Reviews, evaluations and opinions of our experts on the products and services that appear on this page are totally objective and independent. Some products may be from our partners who compensate us, which may influence where and how they are displayed. Advertising disclosure.
Bank of America offers a wide variety of mortgages and home equity loans for its customers, with different options in terms of interest rates, amounts and terms.
On the one hand, we can contract mortgages for the purchase of a home, whether it is your first residence, second home or a vacation home. Within this option you can opt for a fixed or adjustable interest rate.
The fixed rate allows you to know from the beginning the total amount of interest you will pay, in addition to the fact that all monthly installments will be of the same value. The amortization term may be 15 or 30 years.
The variable rate, on the other hand, will change the interest rate every 6 or 12 months, following the evolution of the SOFR reference index, benefiting from its decreases, but also suffering its increases. The term is 30 years, with a first fixed rate period of 5, 7 or 10 years.
In both cases, the advanced payments will not have any penalty.
Within the mortgages to buy a house, you can take out a Jumbo loan, which allows you to borrow more than $650,000.
Bank of America also allows you to transfer your current mortgage, refinancing it to improve your current conditions, and thus save the difference in commissions and interest rates.
In addition, the entity also offers Home Equity Loans, which allow you to obtain liquidity to use for whatever you want, using the value of your home as collateral, even if you have not finished paying the mortgage.
Español: Hipotecas de Bank of America