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Jolind,
Put in a quote request right here on Zillow for what you want, no cost, no credit check. And you may find something a little better.
Lender rating
Since November 2009
Hi Jo,
Need a little more info:
State?
Rate?
Loan Amount / LTV?
Credit Score?
If you have only gone through 1 lender, going through another to shop the rate is not going to hurt your credit.
Lender rating
Since November 2009
FYI for credit:
Below is some information regarding your FICO scores (the below information is provided by the bureaus). You are able to request a free credit report from www.freecreditreport.com, it will have all 3 bureaus on it and for a nominal fee, you can request your FICO scores also.
There are five types of information used to calculate a FICO score at any given point in time. Each type of information counts as a percentage of a total FICO score:
Payment history = 35%
Amounts owed = 30%
Length of credit history = 15%
New credit = 10%
Types of credit in use = 10%
As for rate shopping:
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
jolind - mortgage inquiries within a 14 day time frame only count as one inquiry. I have heard of some scoring models using 45 days but I would use 14 to be on the safe side. So if you have 1 mortgage inquiry or 5 within that 14 day window, it is all the same. As far as getting a second mortgage quote, I would. There is alot of competition out there and you may find a better deal. Hope this helps.
Lender rating
Since January 2009
It is always smart to get second opinoni on something this important ESPECIALLY if you are uncertain that you are getting the best possible terms.
Credit bureaus recognize rate shopping and allow a 14 day window where all mortgage inquiries done in that window count as one inquiry. So if you let Bank of America run your credit recently, NOW is the best time to obtain other offers.
Bank of America spent quite a bit of money advertising this program, no fees and no PMI up to 95% of purchase price. The web-site is very fancy, they have this lady walking around and talking to you while you are trying to read what is on the screen.
Almost every lender can do any loan with no fees. The third party expenses and profit margin are recovered on the secondary market, which can pay as much as 4-5% of the loan amount if the rate is high enough.
Just my opinion, but you never get something for nothing. The slightly higher rate is to offset the fees they didn't charge you up front. Not to say you couldn't do slightly better but I have read on these threads a few times if your comfortable with the payment then go for it especially when there is no fee. Shopping around might save you .125% on the rate which isn't much to most payments a month but it never hurts to check.
Jolind,
Agree with MH as much as we all would "like" to have your business... BofA is not ripping you off and there is only so much spread from charity work to market, so you will not find a huge disparity in quotes given the same market conditions. However, you might find some of the sharpest people in the business for a slightly better wage where you will be openly and honestly cared for. Good luck with your situation.
Lender rating
you might want to be extra careful and read the fine print on their "No Fee Mortgage Plus". i have heard stories from borrower's who have came to me after applying with them who have told me there are still closing costs. they say their "no fee" is for lender fees and does not exclude title charges, escrows, prepaid interest, and even "discount points". any lender or broker can credit your lender fees and even cover title charges. make sure you get a GFE so you can see for yourself.
Lender rating
Since November 2009
MH, is the No Fee just for BOA fees or does it include those pesky details such as appraisal fee, title fees, etc. Ask questions.
AWS, Are you asking me? It's not my loan but I would be happy to relay your question to jolind.
Just messing with you :o)
It seems like a fine deal, but when you factor in the fact that you are taking money out of your local economy and shipping it off to India, customer service can't understand you, and all BofA wants is your checking and savings accounts so they can charge you fees every single month, you get the feeling that they aren't doing these loans to help you, the consumer.... Nope... They do these loans to get a larger piece of the market. That's the only reason they were stupid enough to buy Countrywide.
Someone brought up the walmart/kenneth cole analogy elsewhere- you'd be working with the Walmart's of the world, handing your money over to China, instead of working with a local t-shirt maker who charges a bit more, but is actually in your community. Guess who wins? Usually China... Hopefully, people start going local again... Am I off on a tangent? yes.... I'll stop now...
Char Siu Bao
Wow! I am new to these threads but let me tell you. The Mortgage threads are by far the most fun. Unlike many of the other threads you get great knowledgeable advice, drama, and politics. What more could you ask for.
We like it here too, MagicalHouse... love the name by the way... what does it mean, we wonder???
MH,
We keep it real and although a little rowdy at times, truth and clarity is the end product even if we get a little marred up at times. Welcome and invite your friends. The more peeps we can shed light for, the better we feel and the better this place becomes as a haven for the real truth.
