Mortgage broker VS bank of america, which one you choose?
My broker wants to charge the followings for a loan amout of about 242$k. and in current best market rate of about 6% 30 yr fixed stated income.
appraisal fee$ 300
processing fee $350
underwriting fee $ 700
titile insurance $ 1100
closing cost $ 2450
YSP paid to broker 1.5% that is $ 3663
monthly payment would be$ 1805.
The broker says there is PMI as we are putting 5% down.
Now bank of america wanna give me same stated income loan of $ 250K ,30 yr fixed, 10% down andwhich is $225K loan on rate of 5.500%
But discount point of 3.552% that is $7992 I have to pay in fee,
But no PMI for putting 10% down only
no closing or any lending fees.
If you compare, which deal you find better BOA or thr broker’s?
over all, where I am losing more money?
BOA has no PMI which means I am saving over 100$ monthly for several years right?
I think despite the $7992 discount point fee, I still think BOA’s deal is better as interest rate is low and no any other fees and no PMI.
Have both of them work up your loan to the point of DOCs, chances are BofA will back out on the deal at the last minute and when you go back to your Broker with your tail between your legs he may hit you with an additional “fee” to spite you.
Better safe then sorry!
Mortgage Broker vs Banks
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