Hello Everyone
Just want to let you guys know my Great experience yesterday with BOA and getting approved for their MHA ( Making Homeownership Affordable). loan. I have been with BOA mortgage several years since they bought Countrywide. I have checkings and savings with them also, as does my daughter and mother. No other loans with them.
This is the third home I have owned. I bought my current home Jan 2005 with 2 loans, one 7% and one 5.5%. Combined my balance was aprox. 153,000.00 and value of home according to BOA is 203,174.00. I was qualified and approved for MHA loan. 15 yr at 3.00%, APR 3.062%. NO points, NO credit check, NO appraisal and NO cash upfront.
Or a 20 year at 3.75% APR 3.870%. NO points, No credit check, NO appraisal and NO cash up front. He said costs would come out of my escrow account. And I will have 2 months with no payment. He did say the 20 year was with 0.5%point but he waived it because I was a good customer! Also the ONLY piece of paper I had to fax to him was my declaration of Insurance. I am divorced and had the house deeded to me and this was recorded in the court house. They were able to pull all of that and all my mortgage statements, checking, etc because I was with their bank. It was such an easy process and I cant imagine going elsewhere even if costs were less. I do not have the final number for closing cost although I can tell you they were minimal in comparison to others I have heard from. I will update as soon as I know final cost. I did pay &12.00 for something they had to pull but I cannot remember what it was.
I chose to go with the 20yr loan. It knocks of 2yrs 7mth off mortgage and about $400 per month. These are only aproximations right now. But close. I will pay it down in 15 years but wanted the wiggle room as I now have a daughter going off to college and one starting to drive!!
They did an initial check onmy credit score, but he barely looked at it, told me my score and said there were a few medical things on there and that was it. He said underwriting will not be checking it. I believe they pulled the EQ which matched my EQ here on FICO 656. My TU is 653. I have paid my mortgages always on time because I would rather always have a place to live and be late on credit cards. I do have several lates on credit cards, 2 medical collections and high utlization rates.
I was approved in a matter of maybe 1 hour tops, all over the phone and the application was sent to underwritting the same afternoon. Here is where I have to wait for final approval. I pray that all goes well and as smoothly as the application process. I have no liens or anything to stop it so will keep praying. This will drop my home mortgage payments by about $400.00 per month. Amazing. By the way.
I hoped this has helped someone and that you dont wait to try and refinance if you can. If you are with BOA and can qualify it is a very easy smooth process, or was for me. Good Luck everyone.
