I was chatting with my local Bank of America banker about mortgages, and she mentioned that they have a Best Mortgage Value Guarantee where if you apply for a mortgage with them, but end up going with another lender, they will give you a check for $250. So if you’re shopping for mortgages, it can’t hurt to include them in your search.
Bank of America $250 Best Mortgage Value Guarantee
December 17, 2006 By 12 Comments
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As an added FYI, Caldwell banker offered me the same deal in Sept. when I bought my house, find a lower price and they’ll pay $350 of your closing costs. I ended up using them for my mortgage but perhaps one could find 3 or 4 of these and get all their closing costs paid for…..
Thanks! That’s a great idea 🙂
Joe, great idea. I tried to google caldwell banker mortgage but i couldn’t find the offer anywhere. Is this offer available online, Brick and Mortar, or over the phone? It would be nice if you could link it. thanks again.
I wouldn’t doubt it if they don’t give out the 50 dollars easily. Personally it wouldn’t be the waste of time that is probably associated, especially since you can get a much better deal elsewhere.
Note fine print: “You must be an existing Bank of America customer . . . in order to qualify.”
It seems pretty easy, you just call them and fax in your HUD-1 form. It is more of a rebate of closing costs than cash in your hand.
Matt, good catch.
Landlord – I was actually told about it as I applied by phone. I don’t think they throw around the fact too openly specifically to avoid the kind of arbitrage we are talking about :). That being said, I imagine if you called them and said ” Hey my friend told me about this guarantee…” you might have a pretty good shot.
If you apply for a mortgage with them, won’t they do a credit pull? How does the minor ding to your credit rating on a $x00K house loan compare to $250?
When you apply for mortgages in a certain timeframe (30 days?), they are all lumped in as one credit pull for your FICO score.
word of warning….two years ago I went to BofA for a pre-approval. They put me in touch with a mortage broker there, who guaranteed that they would refund the deposit if I didn’t go through BofA. I ended up not using BofA, and when I spoke to the broker he told me that I was out of luck, and was a complete As***** about it. I had to go to the top of the chain in order to get my deposit back (and by the way they convinced me to do the full deposit of something like $400 rather than the $50 partial deposit by stating it was refundable). So just a word of warning about BofA…there are no guarantees.
Try to get it in writing.
This is a BANK OF AMERICA $250 SCAM..
They couldn’t beat the rate that I got from another bank. I applied for this $250 and they denied simply because my closing wasnt within 60 days of my bank of america approval. My initial approval was for PRE APPROVAL not for the actual application.
This is a scam. so dont fall for it.