Bank of America Doctor's Loan

[tool]

Thinking of buying a house in Texas....anyone use BOA for their loan and is it a good deal??/ Just now starting to talk with them about specifics.

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[Vyvanase]

I used BofA when I bought my house in April 2010. You will have less fees if you go directly to the bank versus using a broker. If you have good credit go directly to the bank. I closed a shortsale in Socal in 30 days using BofA so they have been good to me, but I have heard horror stories of them taking several months. Also, check out bankrate.com for the lowest rates.

 

[MCAT guy]

Thinking of buying a house in Texas....anyone use BOA for their loan and is it a good deal??/ Just now starting to talk with them about specifics.

Talk to the guy and ask him for a good faith estimate. Do not pay any commitment or anything (especially if the ask to lock the rate for a fee). Get the GFE first. Then go to at least one other reputable bank and get a GFE.

Then compare the two. If you get two competitive GFE's then one bank will usually lower their cost by anywhere from 2-4 thousand. Depending on the loan amount. Local small community banks are almost always the cheapest for mortgage loans. They have low cost and a lot less profit written in their loans.

PM me if you want any specific help. I worked in this business for a bit.

 

[rysa4]

Talk to the guy and ask him for a good faith estimate. Do not pay any commitment or anything (especially if the ask to lock the rate for a fee). Get the GFE first. Then go to at least one other reputable bank and get a GFE.

Then compare the two. If you get two competitive GFE's then one bank will usually lower their cost by anywhere from 2-4 thousand. Depending on the loan amount. Local small community banks are almost always the cheapest for mortgage loans. They have low cost and a lot less profit written in their loans.

PM me if you want any specific help. I worked in this business for a bit.

I agree with MCAT guy; I got two quotes; one from BofA and the other from the lender. This was for a refinance however. BoA on that day was at 4.85% and the bank I went with was 4.5% ( my current rate) this was fixed for 25 years.