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[mahina]

This message was self-deleted by its author (mahina) on Sun Nov 2, 2014, 11:14 AM. When the original post in a discussion thread is self-deleted, the entire discussion thread is automatically locked so new replies cannot be posted.

[MindPilot]

1. The correct answer is "no".

It probably looks good right now, but there are probably hidden fees, not considering escrow, closing costs may not be rolled into the payment.

I'd trust BoA with exactly none of my money or property.

[Maedhros]

2. I'd say shop around.

From what I gather, credit unions are not necessarily the best option for mortgages - they tend to take longer to approve and have many more hoops to jump through (at least, according to my agent).

I'd suggest asking your agent for some alternatives. They usually know the better lenders to work with.

[Rhinodawg]

3. Take his name and number...if he says "now or never"..

tell him to go **** himself.

[mahina]

23. Funny, he said something close.

"This is today, I mean right now"…

He was polite.. until we got into serious stuff.

[dixiegrrrrl]

44. BOA will sell that mortgage to some fly by night servicer

3 minutes after the ink is dry.
I am dead serious about this.
BOA HAS sold off its mortgaging biz. to companies who are now being investigated for fraud, said companies do not have to follow consumer protection laws that banks like BOA now have to follow.
A lot of people here on DU know that I have been posting about BOA and scam mortgages for the last few years.

I would not accept a mortgage from any of the TBTF banks if THEY paid ME to take one.

Don't do it....it will come back and bite you.

[socialist_n_TN]

48. NOT a fan of BOA or of banks in general, BUT.......

quite frankly they'll ALL will sell off a mortgage "3 minutes after the ink is dry" if it's profitable to them. This is standard industry practice. I worked in mortgages for a decade and, although the rules have changed a lot through that decade, this one is a standard. It's actually something that has been in all mortgage docs since at least the 70s. They just didn't do it very often back then, but they had the power to do so.

[garf]

35. I agree. Anyone who says "now or never" is a liar...

... as if they won't have this same deal again and again and again in the future.

[Travis_0004]

40. Not always true with mortgages

Rates change constantly, so its not uncommon for a quoted rate to only be valid for a few hours.

[hatrack]

47. Yeah, it might well go lower

.

[socialist_n_TN]

49. That's true, but then again it might go higher...

That's what rate changes mean. The original poster in this sub-thread was correct. Mortgage rates are subject to change, sometimes hourly.

[Hassin Bin Sober]

53. Sometimes by the minute.

I've lost rates walking to the fax machine. (I'm in the business and I'm using fax machine as an example before everything went web/log-in based. I've also lost rates before pressing enter).

[socialist_n_TN]

61. ep. Until you lock it's subject to change.....

and then when you lock, the clock starts to close.

[Hassin Bin Sober]

62. I got in to a beef with a customer who was also a bond trader.

The guy was playing the float hoping for a better rate on a $750k loan. He decided to call me one afternoon while the market was taking a shit - he knew it because he was sitting in front of a terminal. I didn't know the market was deteriorating because I'm not a trader and I do other things besides watching every tick on the bond market. Anyway, he called me to tell me he wanted to lock at the rate I quoted him earlier in the day. I told him I would lock it in and call him back - before I could lock it the faxes started flying and the lenders started posting notices on their websites stating "re-price!!! Deteriorating market!!"

The guy was a spoiled jag off and tried to get me in trouble with my boss. My boss shot him down pretty hard.

[tazkcmo]

4. You need to decide

if you can live with yourself for giving BoA any money. How much is your self respect worth? Personally, I'd rather be homeless but it's something only you can decide. Good luck.

[yeoman6987]

55. I have a B&A mortgage

As long as you pay every single month, you are good. If you have a hiccup, you are toast. I have been very fortunate with them. I don't do banking with them but just have a mortgage. I pay 6 months in advance so if anything happens, I am good for at least that long. First time I did this they wanted to put it towards principle. I said no. They were ok with it. I continue to pay monthly right now with the six months floating for now.

[dixiegrrrrl]

56. I HAD a BOA mortgage.

Thankfully with no escrow.
So they tried to force place insurance on me every, sending letters with 30 days deadlines that I had not proved I have my own insurance, despite my insurance company telling them that I did.
Forced placed insurance is illegal.

BOA sold most if its servicing to Green Tree, which is now under investigation, along with other servicers like Ocwen and Nationstar.

