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Bank of America, one of the largest banks in the US, has announced its “fee free” mortgage plan. Called the No Fee Mortgage Plus, the plan was started in the state of Washington last year before expanding to several other states in February.

Quoting Bank of America:

It takes the fears and fees out of home buying,” says Liam McGee, Bank of America’s president of global consumer and small-business banking. “In essence, we eliminated the fees customers don’t like and alleviate the worry they have.

The No Fee Mortgage Plus plan gets rid of application fees, lender fees, closing costs, even the need for private mortgage insurance.

The bank guarantees a loan closing time as short as 25 days and will pay the customer $250 should they find a better deal elsewhere.