Bank of America eliminates closing costs

Bank of America Corp. is doing away with the collection of borrower, lender and third-party fees that typically add a few thousand dollars to the price of buying a home. The loan from the Charlotte-based bank also cuts out private mortgage insurance, a premium typically paid by borrowers whose down payment on a home is less than 20 percent. The bank is also guaranteeing customers the best deal on a mortgage and an on-time closing. Borrowers have to put at least 5 percent down, and the loan is not available to subprime consumers, those who pay higher interest rates because of sketchy credit histories or low income. They can choose to pay interest and principal, or make interest-only payments. The loan eliminates, on average, $3,350 in closing costs on a $200,000 loan.

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