More information of Jumbo Loans
Jumbo loans are mortgage loans that exceed the maximum amount of the mortgages offered by Fannie Mae and Freddy Mac, which is currently $647,200 dollars.
Bank of America offers its own large-amount mortgage to its private customers with a maximum limit of 2.5 million dollars and a term that can be 15 or 30 years if you choose a fixed interest rate or 30 years if you choose a variable rate.
With this product you can acquire both your first and second homes, your vacation home or any property you want to buy as an investment.
If you choose to contract a Jumbo Loan with a fixed rate, you will be able to know from the beginning the total amount of interest that you will have to pay and the installments will always be the same amount, so you will not have to worry that they may rise.
In case of choosing the adjustable-rate modality, the interest percentage will be linked to the evolution of the SOFR index and the installment will be reviewed every 12 months according to the variations that the reference index has suffered.
In this last option, the first 5 years will be at a fixed rate and from then on the interest will be adjustable.
Español: Hipoteca de grandes cantidades de BofA