When my wife and I were looking to get pre-approved for a mortgage, we started at the most obvious spot: Bank of America, the longtime home of our checking and savings accounts. Turns out, that may not have been a smart idea.
For starters, we were surprised to discover that their rates and terms were pretty unattractive, especially for first-time buyers like us. We were already scrounging for cash, and the bank was pretty inflexible about the down payment amount. The more competitive rates would require us to pay points (those big upfront fees you pay to lower the long-term interest rate on a mortgage), too. The real deal breaker, though? Bank of America wasn't a participating lender in our state's first-time home buyer program, so we ultimately moved on to a community bank that was.
from Apartment Therapy | Saving the world, one room at a time https://ift.tt/2xd30Tt
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