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jessbaby
My boys!
Member since 1/06 5292 total posts
Name:
Jessica
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Bank of America Mortgage
Has anyone done or heard of a no fee mortgage plus?
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Posted 7/1/08 7:34 PM  |
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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Re: Bank of America Mortgage
We are in the process of using them right now, the no fee mortgage plus program. Supposedly our closing costs will only be 1800 dollars in taxes, plus the advance taxes if we choose to escrow.
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| Posted 7/1/08 7:50 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Bank of America Mortgage
That's the mortgage we got. We had to put 10% down, which we were going to do anyway. We got a great low rate, no PMI, no fees and closing costs paid (their costs).
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| Posted 7/1/08 9:33 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Bank of America Mortgage
we are going to use BOA also and my dh was telling me something about this, but I never spoke with the person so kind of unclear. How does it work??
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| Posted 7/1/08 10:26 PM |
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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Re: Bank of America Mortgage
Posted by Ik1
we are going to use BOA also and my dh was telling me something about this, but I never spoke with the person so kind of unclear. How does it work??
Well, I know you have to be putting 10% down to qualify. Then they don;t charge any fees and they reimburse the company you choose to do the title search. All you have to pay is any real estate transfer taxes. You are also not required to buy any points or pay any initiation fee. And you do not have to pay any PMI
I did find their rates to be about .1% higher when shopping around, but the no PMI completely erased that defecit for us. We are not going in to a "forever" house though, so if you are, this may make a difference. We plan to be out of our condo by the time we would have been done paying PMI.
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| Posted 7/1/08 11:32 PM |
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