BofA - No Fee Mortgage Plus

I guess it depends on where you are buying. There are a lot of closing costs in NYC. Are they going to cover everything? What rates are they offering and on what size loan amount?

The bigger lenders are not on par with portfolio lenders on the Jumbo loans.

If you have details of your scenario I can quote you and let you compare the two.

mcohen@panamloans.com

I'll e-mail you offline. Thanks.

The way its usually done is that the costs are incorporated into the rate. However, closing costs do not include any taxes, escrow, or per diem interest. sunny_hong@countrywide.com

jsey9- i would love to price your scenario- i can price it and supply you with GFE and TIL showing you all costs and closing costs associated. i charge no broker fee and no upfront costs. dledven@customcapital.net

my feeling is this no fee stuff is a scam. for one thing, some of the fees they list aren't fees with other lenders either, for another, BoA's rates are terrible, they'll more then get you with the rate. Look elsewhere.

ccdevi, totally agree. The bottom line is, what's the total cost of the loan for the time you expect to have it? Claims of "No Fee" set off warning alarms.

actually no fee loans are good if your time horizon in the property is short, the longer you stay in your property the better off you are with the lower rate and include the costs, it may take time to break even but once you do then the real cost savings kick in, if you have questions or would like to see how it works just email me.

I'll have to agree with dledven on this one. The NFMP is only good in certain situations i.e. length of time you decide to keep the mortgage and also the loan amount (the lower the better), otherwise I would stick with a lower rate of interest over a longer period of time.

As a side note, I got an updated quote from BofA today. Their rates are absolutely ridiculous, more than 100 basis points higher than Metlife and some locals. BofA is a joke right now.