After deciding on the loan type this weekend - a 15 year fixed rate - I called on Bank of America today, August 30, 2007. I met the loan representative who was very helpful. I told her my scenario and she was able to quickly tell me the following information. One of the nice things about doing this shopping was that I now knew exactly which loan product I wanted which enables me to quickly get through the clutter. I also could do very good apples to apples comparisons. I knew the product and I knew that I didn't want to pay any points, suffer any pre-payment penalties and minimize my closing costs.

The agent told me that it would cost $1,650 in total costs which included everything. Title, appraisal, processing, etc, etc, etc... This was better than Wells Fargo and Citibank. She also quotes rates that were lower than everyone else:

30 year fixed: 6.5%
15 year fixed: 6.25%

She implied that she was making this loan happen by buying down the rate herself. Presumably that would reduce her commission, I guess this is where knowing the commission structure and the flexibility of the agents comes in handy.

I decided that this was a loan that was worth securing. So I made a follow up appointment with her where I would supply all the paperwork (tax returns, authorization to pull credit, etc, etc.)

Stay tuned for that update...