{"id":15585,"date":"2019-06-11T14:12:44","date_gmt":"2019-06-11T14:12:44","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=15585"},"modified":"2019-06-11T14:12:46","modified_gmt":"2019-06-11T14:12:46","slug":"bank-of-america-offers-new-type-of-loan-for-homes","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/bank-of-america-offers-new-type-of-loan-for-homes\/","title":{"rendered":"Bank of America Offers New Type of Loan for Homes"},"content":{"rendered":"

Bank of America Offers New Type of Loan for Homes<\/h2>\n
\"Bank<\/a>

Bank of America Offers New Type of Loan for Homes<\/p><\/div>\n

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Bank of America has made several recent moves to reduce the borrowing costs of would-be home buyers who have faced affordability constraints. The bank’s latest offer: mortgages with no origination fees for buyers with little savings for a down payment. The promotion is available through Oct. 31.<\/p>\n

The offer applies only to loans backed by the Federal Housing Administration, Department of Veteran Affairs, Freddie Mac\u2019s Home Possible program, and Bank of America\u2019s own Affordable Loan Solution program.<\/p>\n

\u201cWhen you\u2019re a borrower, it\u2019s much easier to compare loan offers when lenders don\u2019t charge fees because it\u2019s a true apples-to-apples comparison,\u201d Holden Lewis, a housing expert at personal finance website NerdWallet, told MarketWatch<\/em>. \u201cLots of eyes are on the few lenders who don\u2019t charge origination fees, and if they thrive by doing so, you\u2019ll see more lenders follow their lead. A shift towards zero origination fee loans would be great for consumers because it would be easier for both home buyers and refinancers to comparison-shop and avoid unnecessary confusion.\u201d<\/p>\n

Bank of America isn\u2019t the only one waiving origination fees. Nearly one in 10 borrowers say they weren\u2019t charged fees, according to a study from LendingTree. That said, 60% of borrowers paid between $1,000 to $5,000 in origination fees. Origination fees are usually charged as a percentage of the home\u2019s price. As such, in high-priced housing markets, home buyers may face steeper costs.<\/p>\n

Financial experts warn home buyers to be discerning if a bank offers to waive an origination fee. Some banks may try to make up that loss in revenue by charging higher interest rates or tacking fees onto the principal of the loan, cautions Tendayi Kapfidze, chief economist at LendingTree.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cBank of America Will Offer Mortgages Without Origination Fees for a Limited Time<\/a>,\u201d MarketWatch (May 24, 2019) and \u201cBank of America Offers Credits, Fee Waivers to Expand Mortgages to More Borrowers<\/a>,\u201d bankrate.com (April 23, 2019)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bank of America Offers New Type of Loan for Homes Bank of America has made several recent moves to reduce the borrowing costs of would-be home buyers who have faced affordability constraints. The bank’s latest offer: mortgages with no origination fees for buyers with little savings for a down payment. The promotion is available through … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-15585","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBank of America Offers New Type of Loan for Homes - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/bank-of-america-offers-new-type-of-loan-for-homes\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-offers-new-type-of-loan-for-homes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-offers-new-type-of-loan-for-homes\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Bank of America Offers New Type of Loan for Homes\",\"datePublished\":\"2019-06-11T14:12:44+00:00\",\"dateModified\":\"2019-06-11T14:12:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-offers-new-type-of-loan-for-homes\\\/\"},\"wordCount\":356,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-offers-new-type-of-loan-for-homes\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/06112019.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-offers-new-type-of-loan-for-homes\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-offers-new-type-of-loan-for-homes\\\/\",\"name\":\"Bank of America Offers New Type of Loan for Homes - 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