[Iggo]

5. Take it to your lawyer. See what s/he says.

[Live and Learn]

6. No document loans? I guess BOA didn't learn anything

from the last go around.

[former9thward]

17. No, banking regulators did not learn anything.

[diabeticman]

7. Not to be rude but read the fine print and if you can get some sort of lawyer or real estate agent

to look at the deal.


During the mortgage crisis my wife's friend had bought this beautiful 5 bedroom home. She and her husband $4,000 a month net take home pay.

the rate they got was a steel ( they both had excellent FICO scores in the 700s) Plus put down half of the amount of the house.

6 months after buying house and PAYING early the mortgage each month. The payment jump from $1000.00 to $3000.00


So be double careful and best of luck to you. My wife and I are new home owners....IT is nice.

[deaniac21]

8. I'd go for 15 year

[pnwmom]

13. The other option is just to pay it as if it WERE 15 year, but to retain it as 30 year

in case smaller payments were more affordable at some point in the future.

Assuming the loan doesn't carry a prepayment penalty, anyone can pay down a mortgage faster -- turn a 30 year loan into a 20 or 15 year loan-- by adding extra payments specifically designated to go toward principal.

[upaloopa]

29. Anybody who has the money you mean.

[pnwmom]

31. Anybody who has the money to consider a 15 year loan does have the money

to consider taking a 30 year loan and then paying it down AS IF it were a 15 year loan.

[upaloopa]

32. Ok I didn't see the 15 yr loan thing

[Shrike47]

52. My husband and I used to give each other extra mortgage loan payments as birthday presents.

Anniversaries, too. We paid the house off about 10 years early.

[Luminous Animal]

30. Yep. That is sound advise. And if you can't do that, even adding as little as $50 a month

is wise.

[nilram]

39. +1

Paying extra on a 30-year allows you to drop back to that lower payment when needed. You end up paying a little extra (as in, 1-3 month's worth of payments) over just getting a 15-year mortgage, but that isn't much relative to the entire cost of the loan.

[Hekate]

45. We did that, and turned our high interest 30 year loan into an 18 year loan. But we had to...

....keep track, because sometimes the clerk handling it would record it wrong. We saved a ton of money.

[pnwmom]

50. We did, too. And you're right; it's important to keep track that the payments are properly credited.

[pnwmom]

9. Ask to read the disclosure documents. They will disclose any fees.

Bank of America is a solid bank and a fixed rate loan at that rate -- assuming that it is affordable for you now -- is likely to be a good deal over the long run.

[ChisolmTrailDem]

10. They're doing the ecact same shit they did before because they only received what

amounts to a slap on the wrist in the form of fine. They ruined millions of lives and paid a paltry fine by comparison.

They learned nothing from their bad behavior and now they are doing it again. 100s of $Billions in profit to be bad and fined $16.65 Billion to clean up their badness. Sounds like a good investment to fuck you over to me!

[pnwmom]

15. It wouldn't fuck the person over if it was a loan they could afford. The problem before

with the no-docs was that people were taking on more credit than they could afford, and many of those loans had payments that rose over time or even ballooned. This person is being offered a fixed-payment loan.

The thing to do is to know how much the payment is and how it compares to the rent they'd be paying anyway.

[LeftyMom]

11. Do you have a third option?

My suspicion is that BofA is going to be more of a pain than they're letting on, just based on every last interaction I've ever had with them or story I've ever heard about dealing with them. Of the two I'd go with the credit union. Better the devil you know and all that...

[madamvlb]

12. I have had nothing but problems with BOA

They keep changing my escrow account, it's nuts. There customer service is the worst, so many mistakes were made with my refinance and I can never speak to the same person twice even when asking by name.

[Oilwellian]

14. Google BOA mortgage complaints

This is an example of what you'll find:

https://www.creditkarma.com/reviews/mortgage/single/id/bank-of-america-home-loans-mortgages

Stay away from Quicken Loans as well. They're a scam.

[mahina]

22. .

Last edited Sun Nov 2, 2014, 05:14 PM - Edit history (1)

.

[Wellstone ruled]

16. Watch out.

Your Mortgage Protection Insurance is going to be brutal. Do shop around,Quicken Loans works fast,fifteen days from start to close and their rates are a match plus a kicker for closing. Place to goes to get this on a first hand basis is to go to a local Charles Schwab office. These so called No-Doc products have some uglies buried in them. Go to your Credit Union and take a 60 month arm at 2.99% if you are doing a short term buy. Best rates on Mortgage Insurance. Do watch out for the points trap,if you plan to stay in the home for 60 months or less,stay away. Even with a 720 score witch is the highest used,points are expensive so do your math. BTW,be prepared to prove you can make your monthly payments until the note is payed off.

