Bank of America is expanding the definition of "no-fee" mortgage loans with a product that pays lender fees and doesn't require private mortgage insurance for those who want to put as little as 5 percent down on a home purchase. "There is no catch, and there are no surprises" to the loan, which can save borrowers more than $3,000 in fees on a $200,000 loan, BofA officials said Monday as they launched a national campaign to promote the "No Fee Mortgage PLUS" loan. The loan pays loan origination, appraisal, title and flood determination fees, and comes with a 25-day, "close-on-time" guarantee, eliminating surprises at the closing table, the company said. In a conference call with reporters, BofA officials avoided the question of whether they would be recouping those expenses by charging a hi...
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