Audio: Real Estate Minute: No Closing Cost And No Fee Loan

Added May 18, 2007

Print Articles

Summary: Real Estate Minute with Ilyce Glink Bank of America’s New NO FEE MORTGAGE PLUS Program

Audio Transcript: No one likes closing costs. The idea of paying an extra 3 to 5 percent of the loan amount in closing costs is enough to keep a borrower shopping around.

But getting a no-cost loan that raises the interest rate you pay over the life of the loan isn’t much better.

Recently, Bank of America introduced a new loan program called the NO FEE MORTGAGE PLUS loan. According to the company, you won’t pay any of the traditional closing costs including title charges, application fees, or mortgage escrow fees. And you won’t pay a higher interest rate.

In addition, there’s no private mortgage insurance to pay, even if you don’t have 20 percent to put down. Bank of America says home buyers will save $3,000 on a $200,000 loan, or more.

The loans are only available to home buyers, although a no-cost refi version is expected to be introduced later this year. And, Bank of America promises to close in 25 days or less. If you find a better deal, you’ll pocket $250 for your trouble.

With practical, informative consumer advice, I'm Ilyce Glink, News-Talk 750 WSB

We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, please post your comment below. We thank you for coming to ThinkGlink.com.

If you'd like to help us out, you can contribute to our site and keep the site free of charge. Thanks.

© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.

Previous podcast Next podcast