NEW YORK -- Chemical Bank said it was waiving origination fees, or "points," and significantly reducing other home mortgage closing costs for borrowers with low or moderate incomes.
The offer is being made to first-time homebuyers with annual household income of $60,750 or less who apply for mortgages before Oct. 31. Chemical calculated that a customer taking out a $100,000 mortgage at 8% could save more than $2,000 with the offer.
The promotion comes as the banking industry prepares for fresh scrutiny of its lending to lower-income people. Over the next few weeks, banks and thrifts are to release demographic information about their mortgage lending in 1991.