No Fee Mortgage Plus from Bank of America... how come?
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i've talked to two loan officers regarding this loan and they both offered the 80/20 or 80/15/5 -- i can put 5% down. both discouraged me to avail of the no fee mortgage plus. any input? i want only one loan because i read from one article that you build equity slower with piggyback loans, and a piggyback prevents you from getting a home equity loan or line of credit to pay for home improvements or consolidate debts. i really like the No Fee Mortgage Plus, no closing cost and no PMI.
No Fee Mortgage Plus from Bank of America... how come?Beware, B of A stopped their wholesale division which means they only do retail now. They don't disclose what is called YSP (Yield Spread Premium) which is the profit built into the rate you pay. Any no cost mortgage you take out will carry with it a higher interest rate. Compare a 95% mortgage with LPMI (Lender paid MI) to their program and see if it doesn't work better for you.
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No Fee Mortgage Plus from Bank of America... how come?They don't want you to get that No Fee product because there is less commission. Just go to another lender. Many people consider B of A evil.
No Fee Mortgage Plus from Bank of America... how come?There is no absolutely answer for your question.However,explorer the information here will give you some ideas.HOpe it helps.http://mortgage.onlineidea.info/reverse-...
No Fee Mortgage Plus from Bank of America... how come?These were bank of america loan officers? I know each case is different but without PMI you do not need a piggyback loan. If you have 5% to put down I would talk to someone there. Rates are great right now!
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