What do you guys think about Bank Of Americas' no mortgase fee?
Topic: Underwriting services
June 26, 2019 / By Layton Question:
I have never bouth a house before and dont know if this would be a good idea with this program! Any tips from home owners?
Best Answers: What do you guys think about Bank Of Americas' no mortgase fee?
Jodie | 4 days ago
Common Sense Alert!
(not meant to be rude)
Ok, when someone say FREE (that's what NO fees are, they're saying it's free to do the loan with them) don't believe the hype.
I don't care if it's a loan, or an infomercial where you buy for $39.99 and if you act now you get 12,000 more free knives.
All costs are built into the sales price of a product or service.
Anyone who tells you that you're getting a no cost loan and doesn't also tell you that you will be paying a higher rate to offset the lender paying the necessary fees to process, underwrite, and close the loan then they are being less than up front with you.
ALL lenders a can do a no fee/closing cost loan.
Be sure you look at rate, APR and look at the total amount paid at the end of the loan term. Which loan is going to cost you more in the long run or during the time in which you plan on keeping the mortgage.
Pick the one that comes out the cheapest.
Of course, rate and fees aren't everything..... If it ends up being a horrible experience, wouldn't you rather have paid a bit more and not have the frustration and stress...
Sometimes you just don't know. Do the math and then go with someone you think you can trust....get everything in writing.
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We found more questions related to the topic: Underwriting services
As everyone has said.....there simply is no such thing as a no cost mortgage. It simply increases your rate a bit to save you upfront fees. The one good thing about no closing costs loans are that if you find something better a few months down the line, you don't have to ponder whether or not it makes sense to refinance because there were no out of pocket fees the first go-round.
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It is actually no fee-- they even pay the closing company and title company for you...but if you compare their rate it tends to be .1% or .2% higher than other companies. If you plan to own 1-2 years thats oka, if you play to keep the same house/loan for years, not good.
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Oh, they all have fees ... just by another name ... or only for loans that nobody qualifies for. Trust me, there's no free mortgages out there now. Not even for people with 800+ FICO scores and 20% down!
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Originally Answered: Can i get an old bank statement from a check i wrote from bank of america in 2008?
You don't need your bank statement, what you need is a copy of the cancelled check. And yes, you should be able to get it easily. Just go in to any BOA and tell them what you need. They might be able to print you out a copy right away, or you might have to wait for them to mail it to you.
I know my credit union would do this for me without any fee. Bank of America might charge you for this service.