I have been hearing alot about the Bank of America No Fee Mortgage. I went on their website to check it out and it sounds like a pretty good deal. I went through the demo and they allegedly do not increase the rate to compensate for the lack of fees. They offer:
No Fee Mortgage PLUS
$0 Application Fee
$0 Closing Fees
No Private Mortgage Insurance
Close-On-Time Guarantee
Best Value Guarantee
I am thinking about refinancing in about a year or two but I could not determine if they offer this for Refi's. Anyone else looked into this?
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Unfortunately, BoA does not offer this for refinancees.
Jared - Thanks for the response. I should have known it is too good to be true.
I did apply for BoA-no fee mortgage until I've found out that their APR were much higher than other banks. In my case, BoA was 1.6% higher than my bank which came out to be about $300 difference per month on 30yr fixed morgage on 300K morgage. For some reason BoA APR is well hidden--I did not find it out until I was trying to lock on the interest rate and was surprised. Although, I did pay about $7K in closing cost w/ other bank, but if you do the math, I think I have saved $$ in the long run. Remember we need to be careful when we shop around.
I am so glad I found this post!!! I am in the process of searching for a home and came across BOA no fee mortgage program. I am going to visit an actual site and speak with a realtor and see what happens. I'll be sure to let you guys know...
@ i am fabulous - Glad to help. Let me know how it goes.