[mahina]

20. Thank you, and all who responded!

I loved Paul Wellstone, still can't believe he's gone, remember his message and think of him often.

Hoping all our candidates stay safe.

Mahalo for the good input!

[Kelvin Mace]

18. "If it seems too good to be true...."

You want to believe it is a good deal. This is an inclination every con man counts on. Don't be a mark.

[mahina]

21. ! Point taken!

Good point.

[Fred Sanders]

19. Person to person negotiation is mandatory for such a large loan, and a lawyers advice. If anything

goes wrong, lawyers liability insurance may cover it...but unlikely it goes there.

[PoliticAverse]

24. "read the fine print". n/t

[louis-t]

25. I'd stay away from Quicken at any rate.

They'll drag you along for 6 weeks then deny the mortgage. It happened 4 times in one year to me. I sell Real Estate.

[Laura PourMeADrink]

26. My husband and I are bankers...What exact documents are you

referring to? those "not required"? Did he get specific? Most loan documents are required by banking regulation - and can't be waived. Others relate to bank credit policy. Obviously, you must have great credit or they wouldn't have offered "less documentation"... I might shop around for a lower rate. And, documentation is just a one-time evil. Lower rates last the life of a loan.

[Lefta Dissenter]

27. Get a Good Faith Estimate

from any lender you're considering. And ask the person to present the requirements in writing (docs required, etc.) And don't feel pressured.

I had a terrible experience with Quicken, by the way.

[upaloopa]

28. Call a mortgage pro from Wells Fargo just to see

what happens. FHA rates are 3.5% right now and the fed did not raise rates this week. There is no fear rates are going up so get as many opinions as you can and if they are for real they ask for bank statements, credit check, pay stubs, retirement and investment account statements and tax returns.
We are getting 3.5% maybe lower on a VA loan from Wells Fargo. A lot depends on your credit score. Check with more lenders to see a pattern.

[pnwmom]

33. VA and FHA are lower rates than conventional loans. n/t

[upaloopa]

36. Yes because of the government back a portion of the loan

[Travis_0004]

41. But FHA has lifetime PMI

So it may not be a better deal.

[pnwmom]

42. True, it might not be. n/t

[Brigid]

34. No advice here, but . . .

This sounds an awful lot like the sort of thing that caused the mortgage mess not so long ago.

[marlakay]

37. That is the very last bank I would trust NO! Nt

[name not needed]

38. Sounds like he's pulling some shady shit to make his numbers.

[Hekate]

43. Go for the credit union. B of A will screw you over if they can.

Ask your credit union if they bundle and sell their mortgages. The big banks do that.

Best of luck, Mahina.

[hatrack]

46. Four words of advice: Hang. Up. On. Him.

Even if he didn't talk over and interrupt you, and even if he weren't pushy, fuck BOA.

[Warpy]

51. Provide the documents, get a real loan

Mr. Motormouth is not your friend and the loan would likely be swapped to an APR without your approval.

Your loan will then be sold to another bank to service if it's a real FHA or VA loan.

[Tace]

54. JP Morgan Offered Me A Low-Document Mortgage In 2007

However, they presented documents they drew up where I had to affirm that I had a certain income that I most certainly didn't have. They didn't care. They were willing to try to induce me to lie, on paper. The onus would have been on me had I taken the loan.

[steve2470]

57. inverse ratio between pushiness and value of product or service...

less or no pushiness = better product or service. I'd steer clear of BOA, in addition to what others have said.

[WinkyDink]

58. Who called whom is my first question.

[WinkyDink]

60. At least, though, you know you spoke with a legit employee. That was my first concern.

[Brickbat]

63. Did he call you to offer this?

No thanks.

[onecent]

64. BOA has a history of being deceitful...please be careful and talk

to professional people ... not just your friends who don't know the laws of banking and the laws of the paperwork....or the different laws that we have this year compared to when they bought one.

Take time...and do your homework.

If it sounds too good to be true (LIKE NOT REQUIRING EXTENSIVE DOCUMENTATION) then it probably IS TO GOOD TO BE TRUE.

Please be careful, once once you sign the dotted line the deal is in blood.

[Paulie]

65. Variable or fixed?

Fixed with good credit is in the 4.5 range. This smells.