Comments on: Bank of America Introduces No Fee Mortgage http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/ Sat, 21 Nov 2009 20:14:32 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Roger R Carbonell http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/comment-page-1/#comment-56457 Roger R Carbonell Sun, 26 Apr 2009 04:38:53 +0000 http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/#comment-56457 I want get No fee Morgage , because I want bay a home, I need to speak whit someone who can help me in espanish , because my first language is espanish, thank you. I want get No fee Morgage , because I want bay a home, I need to speak whit someone who can help me in espanish , because my first language is espanish, thank you.

]]> By: Carin http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/comment-page-1/#comment-38347 Carin Fri, 01 Feb 2008 19:57:31 +0000 http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/#comment-38347 <p>A cheaper alternative to bank mortgage insurance is to use a term life insurance policy. Term life also offers the advantage of being able to name the beneficiary, as well as the option of choosing a term life policy that converts into whole life insurance at the end of the term without having to reapply for coverage. Consult with a licensed broker as well as comparing quotes online. It's important to remember that bank mortgage insurance is intended to protect the bank should something happen to you; term life insurance protects your interests.</p> A cheaper alternative to bank mortgage insurance is to use a term life insurance policy. Term life also offers the advantage of being able to name the beneficiary, as well as the option of choosing a term life policy that converts into whole life insurance at the end of the term without having to reapply for coverage. Consult with a licensed broker as well as comparing quotes online. It’s important to remember that bank mortgage insurance is intended to protect the bank should something happen to you; term life insurance protects your interests.

]]> By: Jonathan http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/comment-page-1/#comment-8947 Jonathan Thu, 10 May 2007 04:27:08 +0000 http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/#comment-8947 I agree, this doesn't excite me too much. BofA's rates are way too high relative to what others can offer. I agree, this doesn’t excite me too much. BofA’s rates are way too high relative to what others can offer.

]]> By: Sun http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/comment-page-1/#comment-8921 Sun Wed, 09 May 2007 18:06:47 +0000 http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/#comment-8921 Though I think no-fee mortgage the idea itself is very appealing, BoA doesn't have the record of offering very competitive rate. They are usually in the top tier. I see this offer similar to their $0 commission trading: the idea is good, but the bar is too high ($25K deposit with them at a very low rate). For mortgage, I think rate is the most important factor. If BoA's rate is alway 1% higher than others, I don't see why people want to use them. Of course, people may feel safer to deal like a large bank than a small player. Though I think no-fee mortgage the idea itself is very appealing, BoA doesn’t have the record of offering very competitive rate. They are usually in the top tier. I see this offer similar to their $0 commission trading: the idea is good, but the bar is too high ($25K deposit with them at a very low rate). For mortgage, I think rate is the most important factor. If BoA’s rate is alway 1% higher than others, I don’t see why people want to use them. Of course, people may feel safer to deal like a large bank than a small player.

]]> By: broknowrchlatr http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/comment-page-1/#comment-8895 broknowrchlatr Wed, 09 May 2007 11:51:10 +0000 http://www.thesunsfinancialdiary.com/personal-finance/bank-of-america-introduces-no-fee-mortgage/#comment-8895 People should also considder this: If your rate is high, don't think you can just take one of these no fee mortgages untill you find a better rate. One additional condition is that they tent to have early payoff penalties. For some, a refi in the first 2 years causes a penalty of 2-3% of the mortgage balance. So either you keep the mortgage and pay the fees in an increased rate, or you refi and pay a big penalty. So either way, you WILL end up paying the fees in no-fee mortgages. People should also considder this: If your rate is high, don’t think you can just take one of these no fee mortgages untill you find a better rate. One additional condition is that they tent to have early payoff penalties. For some, a refi in the first 2 years causes a penalty of 2-3% of the mortgage balance. So either you keep the mortgage and pay the fees in an increased rate, or you refi and pay a big penalty.

So either way, you WILL end up paying the fees in no-fee mortgages.

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