REALTOR® Magazine Online reported May 7, 2007 that Bank of America planned to begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing.
The program has launched. I saw the brochure at a local branch about two weeks ago.
"The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren’t available to subprime customers."
Bank of America says the loan eliminates, on average, $3,350 in closing costs on a $200,000 loan.
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