No Fee Mortgage PLUS Terms & Conditions

The following is a summary of the Terms and Conditions. A complete copy will be provided to you prior to closing.

1. No Fee Mortgage PLUS Terms & Conditions

No Closing Fees

For customers who qualify, Bank of America (the “Bank”) will waive or pay fees for services or products required by the Bank to grant credit to the customer for the purchase of a 1-4 unit owner-occupied residence or second home. Fees do not include (and the Bank will not pay for): (1) taxes (including, but not limited to property taxes, recording taxes, document stamp taxes, intangible taxes or other similar taxes); (2) interest, including but not limited to prepaid interest or discount points; (3) fees related to owning the home and not directly related to the granting of credit, including but not limited to property insurance (e.g. flood insurance or hazard insurance) homeowner’s associations fees, special assessments and other similar fees; or (4) fees for products or services voluntarily chosen by the customer. Closing fees and closing costs differ. This offer also does not address any fees you may incur after the closing of the loan, such as late-payment fees, mortgage release fees or other fees associated with the servicing of the loan. You must be an existing Bank customer. Offer not available through mortgage brokers. Offer is subject to change without notice. Credit and collateral subject to approval. Terms and conditions apply.

Close-On-Time Service Guarantee

To qualify for the Close-On-Time Service Guarantee, you will need to provide us with all the documentation required by the Bank in the time frames established by the Bank. You must lock your rate seven calendar days before the scheduled closing date. There can be no significant changes in your loan after your initial application. The Bank will not be responsible for delays caused by you or any third parties that you select. Eligible claims are for loans that do not close by your requested closing date or within 25 calendar days from the day your completed application, (including property address under the Buyer Ready® loan option,) is submitted. The latter of the two dates will be used to determine the eligibility of the claim. You will need to call 1.800.497.0072 within 30 calendar days of closing on your loan to submit a claim under this guarantee. The equivalent of your first month’s mortgage payment is principal and interest only. Any escrows such as taxes and insurance are not included. Other restrictions may apply. This offer can be withdrawn for new applications at any time. Your mortgage application must be accepted by your Bank loan officer while this offer is in effect.

Best Value Guarantee

To qualify for the Best Value Guarantee, you must receive full credit approval for the first lien purchase money mortgage with the Bank. To redeem the $250, you must close your purchase mortgage with another lender, then call 1.800.870.3206 where you will be prompted to complete a brief survey. You will be required to fax a copy of your HUD-1 settlement statement from your closing. Your loan with the other lender must be secured by the same property as the property you identified in your Bank application.

2. Savings calculations based on 2007 Bankrate Study.

3. Assumes 1% origination fee. All fees are not charged by all lenders.

4. Disclosed savings are based on a loan amount of $2000,000 with a 30-year fixed term, a 6.8567% APR, 0.311 points, 360 monthly payments of $1,2997.20, principal and interest only, 120 monthly payments of $130.00 mortgage insurance in years 1-10 and $33.33 mortgage insurance payments until LTV drops below 78% at 30% coverage, and a 95% LTV (rate as of 4/13/2007). Your benefits may differ depending upon loan amount and term and selections under the No Fee Mortgage PLUS program.

5. Titles are used by Bank of America. Fees paid by Bank of America are outlined by description.

Important note about this calculator:
Savings calculations based on 2007 Bankrate Study. Assumes 1% origination fee. All fees are not charged by all lenders.