Industry NewsMortgage

BofA waives private mortgage insurance on ‘no-fee’ loan

Consumers may find loan hard to measure against others
Published on May 7, 2007

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by CareyBot

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