There are currently several different flavors of Bank of America mortgage designed to suit the financial needs and requirements of customers’ differing financial circumstances.
Bank of America Mortgages principally fall into the following product lines:
- Bank of America No Mortgage Fee PLUS
- Bank of America Mortgage Refinance
- Bank of America Home Equity Loans
Bank of America No Mortgage Fee PLUS
The main features of the No Mortgage FEE PLUS are:
- Competitive rates and low monthly payments
- No charges for closing the mortgage
- No application chargesNo private mortgage insurance
- A guarantee that the mortgage will close by an agreed date
- The Bank of America’s “Best Value Guarantee”.
Bank of America Mortgage Refinance
The Bank of America’s mortgage refinance package is available for people who have an existing mortgage they they wish to change or update. The main benefits of a Bank of America mortgage refinance scheme are:
- Fixed rates for the entire mortgage term
- Low mortgage refinance payments
- Bank of America mortgage refinance can be used to consolidate debt, make home improvements or settle any other major expense.
Bank of America Home Equity Loans
Bank of America Home Equity loans offer the following features:
- No application charges
- No charges for closing the mortgage
- Bank of America home equity loans can be used to consolidate debt, make home improvements or settle any other major expense
- Borrow up to $40,000.
Other Features of Bank of America Mortgages
Bank of America mortgage plans can be fixed, interest only or adjustable rate. Fixed rate mortgages offered by the Bank of America can have a payment term of 15, 30 or 40 years - the most popular of which is the 30 year fixed rate mortgage. The fixed rate mortgage gives the borrower the security of knowing that the interest payments will not fluctuate for the term of the plan. Bank of America interest only mortgages give the borrower a period of between 3 - 10 years where the interest rate and payment remains the same; however, the payments only go towards the interest on the and not the principal. At the end of the term the full amount of the money borrowed must be repaid to the Bank of America. Bank of America offers two adjustable rate mortgages: the 3/1 ARM and the 5/1 ARM. These schemes fix the interest rate for 3 or 5 years respectively: hence 3/1 or 5/1. Bank of America adjustable rate mortgages fix the rate for the agreed period, after which time (either 3 or 5 years) the rate becomes adjustable. Adjustable rate mortgages are generally popular for those who do not anticipate either relocation or refinancing within the agreed fixed term.
Links: Mortgages