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Bank Of America

1080 Keene Rd
Dunedin,FL34698
(727) 733-3155
www.bankofamerica.com

Mortgage Options
Get a fixed-rate mortgage from Bank of America. Act Now

* Fixed Rate
* Adjustable Rate
* Government Loans
* Specialized Loans

Fixed-Rate Mortgage Options
Predictable monthly payments

What people generally like most about a fixed-rate mortgage is that they will know exactly what their mortgage payment will be each month for the entire term of the loan. That is, the payment of interest and principal stays steady because the interest rate is fixed for the life of the loan.

What do you want to learn about fixed-rate mortgages? Choose a topic you're interested in.

Hide Advantages of a fixed-rate mortgage

Fixed-rate mortgages are a good choice if you:

* Think interest rates could rise in the next few years and want to keep the current rate
* Plan to stay in your house for many years
* Prefer the stability of a fixed principal/interest payment to a payment that changes periodically (which is what happens with an adjustable-rate mortgage)

Qualifying for a longer-term loan can often be easier than for a shorter-term loan, because you don't need as much income.
Show How term affects interest and equity

In general, the longer the term of the mortgage is, the more interest you will pay over the life of the loan and the higher your interest rate will be, but your monthly payments will tend to be lower. The shorter the repayment term is, the faster you'll pay off and build equity in your home, though your monthly payments will generally be higher.

Fixed-rate mortgage loans are available in a variety of repayment terms, with 30, 20 and 15 years1 being the most popular.

If you want some personal help deciding what type of mortgage loan could be best for you, call one of our mortgage loan officers at 1.800.551.7975.
Show 30-year fixed-rate mortgage

The 30-year fixed is one of the most popular mortgages. Many people like the fixed interest rate and lower monthly payments. But since the term of the loan is long, you'll pay more interest over the life of the loan than you would on a shorter-term mortgage, and you’ll build equity more slowly.
Show 20-year fixed-rate mortgage

A 20-year fixed-rate mortgage helps you pay off your home faster and build equity quicker than a longer-term fixed-rate mortgage. A 20-year fixed generally has a lower interest rate than longer-term home loans but higher monthly payments.
Show 15-year fixed-rate mortgage

You generally pay a lower interest rate with a 15-year loan than you would for longer-term fixed-rate loans. You will pay less interest than you would with a longer-term loan and build equity more quickly. However, your monthly payments will be higher for a 15-year than they would be on a longer-term mortgage.
Show Other fixed-rate mortgages

Other fixed-rate mortgage options may include different terms, such as 40, 25 and 10 years.1 In addition, there are fixed-rate interest-only mortgages that begin with low interest-only payments for a period of time before including payments on the principal balance. Learn more about interest-only mortgages
Show Jumbo loans

If your mortgage will be for an amount higher than conventional thresholds, a jumbo mortgage may be an option. Jumbo loans are available for primary homes, secondary or vacation homes, investment properties and condominiums, and they are also available in a variety of terms. Jumbo home loans may have a higher interest rate and different requirements for your down payment than smaller home loans due to different underwriting requirements.

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Adjustable-Rate Mortgage Options
Lower initial interest

You can save at the start of your loan with an adjustable-rate mortgage (ARM) loan. ARM loans provide a low interest rate for an initial payment period, making the initial monthly payments less than those a fixed-rate mortgage usually offers.

What do you want to learn about Bank of America ARMs? Choose a topic you're interested in.

Hide How an adjustable-rate mortgage impacts payments

After the lower initial rate period, the ARM loan's interest rate will adjust to a fully indexed rate, and it is likely that your rate and your payments will increase. If the rate goes up after the initial period, your monthly payments go up, so you want to be financially prepared to make larger payments.

ARM loans are available for various terms, with 30 and 15 years† being popular choices. In addition to the term, ARMs have different options for how long the initial interest rate will last before the rate can start to adjust. So, for example, you could get a 7/1 ARM, and your interest rate and payment would stay the same for 7 years before being open to annual adjustment.

When you consider ARM loans, find out how and when your rate can change, because those factors will determine how much your monthly payment is.

If you want some personal help with Bank of America ARM loans or deciding what type of mortgage loan could be best for you, call one of our mortgage loan officers at 1.800.551.7975.
Show Advantages of an adjustable-rate mortgage

Adjustable-rate mortgages are a good choice if you:

* Are planning to move in a few years (before the end of the initial rate period) and therefore aren't concerned about possible rate increases
* Expect your income to rise enough in the coming years to cover any increase in payments resulting from an increase in the interest rate
* Want a lower initial monthly payments than a fixed-rate mortgage usually offers
* Think interest rates may fall in the future


Some disadvantages of adjustable-rate mortgages:

* Interest rates will increase in a rising rate environment
* Increase in rates will increase payment amount, which may not keep pace with increase in income
* Increase in interest rate will reduce accumulation of equity, especially where home values are declining, and may make it more difficult to refinance your loan

