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Anyone know more about the Bank of America No fee mortgage Plus?

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OneMortgageGuy
Regular Contributor

Re: Anyone know more about the Bank of America No fee mortgage Plus?

Most lender have this option....   Points are used to by down the rate. Lenders have no control over the title fees or appraisal. So they go backwards in points! Going backwards in points will create a credit that the lender will use to cover your closing cost.
 
If points go up then the rate should go down or the other way around. Nothing is for free! You pat in the front or you pay in the back!!
 


premierjg wrote:
It just means that you pay a higher rate to subsidize them for the closing costs.  In theory, you should be able to get this type of loan from any lender.



Message 11 of 13
Anonymous
Not applicable

Re: Anyone know more about the Bank of America No fee mortgage Plus?

My median score was 757.  I just closed and it was just as promised.  They even paid the fee for my attorney (although I didn't think they would).
 
It definatley was the best deal for me but a co-worker of mine is shopping for mortgages now and found that BOA wasn't any better for them than any other lender.
 
 
Message 12 of 13
Anonymous
Not applicable

Re: Anyone know more about the Bank of America No fee mortgage Plus?

I used BOA's No Fee Mortgage Plus. I applied locally, but the loan is processed at a "loan center" in Tampa, FL. The "loan center" tried adding points after the local branch quoted me a rate without points. It was ridiculous trying to get that mess sorted out, because each side would blame the other. Eventually I got them to honor the rate without points. BOA's rate was fairly comparable to the other 5 banks I looked at, but the other bank wouldn't pay the fees for me and wanted to charge points and/or PMI. AND, since BOA closed my loan late, they sent me a check equal to 1 month's payment. I was very surprised how easy it was to get the free payment. I would do it all again if I got the same deal...

Message 13 of 13
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