B of A no closing cost program

[Anonymous]

Is anyone familiar with the program? Has anyone used the program? I'm hearing good things. Wanted to see if anyone else has something to say

[Platinum25]

I wanted to do it for a refi of my mortgage but they told me that it's only for new loans.

[Anonymous]

Are you talking about the No-Fee Mortgage Plus Program?

If so, I plan on closing on a condo next Friday.  Its been a GREAT experience so far. I had only one hiccup because they will NOT finance a Manufactured home.  I've saved about $3200 in closing costs AND they are NOT requiring PMI.  Thats another 55 bucks or so per month saved. I did have to put down at least 5%. 

My only out of pocket expense was the Home Inspection at $200.

And to top it off, my DW just LOVES the place.

Diamond Dave 

[ShanetheMortgageMan]

Nothing is free.  For not paying the fees you get a higher interest rate than if you just paid the fees... so it's a good loan for a short term loan.  If you plan on having the mortgage for awhile, and depending on the loan amount, then paying the fees for a lower rate will pay itself off at some point... usually ~5 years, more if the loan amount is smaller.

[Anonymous]

Mr. Milne,

I know this is an "old" post (just catching up on this board)  but your reply is perfect.

saladdin