has anybody gone thru a home loan from bank of america the one call ” no fee mortgage plus”?

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it seems too good to be true it says you dont play closing costs and alot of good things and I want to know if somebody out there knows more about it to see if there is any catch.

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  1. Reply
    Philly Broker
    May 2, 2011 at 8:18 am

    Yes, there is a catch – lenders can offer a “no closing cost mortgage” by offering you a higher interest rate. The closing costs you normally would have paid out of pocket are factored into the interest – that is, a higher interest.

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