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And that means interviewing lenders. I get that the learning curve is high buying your first house, so I'm trying to ask as many relevant questions as possible before I decide to apply with anyone. Please let me know what I am missing! Thank you!
What kind of mortgage products do you offer?
Do I have to decide which one I want when I seek prequalification?
I have cash savings, but I anticipate needing some of that money for closing costs and moving expenses. Do you have down payment assistance programs? Downpayment minimums?
If I do apply, how long will my prequalification last? Will you pull my credit again before closing?
What do I need to apply?
What fees are associated with your loans? Origination fee? Funding fee?
What upfront costs should I be prepared for at closing? Escrow for taxes? Prepay homeowner’s insurance?
Are there any penalties or negative amortization?
At what point will I receive a Loan Estimate?
Will you be servicing the loan or are you likely to sell it off?
Normally, I know the answer is no.
I have had BOA for about 7 years. They started off as a deposit credit card and graduated. The amount never has increased, I wont ask for one since they pull all three. They charge a fee of $79 annually and wont budge. They have offered to open a new card, but I will still loose all the time since they wont transfer it to a new card. My score is over 750 now (thanks CB!) Should I just walk away from it?
Bank of America Mastercard - instant approval for low credit limit. Next step? Never activate or CLI at activation?By GaPeach
I received a pre-selected offer in the mail for Bank of America. I currently have a FAKOs of 677/677/667 (EX/TU/EQ). I also have $22,800 in credit, spread out over 5 cards. 9K highest limit, 2K lowest limit, including a signature Visa and an AmEx. Oldest credit card account is at least five years old, newest is couple of months. Everything else falls in between. I have older installment accounts (only one open, rest are paid/closed in good standing). Pretty much middle of the road on credit rebuilding, current standing, etc.
So I applied for the BOA MC. Received instant approval of $500. That is almost an insult credit limit, considering the work I have put in to increase my scores, increase my limits, etc.
Soooo, should I chalk this up to a learning experience of a wasted inquiry and never activate this card when it comes in and to just let my open accounts age for a while? Or should I call BOA when I receive the card and ask for CLI?
Thanks in advance for any advice and/or experience examples.