When buying a new home, you want to choose the best lender available. You also want to get the best rates, which can save you money. Bank of America is a reputable lender that offers competitive mortgage rates. You can choose between an adjustable rate and a fixed rate, and you have numerous loan term options. The bank offers convenient locations throughout the country. View and compare the Bank of America mortgage rates for different terms below.
Bonus read: Bank of America Mortgage Account Login
Bank of America Mortgage Rates
In order to obtain a mortgage loan from Bank of America, you need to have a credit score of at least 620. Your rate will depend on your credit score. According to the information on their website, the current Bank of America mortgage interest rates are portrayed on the table below.
|Type of Mortgage||Rate Interest||Rate APR (Annual Percentage Rate)||Estimated Monthly Payment|
|30-Year Fixed Rate||4.375%||4.588%||$999|
|20-Year Fixed Rate||4.000%||4.269%||$1212|
|15-Year Fixed Rate||3.750%||4.047%||$1454|
|10/1 ARM Variable||3.500%||3.889%||$898|
|7/1 ARM Variable||3.125%||3.787%||$857|
|5/1 ARM Variable||3.00%||3.815%||$843|
***Bank of America mortgage interest rates, terms, and fees are subject to change without notice. The Bank of America website can give you the most up-to-date information.
Bank of America Mortgage Rates Additional Information
Bank of America offers several options when it comes to home loans. Some of the options include:
- Fixed Rate Mortgages: You can be approved for a fixed rate mortgage, which means that your rate will not change throughout the life of the loan. Your monthly payment amount will stay the same, as will your interest rate. Many people choose this option because the market is so unpredictable. The term of the loan consists of 30-year mortgage rates, 20-year mortgage rates, or 15-year mortgage rates.
- Adjustable Rate Mortgage: You will get a fixed rate for a certain number of years, then your rate could be adjusted depending on the market. This could be a good option if you think rates might decline in future years. Mortgage rate trends will fluctuate.
- Refinance: You also have the option to refinance mortgage rates. You can refinance your mortgage for a lower rate or a smaller term. This could save you money in the long run.
Bank of America also offers purchase mortgage rates. You can obtain points, and when you buy points, you can get discounted rates on the loan. In addition, you can get competitive jumbo mortgage rates if you are purchasing an expensive home. If you are planning to apply for a mortgage, use a mortgage rate calculator to help you with the numbers. You can find a Bank of America calculator here.
The bottom line is that Bank of America is one of the largest institutions on the planet. You will be offered the lowest Bank of America mortgage rates available, and a customer service representative can walk you through the process. If you are looking for a mortgage, Bank of America is a lender that you can trust.