Thaks Rob...just had lunch at Pho BO Vang yesterday, and now you have me craving Dim Sum.
The name is in reference to everyone thinking their house was a magic piggy bank that just oozed cash when they needed it.
These boards are great, I just read one on the Home Remodeling thread where the guy actually said "In some ethnically diverse communities, a pool cuts out a large portion of the buying population." Now that's some funny stuff.....some cultures are now adverse to water :o)
Lender rating
Since September 2009
Jolind,
There is no magic in a No Closing Cost Loan. If the normal, no point loan rate is 6.250 then your No Cost loan will have a rate of about 6.625. Why? The lender has to raise the rate to get more YSP in order to pay the normal, associated closing costs excluding pre-paids.
It may be a good thing for you. But, as some have said, you might be better off taking a no point loan and rolling in the closing costs.
It all depends upon your uniques wants and needs and not the sales pitch of a particular lender.
MH,
Most cultures and communities in the US are underwater.........
Well played!
magicalhouse, i love your avatar as well. You're one of my new favorites. don't cross me :) hehehe
thanks for all the replies. To throw a curve ball, here is my situation: location: Dallas, Tx. (irving to be exact). got rate of 6.37% (this was about a month ago). loan amount $200k. putting down $60k (>20%). credit score: 770. I could not lock in my rate because my condo is a new development & only have tentative completion (late summer/early fall). I've applied w/ boa about 3.5 weeks ago and they will keep my information until september 1. After this date, i need to reapply w/ them again. Big question is when should i start shopping & how long can i lock in my rates for? Thanks All!!
my the way. 6.37% was w/ .9 (something) points.
Hi jolind.
If this is truely your rate -fixed for 30 years - then take the deal.
No closing costs at all (except impounds) for this loan at 6.375% is outstanding. I dont know if BOA can honor that rate for 90 days until your house is finished, but if they can , go for it.
I couldnt match that in florida, because we have state fees that are thru the roof. I dont know if I could match it in Texas.
Lender rating
Since November 2009
Personally, I would start looking about 45 days out from completion. It never hurts to make sure you are getting a good deal. As Rob said early on, post the loan request on Zillow and see what responses you. Here's a good key to Zillow quotes: Rate lower than all others? Probably Bogus. Rate higher than all others? Probably money hungry, rate right in the middle? Probably a good call. Go off that and shop your local lenders and see.
You can lock at no cost, usually for up to 60 days. I wouldn't do that though, I'd wait till closer to completion.
PS: From the sound of it, 6.37% is a pretty decent no fee program, but shop it.
Lender rating
Since September 2009
jolind,
I would shop for sure. I would also make BOA lock and get proof - then I would shop to make sure you have a back up, just in case BOA can't produce.
Good Luck!
Lindsey
BOA is the best!!...I'm biased of course as they are my new employer and you never know who might be lurking on these boards!! :)
Lender rating
Think you guys missed that he is paying .9 points for the rate. They discount the lender fees so let's say that he saves $1000 in lender fees compared to using a broker. That deal seems very doable to me.
Lender rating
"my the way. 6.37% was w/ .9 (something) points."
How is that a no fee loan? don't be fooled. that rate does not come with a true discount. it's just that direct lenders and correspondents are able to move their fees from origination to discount to make it seem like you are buying the rate down when in fact their discount goes in their pocket. also, does this loan have any title fees?
Lender rating
Since January 2009
From what I understand and I have gone up against it as well as run into someone I sort of knew this is the skinny. They do charge points but everything else besides impounds, per diem interest, and any taxes (NY has a mortgage tax, PA has a transfer tax) is covered. No PMI as well. With the points being charged you can match the out of pocket but their rate is still going to be .25% less than what you can do. It is for current BofA customers so they already have their hooks in for the checking and savings account. My guess is that they are willing to take a hit on income derived from servicing the loan in order to have more high quality loans. After all they need to balance out the mess they are getting from CW (No offense ELender)
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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i got mortgage approved through boa
jolind
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currently bank america is advertising 'no fee ' mortgage loan. based upon their quote -- rates are little bit higher. should i get a 2nd quote from another provider or stay w/ what i have? Does it make sense to shop for rates? I am afraid to run my credit few times.....
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