Banks have to make their money, somehow.
Usually, they do it by charging something called “interest”.
They also charge what are known as “fees”.
When you borrow money from a bank to buy a condo or single-family home, the bank will charge you interest, and probably throw in a bunch of fees that you have to pay at closing.
No longer, if we are to believe what Bank of America is saying.
A Revolution in Home Buying.
Finally, a mortgage that gets it right. No Fee Mortgage Plus will change the way you buy a home, and you’ll only find it at Bank of America. Get more control, more savings and more flexibility.
Say Goodbye to Mortgage Fees:
* No Closing Fees
We pay absolutely all the traditional fees associated with a purchase mortgage.
* No Fee Annual Interest Rate Modification
As interest rates drop, so can yours – with the no fee rate modification, once a year for the life of your loan. All it takes is a quick phone call.
* No Private Mortgage Insurance
Even with a down payment of less than 20%, you’ll save money every month because we don’t require you to pay private mortgage insurance.
* Best Value & Service Guaranteed
We’re so confident we offer the best value, if you’re approved by us but decide to close elsewhere, we’ll give you $250. And, we guarantee you’ll close on time, or we’ll give you $250.
(Terms & Conditions apply, of course.)
The trouble with banks who push this kind of product is that the banks usually make up for the fees by charging a higher interest rate than you can get, otherwise.
Rumor has it, however, that Bank of America is offering competitive loan rates. (Still, you should compare the rates vs. its competitors. You may find that even with the no fees, other banks offer lower rates, bringing your net final costs lower.)
I have nothing to gain by mentioning their product. It might be worth checking out, if you want to keep your upfront loan costs at a minimum.
Details: A Revolution in Home Buying – Bank of America website
Source: Pay me now or pay me later – By Matt Carter, Inman News blog
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Updated: 1st Quarter 2018