Show 10/1 adjustable-rate mortgage

A 10/1 ARM has a fixed interest rate for the first 10 years. After 10 years, the rate can change once every year for the remaining life of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.
Show 7/1 adjustable-rate mortgage

A 7/1 ARM has a fixed interest rate for the first 7 years. After 7 years, the rate can change once every year for the remaining life of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.
Show 5/1 adjustable-rate mortgage

A 5/1 ARM has a fixed interest rate for the first 5 years. After 5 years, the rate can change once every year for the remaining life of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.
Show 3/1 adjustable-rate mortgage

A 3/1 ARM has a fixed interest rate for the first 3 years. After 3 years, the rate can change once every year for the remaining life of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.
Show 1-year adjustable-rate mortgage

A 1-year ARM has a fixed interest rate for the first year. After 1 year, the rate can change once every year for the remaining life of the loan. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.
Show Learn about ARM interest rate caps and indices

ARMs begin with a start rate, also known as the initial interest rate, which gives you a special low monthly payment for a set amount of time, such as 1, 3, 5, 7 or 10 years. After the initial rate period, the rate adjusts to a fully indexed rate, explained below, and it is likely that your rate and your payments will increase.

The rate you pay on an ARM after the initial rate is based on a fluctuating index plus a fixed extra amount, called a margin. For example, if the interest rate for the financial index was 5.5% and your margin was 2%, then your rate at the time of adjustment would be 7.5%. Keep in mind that different indexes go up and down faster than others, and both the index used and the margin can vary among lenders. How often your payments are adjusted based on the index, and how much rates and payments increase at each adjustment, depends on your loan terms.

ARM loans typically feature an adjustment "cap" which limits how much the interest rate can go up. This helps protect you from large increases in the rate and in your monthly payment. Rate caps can limit the size of interest rate changes both for periodic adjustments and for the life of the loan.

When finding out about ARMs, be sure to ask the following questions:

* Does the ARM you're considering include a rate cap?
* How often does the rate change?
* Can you convert your ARM to a fixed-rate payment? Some ARMs offer a conversion feature that allows you to convert to a fixed rate loan at certain times during your loan term.
* Is your ARM assumable?
* Are there any penalties for paying off your loan early, also called a prepayment fee? Being able to prepay your ARM will allow you to refinance if rates go down.

ARM financial indices

Every ARM loan uses a money rate index to determine the loan rate for a set period. Lenders have no control over any of the money rate indices. You can track the performance of each index in The Wall Street Journal. The rate you pay is set at each adjustment period by adding the rate of the index plus your margin (which remains the same from period to period). Below are some common ARMs and the indices on which they're based.6
Even though rate indices may adjust more frequently than every year, Bank of America ARMs do not adjust more frequently than once a year.
Treasury-Indexed ARMs (T-Bills)

Tracks the weekly average yield of U.S. Treasury securities adjusted to a constant maturity of 6 months or 1 year. The interest rate on an ARM from Bank of America will adjust once each year. Per-adjustment caps and lifetime rate caps vary.
Cost of Funds-Indexed ARMs (COFI)

Adjusts to the actual costs that a particular group of institutions pays to borrow money. The most popular index of this type is the COFI for the 11th Federal Home Loan Bank District. COFI ARMs can adjust every month, every 6 months, or every year, and the per-adjustment caps and lifetime rate caps vary. Many COFI ARMs have a feature called negative amortization. While this may be a good feature for experienced buyers, it's not usually a good choice for others.
London Interbank Offered Rate ARMs (LIBOR)

This widely used index tracks the rate international banks charge each other for large loans in the London interbank market. This ARM adjusts to the LIBOR every 6 months. The 6-month LIBOR ARM typically has a per-adjustment period cap of 1% and is offered with either a 5% or a 6% lifetime adjustment cap.
Have more questions about ARMs?

Talk with a Bank of America mortgage loan officer, who can help you decide if an ARM could be right for you.

Get information about adjustable-rate interest-only mortgages

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Government Loan Options
FHA and VA loans


The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government-insured mortgage loans. These loans have features that make them easier for first-time home buyers to obtain. These features include:

* low down payment requirements
* flexible credit and income guidelines

To get an FHA or VA loan, you apply through an approved lender like Bank of America. Call our mortgage loan officers at 1.800.551.7975 to learn more about these types of loans.

FHA loan features

* Low down payment
* No maximum income/earning limitations
* Fixed- and adjustable-rate loans available
* Insurance from the federal government replaces private mortgage insurance (PMI)
* Maximum loan amounts vary by county

VA loan features

* No down payment loans up to a certain amount for qualified veterans
* Fixed- and adjustable-rate loans available
* More flexible qualification guidelines than conventional loans

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Specialized Loans
Affordable home-buying options

Make homeownership a reality with an interest only loan, adjustable rate mortgage, jumbo or combo loan. Take advantage of the following customized mortgage programs to help you meet your home-buying goals.

