Shooby_IHB
New member
[quote author="jbatzmaru" date=1213665647][quote author="stepping_up" date=1213664090]We closed our B of A loan on May 9th and got 5.875 fixed and they paid everything outside of the pre-paid interest, insurance and property tax. We locked it back in late March. Since then rates have been slowly creeping up. Everyone else wanted more than 10% down unless we went FHA. FHA loans were higher than B of A and required PMI of about $200/mo. The closing costs on the FHA loan were close to $14,000. Countrywide would do 15% down, but still wanted PMI and their rate would have been exactly the same as B of A.
I'm not sure if B of A is still doing this, but back in Nov when we bought our other house, they had something of a guarantee that they would be the best value loan out there. If you applied and were approved for their mortgage, but went with another lender, they gave you $200. We had a better offer from Citi back then and B of A came back and matched it. We ended up with 5.75 then, which was competitive.
Another benefit of B of A is that they do an AVM for the appraisal, so it comes in much higher than the purchase price if you are getting a good deal. They don't require you to wait a year before opening a HELOC, so right after closing you can open a no fee HELOC line. Our line on the Nov house with an 80:20 LTV ratio was $26K MORE than we put down. They just opened one on this house for $50K, which is more than we put down. It's nice to know that you have this line available.
If you have other debt that is not tax deductible and are comfortable putting your house up as collateral, you can move it to the HELOC. The variable rate is really low on these right now.</blockquote>
Stepping up- what are you thoughts of buying a house earlier this year? do you have any regrets? how is the value holding up in your neighborhood? i was close to buying a 2 bedroom condo too but i backed out at the last minutes. Lennar let me off the hook cause they had another person and they end up selling that same unit to someone else for 512k. i was in contract with them for only 435k. i sure do fell sorry for that guy cause there is another unit for sell for that is in foreclosure for 426k .</blockquote>
Jbatz, was this a place in Camden?
I'm not sure if B of A is still doing this, but back in Nov when we bought our other house, they had something of a guarantee that they would be the best value loan out there. If you applied and were approved for their mortgage, but went with another lender, they gave you $200. We had a better offer from Citi back then and B of A came back and matched it. We ended up with 5.75 then, which was competitive.
Another benefit of B of A is that they do an AVM for the appraisal, so it comes in much higher than the purchase price if you are getting a good deal. They don't require you to wait a year before opening a HELOC, so right after closing you can open a no fee HELOC line. Our line on the Nov house with an 80:20 LTV ratio was $26K MORE than we put down. They just opened one on this house for $50K, which is more than we put down. It's nice to know that you have this line available.
If you have other debt that is not tax deductible and are comfortable putting your house up as collateral, you can move it to the HELOC. The variable rate is really low on these right now.</blockquote>
Stepping up- what are you thoughts of buying a house earlier this year? do you have any regrets? how is the value holding up in your neighborhood? i was close to buying a 2 bedroom condo too but i backed out at the last minutes. Lennar let me off the hook cause they had another person and they end up selling that same unit to someone else for 512k. i was in contract with them for only 435k. i sure do fell sorry for that guy cause there is another unit for sell for that is in foreclosure for 426k .</blockquote>
Jbatz, was this a place in Camden?