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Bank of America Promotes No-Fee Mortgage

Contributed by mm | May 8, 2007 8:22 PM PST





Is it no fee, or no cost? Apparently, Bank of America is burying much of the cost to interest rates. Clever move BofA!

From WSJ:

Looking to boost market share when loan demand has slowed, Bank of America Corp. has rolled out a no-fee mortgage aimed at home buyers.

Under the program, Bank of America won't charge borrowers for loan applications, title insurance, appraisals and flood certifications or require them to get private mortgage insurance. Typically, borrowers who don't put 20% down must get mortgage insurance or take out a "piggyback" loan, which combines a mortgage with a home-equity loan.

Borrowers must still pay some costs, including property insurance, property taxes, recording taxes and other "services voluntarily chosen by the customer," such as home inspections.

The no-fee mortgage program is the latest effort by Bank of America to use what the bank calls "disruptive strategies" to gain market share in businesses where it has been relatively weak. Last fall, the bank eliminated online stock-trading fees for millions of customers with at least $25,000 in deposits. The bank, based in Charlotte, N.C., is the nation's sixth-largest mortgage lender, according to Inside Mortgage Finance.
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