Discount on Your Mortgage: Lending giants Bank of America Corp. and Citigroup reportedly will offer mortgages at discounted rates to stir more lending among low-income
borrowers and those with subprime credit histories. The loans will be originated through a program by the Neighborhood Assistance Corp. of America, a national nonprofit group that primarily assists low- to moderate-income borrowers. Under the new program, the discounts, which will be offered on fixed-rate mortgages, To get the
discount in the new loan program, the borrowers will have to pay
mortgage points, which are upfront fees that lower the interest rate on a
mortgage, read more.
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