Best Mortgage Programs in BA?

Mortgage
1

A few years ago when looking at house purchase financing, we compared offerings from BoA and some other lender.

BoA managed some sort of million dollar jumbo loan with good interest rates even with less than 20% down, and no PMI charge.

This turned into a $500 per month advantage vs the competitor. I was surprised there could be so much of a difference.

So do you know who has the best or similar programs? I’ve heard Chase bank has similar and mortgage limit is millions higher than BoA.

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2

Even now, I see BOA has best rate, then WFC almost similar program. They are between 4.375% to 4.625% range now.

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3

from my experience - BofA has the best rates but the worst back end team (they are slow and horrible to work with and you need a lot of patience), WF is a little bit higher but are a breeze to work with.

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4

Yes, my experience with BoA was really bad back in 2011. More recently I tried to get my name corrected on my bank account there and time after time they told me it’s fixed but turns out it’s not. Horrible bank.

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5

Any differences outside of interest rate? I don’t understand how for some of them you don’t have to pay PMI when putting less than 20% down.

6

Banks all have their own algorithm for jumbo mortgages. Some make trade-offs:

  1. You pay PMI by paying a slightly higher interest rate
  2. They require more reserves than normal (reduces their risk so no PMI)
  3. They have a lower DTI ratio than normal (reduces their risk so no PMI)
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7

BOFA is basically the infamous Countryside Mortgage, very bad. That’s why they use low rate to entice good people. I hate BofA :face_vomiting:

If they offer the same rate, no sane borrower would talk to them

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8

Change to Hong Kong Shanghai bank :slight_smile: