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 May 08, 2007

Bank of America to Offer No-Fee Mortgages
On May 8, 2007, B of A will begin to offer a no-fee mortgage at all of it branches nationwide. The new mortgage program will cut out all the charges that in the past would have added thousands of dollars to the overall cost of borrowing money.
Bank of America is the nation's second largest lender, began offering this loan program to a test market in Washington State in September of 2006. In February of 2007, the bank expanded the loan program to eight additional states. On May 8, the program will be offered and advertised nationally.

This new type of loan also does away with (PMI) private mortgage insurance and B of A is guaranteeing the best interest rates available and a closing that is on time. These new loans are not available to sub prime borrowers.

Bank of America states that the borrowers could save an average of $3,350 in closing costs that would be on a $200,000 loan.

At this time, Bank of America seems to be the only major bank that is offering this type of loan.

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