This sounds like a really good deal. If you’re shopping for a mortgage loan, I would definitely check this out.
[L]ooking to further grow its mortgage business and expand its traditional retail banking operation, Bank of America Corp. is doing away with the collection of borrower, lender and third-party fees that typically add a few thousand dollars to the price of buying a home.
The loan from the Charlotte-based bank also cuts out private mortgage insurance, a premium typically paid by borrowers whose down payment on a home is less than 20 percent. The bank is also guaranteeing customers the best deal on a mortgage and an on-time closing.
Borrowers have to put at least 5 percent down, and the loan is not available to subprime consumers, those who pay higher interest rates because of sketchy credit histories or low income. They can choose to pay interest and principal, or make interest-only payments.
Bank of America eliminates closing costs – By Ieva M. Augstums, Associated Press, by way of The Boston Globe
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