanks a lot in advance.

[NYC2RDU]

Although this topic has been covered in the forum recently (past month) I'll re-up my support for Bank of America. We closed last week and I still can't believe how little money I left behind. Also, the rate was very competitive.

Brokers are best when your credit is less then perfect.

Bank of America has branches all over the place as well.

[KateZona]

Hi,

I come across the question of banks vs. brokers for mortgage all of the time from my clients. I tell them to,

a) not only pay attention to the rates, but also the broker fees that they will charge you (ie. loan origination fees, etc.). Beware of mortgage brokers that charge more than a 1% origination fee!! Anything over 1% is exorbitant.

b) pay close attention to their level of customer service. For example, you should never feel rushed or pressured, they should always call you back in a timely manner, answer all of your questions immediately, and explain everything to you up-front.

While they both have their merits, I seem to have had the best experiences with private mortgage brokers from locally owned firms with good reputations. They are more eager to please, and seem to provide better customer service (not always, but mostly). Also, banks provide "retail" rates and fees while mortgage brokers usually receives rates on the "wholesale" side, enabling them to get you a better rate. This is true most of the time, with the exception of cedit unions (which are fantastic, if you qualify to use them!).

Typically, you will have a good experience with the attorneys that your mortgage broker/bank and your Realtor recommend to you. Remember that these people are professionals in the business and if they have good experiences with particular people, it's a good idea to go with it. However, it is my recommendation that you ask them both for a few names of attorneys in the area that they have worked with in the past, and then call all of those attorneys and choose the one that you like the best and feel the most comfortable with. Remember, banks, brokers, and Realtors can refer you to a particular attorney, but they can't tell you who to use, because unless it says otherwise in the contract, the attorney works for YOU.

I hope this helps!

Katy

[westgulb79]

The Bank of America "No Fee Mortgage Plus" loan sounds great... who wouldn't want to save all of those costs?

Just beware... they are looking for very specific things. We have very decent credit (low/mid 700s) and good references/job history, but my fiance is selling his company to change occupations, and I didn't have two years history in the same position (just finished my teaching credential here in CA), so we were turned down. Without a job offer lined up for myself yet, they wouldn't even check on rates for us. Apparently cash in our bank accounts isn't enough for B of A!

If you can qualify, by all means, it sounds like a great loan option.

[ChipL]

Comparing the rate/fees against rate/fees is important. Often times you'll see lower rate/higher fees, higher rate/lower fees.
Check with a bank you're comfortable with. Take your gfe to a broker and see if they can beat it.
The benefit to the broker is the ability to prequal it and offer rates from all the banks, not just the one you're standing at.

[groove1]

BofA blows. You will pay around 2% for a mortgage broker. That adds up at closing if the seller isn't paying all of it. If you are in a decent size credit union, check with them.

[autumngal]

and gather all your info and when you have a quiet moment without disturbances research your info, discuss the pros and cons and see which
offer suits you. If you have questions contact the broker, bank whoever and get your answers. You have to find what suits you, and will make you happy.

[prius109]

Ive said this before, and i'll say it again - Beware of Bank of America - If any of you have heard of Dave Ramsey, or Clark Howard - They are financial "gurus" with national radio shows - both of them say how terrible Bank of America's overall business practices are, and to "avoid them like the plague" - Ive no personal experience with them, i always use local credit unions.. just passing the word.

[NYC2RDU]

Originally Posted by prius109

Ive said this before, and i'll say it again - Beware of Bank of America - If any of you have heard of Dave Ramsey, or Clark Howard - They are financial "gurus" with national radio shows - both of them say how terrible Bank of America's overall business practices are, and to "avoid them like the plague" - Ive no personal experience with them, i always use local credit unions.. just passing the word.

I keep reading posts within these forums bashing on Bank of America. So much of it is based on hearsay and I only know what I know from first hand experience. I've banked with Citibank, NatWest, Fleet, Commerce Bank and now Bank of America. I've had mortgages with three different lenders and home equity loans with two more. Quite frankly I don't get where the problem is.

Perhaps I'm tainted by the fact that BoA acquired Fleet which acquired NatWest. NatWest was great to work with, Fleet was awful and charged for everything. BoA is a huge improvement over Fleet.

As for their no-fee deal, I only know what the numbers were for my mortgage. I compared deals from multiple reputable lenders and BoA was clearly the most financially sensible decision.

[prius109]

Originally Posted by NYC2RDU

I keep reading posts within these forums bashing on Bank of America. So much of it is based on hearsay and I only know what I know from first hand experience. I've banked with Citibank, NatWest, Fleet, Commerce Bank and now Bank of America. I've had mortgages with three different lenders and home equity loans with two more. Quite frankly I don't get where the problem is.

Perhaps I'm tainted by the fact that BoA acquired Fleet which acquired NatWest. NatWest was great to work with, Fleet was awful and charged for everything. BoA is a huge improvement over Fleet.

As for their no-fee deal, I only know what the numbers were for my mortgage. I compared deals from multiple reputable lenders and BoA was clearly the most financially sensible decision.

I was never under the impression that two nationally syndicated talk show hosts was "Hearsay"