More information of Bank of America Fixed-Rate Mortgage
Unlike mortgages with an adjustable interest rate (ARM), in which the percentage applied changes from time to time following the evolution of a reference index, in mortgage loans with a fixed-rate, the percentage is always the same, so the monthly payments will be stable throughout the repayment period.
With the Bank of America Fixed-Rate Mortgage this happens, so you will be able to know from the beginning the total amount of interest that you will have to repay and you will not have to worry about your monthly payment going up too much.
With this mortgage loan you will be able to purchase a home for between $60,000 and $2,500,000 and you will have between 15 and 30 years to return it.
You can finance up to 97% of the appraisal value, although if you want to exceed 80%, you will probably have to take out additional payment insurance.
The interest rate that Bank of America applies to your fixed mortgage will depend on various factors, such as the amount requested, the term chosen, the state in which you reside and the solvency you can demonstrate.
We have used a model mortgage in the state of California with a $250,000 home appraisal and a $50,000 down payment, which currently gives us an interest rate of 5.125% and an annual rate (APR) of 5.50% for a term of 15 years. This will be the minimum you will pay, if you have an excellent credit score (740 or more)
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