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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27268
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Trying to figure out which lender to go with mortgage!

Customer Question

trying to figure out which lender to go with for a mortgage!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. Have you been pre-qualified yet?

Customer: replied 1 year ago.
here are the estimates, please let me know which is better and why.
Expert:  RealEstateAnswer replied 1 year ago.

The BOA seems to be a lower interest rate and the second qualification does not list any fees charged, so you need to speak with them and see. You also want to compare the other costs but at the end of the day, the important things are 1) interest rate and 2) what they will charge for the loan, since many lender charges nothing.

Customer: replied 1 year ago.
his fees are listed. What do you mean it's not there?
Expert:  RealEstateAnswer replied 1 year ago.

They have it as a processing fee and admin fee which is essentially made up. Those fees are still higher then BOA and they are giving you a higher interest rate, so it would appear on its face the BOA would be better and is with a solid lender/bank

Customer: replied 1 year ago.
the fees are there. I can't talk right now as am at work.
Also BOA says that the closing costs does not include seller credits for title and taxes. Is this guaranteed or is this a red flag?
Expert:  RealEstateAnswer replied 1 year ago.

It is not a red flag at all, since they may not be known. The seller will pay what is agreed upon in the contract which you sign.

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