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CHARLOTTE, N.C. (AP) - Achieving the American dream of home ownership has never been as simple as just paying for the house itself. There are always the closings costs to pay for, too.
But looking to further grow its mortgage business and expand its traditional retail banking operation, Bank of America Corp. is doing away with the collection of borrower, lender and third-party fees that typically add a few thousand dollars to the price of buying a home.
"Knowing Bank of America, they want to be the leader in this space, and given the competition today, the product makes sense," said Anthony Sanders, a professor of finance at Ohio State University. "It's a good move for them, especially if they want to gain more customers."
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