Newspaper article THE JOURNAL RECORD

New-Type Mortgage Loan Eliminates Some Costs

Newspaper article THE JOURNAL RECORD

New-Type Mortgage Loan Eliminates Some Costs

Article excerpt

A new type of mortgage loan that eliminates closings costs is being introduced into the Oklahoma City market by BancPLUS Mortgage Corp. of San Antonio.

The new mortgage loan program, called the "BancPLUS Zero" mortgage, is designed to do away with some of the "up front" cash requirements for home buyers and make it easier for the seller to help the purchaser with financing.

The "BancPLUS Zero" mortgage was developed in October by the mortgage company and has been used in such markets as Atlanta, Phoenix, San Antonio, Houston and Dallas.

Jim Hopkins, vice-president in charge of the company's operations in Oklahoma, said the program has done well in both vibrant economic areas and depressed economic areas, and should be well received in Oklahoma.

Hopkins said that many loan programs, particularly federally-assisted loan programs, limit the amount of money that the seller can put up to assist the consumer in obtaining a loan.

The "BancPLUS Zero" mortgage program does not eliminate the downpayment required for closing a home purchase, but it does eliminate the loan origination fee and discount points, which typically are about 2. …

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