Mortgage Product Scraps Closing Costs ForHomebuyers

November 22, 2004, 1:00 a.m. EST 1 Min Read

SHARON, Mass. - (11/22/04) -- Sharon CU said it has introduced anew mortgage that charges no points and no closing costs forhomebuyers who are unable to afford upfront costs on a home loan.The 'No Points--No Closing Costs Fixed Mortgage' is offered up to a30-year fixed-rate term and is available for both new purchases andrefinancings. The member will be required to pay appraisal andcredit report fees at application, but those fees will be creditedback to the member when the loan closes.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Commercial banking

City National joins crowded field of banks in the Carolinas

The Los Angeles-based subsidiary of Royal Bank of Canada is elbowing into fast-growing North Carolina and South Carolina with a strategy focused on middle market banking.

By Kevin Wack

55m ago
M&A

No downside to nixing Comerica deal, says activist investor

HoldCo Asset Management says that shareholders should reject Fifth Third's proposed acquisition of Comerica during a Jan. 6 vote due to what it calls an "unacceptable" negotiation process and the possible upside from another deal.

By Catherine Leffert

5h ago
Cyber security

Deutsche Bank, ING among targets of phishing kit for novices

Part of the growing "phishing-as-a-service" economy, the Spiderman kit offers novice hackers sophisticated tools to target customers of major EU institutions.

By Carter Pape

December 12
Consumer banking

Young bank customers are more satisfied than seniors: Survey

Banks may need to offer people over the age of 65 more than just digital experiences, according to an executive at J.D. Power, which surveyed more than 11,000 retail banking customers.

By Catherine Leffert

December 12
Artificial intelligence

Trump executive order seeks to gut state AI laws

In a move some industry observers call "dangerous and irresponsible," the administration is taking down consumer protection guardrails that have been put up by states like California and Colorado.

By Penny Crosman

December 12
Industry News

Democratic AGs hire former CFPB Director Chopra

Rohit Chopra is named senior advisor to the Democratic Attorneys General Association's working group on consumer protection and affordability; Flagstar Bank adds additional wealth-planning capabilities to its private banking division; Chime promotes three members of its executive leadership team; and more in this week's banking news roundup.

By Editorial Staff

December 12