Do we have a chance?

[wmarat]

First of all, I am absolutely illiteral when it comes to morgages. I read stickies and still understand nothing.

Well, we are thinking about buying townouse in 01/09, but considering economical situation I doubt now if it is worth to waste inq if there is no chances.

Background.

Short credit history, the oldest account is 2.5years old, AAoA is 1 year, no baddies. My scores are 708-726, DW's scores are 712 - 734. HHI a little more than 100k, stable job.

We were thinking about BOA morgage. Now, what it means no closing cost?

TIA

[DallasLoanGuy]

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@wmarat wrote:

 Now, what it means no closing cost?

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It means that they lied.

There are closing costs.... They just don't charge them to you, instead, they raise your rate and make money that way.

All lenders can do this.

Also... get the particulars... some costs are still passed on to you and there are prepaid charges like prepaid interest and escrow reserves.