BOA no fee mortgage

[mefern]

I closed 2/28 with the BoA No Fee Mortgage.

Staff was professional. No problems.

Ended up with 5.875% for a 30 year fixed. I put 20% down and my FICOs range between 780 and 800.

[renriq02]

if you're putting 20% down, and have a 740+ credit score, you will get the best mortgage anywhere.

Since you closed around 02/28....you could've paid for closing costs, and gotten a 5.125-5.25% rate on a 30yr fixed. 5.5-5.625% w/out closing costs.


this program was designed for those who have 680+ score, and at least a 5% down payment.

Originally Posted by mefern

I closed 2/28 with the BoA No Fee Mortgage.

Staff was professional. No problems.

Ended up with 5.875% for a 30 year fixed. I put 20% down and my FICOs range between 780 and 800.

[vukinjo]

I have to agree, the best value of this program is for those who put 5% down as there is no PMI without having to go the 80/15/5 route or pay PMI. This program was perfect for me. I wanted a 30yr fixed with a competitive rate without paying PMI or closing costs.

[jflores]

Well I been holding off on my review but here it is.. I am a new homeowner in Houston Texas. The market is doing ok.

On the No Fee Mortgage Review
We locked at 5.5% about 40 days ago, without any points it would of been 5.875% but we paid 1.173% (45 day lock) and got it down to 5.5% on 30 year fixed loan. There are no actual fees with this mortgage except your buy down if you choose too.

We put down 5%, everything went as smooth as possible. I will say this sometimes reaching the processor can be a pain, but be persistent, call the supervisor and send out emails, emails actually works better.

I was happy through the process and now its time to enjoy the house.

[JoeP]

We just did and got a good rate, however the process of communicating with them was unacceptable. I will never, ever do something like this them again. I got my first house with Wells Fargo and had refinanced it with Suntrust - in both cases, I had a local contact who if not immediately respond to me - was responding quickly and on top of things. BofA sends you to a processing center, where they don't answer the phone, they return calls... at some point.

[ageha]

I agree. I was happy with BOA's fee and rate until I got to the point where their speed of response may get me into trouble of closing on time. They do have a 25-day close on time guarantee but we started somewhere 20 days ahead. The local branch specialist said we can still make it if I get every doc to the loan center ASPS. Well I tried, but our case is more complicated (non-permanent resident, just changed job etc.). The communication with their Tempa loan center is not satisfying. Took me an hour hold to speak to someone and finally find out the extension of my assigned specialist, just to realize that she had not looked at our files yet. To get her to answer the phone require some luck. And we finally gave up and went to a loan broker with slightly higher APR, someone I can call anytime and knows my case by heart. The loan is well underway now, 12 days till closing, and I hope we'll make it to closing on time.

I would still recommend BOA no fee mortgage to anyone who has enough time till closing and who doesn't not need to explain to BOA why USCIS (immigration) took several month to print a card. Especially if you're putting down less than 20%, they'll pay your PMI.