For more information on any loan, call a Bank of America mortgage loan officer today at 1.800.551.7975.

What do you want to learn? Choose a topic you're interested in.

Hide Flexible mortgage loans
Neighborhood Advantage Credit Flexâ„¢

Our Neighborhood Advantage Credit Flexâ„¢ program makes the dream of homeownership a reality for low-income home buyers and home buyers in low-income areas.2,3 Here are some features and benefits of this program:

* Lower income requirements. Do you make too little to qualify for a conventional mortgage? Our lower income requirements may make a difference.
* Approval without established credit. If your credit history is not established, we can look at a number of additional credit indicators.
* Fixed- or adjustable-rate financing. Choose an option that suits your needs.
* Direct payment option. Your payments can be automatically deducted from your checking, savings or money market account.

House America® program

If you ever thought that certain circumstances would necessarily prevent you from getting approved for a mortgage loan, you may want to think again.

This program is specially designed to help make homeownership more affordable, particularly for first-time home buyers.4 For qualified buyers, this loan features attractive financing options, including:

* A low down payment option
* First-time home buyers may receive assistance with down payment and closing costs through community second programs and mortgage revenue bonds
* Loan program is available for first-time as well as move-up buyers

Fannie Mae® Expanded Approval® program

This program helps qualified home buyers with credit challenges obtain conventional financing. Both fixed- and adjustable-rate mortgage options are available.
Fannie Mae® Flexible 97® program

This program is geared toward home buyers who are short on funds but big on dreams. Fixed- and adjustable-rate mortgage options are available. Down payment requirements are low, and cash reserve requirements are relaxed compared to traditional loan financing.
Show Specialized professions loans

Our Neighborhood Champions® Protected Mortgage™5 program is an innovative program designed to help eligible teachers, police officers, firefighters, medical workers and people in related occupations overcome the high cost of homeownership.

Here are some features and benefits of our Neighborhood Champions® Protected Mortgage program:

* Flexible credit guidelines. You may not need an established credit history. All you may need is a favorable 12-month payment history on 4 monthly bills.
* Fixed- or adjustable-rate financing. Choose an option that suits your needs.
* Accidental Death and Dismemberment Insurance. Provided by Minnesota Life Insurance Company should 1 of the first 2 co-borrowers suffer a covered accidental loss of life, limb, sight or hearing. The premiums are paid by Bank of America. Insurance benefits include full or partial payoff of the loan depending on the type of loss and the loan balance. The insurance also includes COBRA Extension of up to $2,500 and Adaptive Home and Vehicle coverage up to $3,000. This insurance is in effect as long as the Neighborhood Champions® Protected Mortgage loan has an outstanding balance or until the full insurance benefits are paid. Certain exclusions, conditions and limitations apply.

Applicants who meet the occupational eligibility requirements can obtain home financing under the Neighborhood Champions® Protected Mortgage™ Program.

Show Interest-only loans†

Interest-only loans have an initial time frame in which only interest is paid, followed by a period of time in which the payment goes up in order to pay down the loan's balance. This means the initial payments are comparatively low, allowing you to use the balance of your cash flow for other immediate needs.

While you're paying interest only, your payments are not building home equity. By the end of the interest-only period you will still owe the original amount you borrowed, which may make it more difficult to refinance your mortgage or to get money from selling your home.

At the end of the interest-only period, your payments will include both interest and principal so that the outstanding balance will be paid in full over the remaining term of the loan, making your payments significantly higher. If the interest rate on your loan is variable, a higher interest rate, plus an increase in the payment amount to include principal, could increase your monthly payments substantially.

Interest-only loans tend to appeal to people whose income fluctuates (self-employed, commissioned or on a bonus schedule) or who expect to own their home for a short period of time.
NET 5® (5/1 Initial Interest-Only Payment) Adjustable-Rate Mortgage (ARM)†

The NET 5® ARM has interest-only payments for the first 10 years. For the first 5 years of the loan, you pay interest only at a fixed rate. After the first 5 years, the interest rate is adjusted annually, and your payment will increase if rates go up and will decrease if rates fall.

After the first 10 years of paying only interest, your payment will increase to include both principal and interest. Your payment will increase by even more if interest rates have gone up. Since this loan begins with an interest-only period, you will pay more interest overall compared with a traditional 30-year mortgage.†
10/20 Fixed-Rate Interest-Only Mortgage†

This loan has interest-only payments at a fixed rate for the first 10 years of the loan. After the first 10 years of paying only interest, your monthly payment will increase to include both principal and interest, which will increase your monthly payment significantly.

Since this loan begins with an interest-only period, you will pay more interest overall compared with a traditional 30-year mortgage.

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Show Jumbo loans

Jumbo loans are for home buyers who require larger loan amounts. Variations of jumbo loans are available, including fixed-rate and adjustable-rate options. Jumbo loans generally have higher interest rates because of the amount of money borrowed as well as different down payment and underwriting requirements.
Show Combo loans

Also nicknamed a "piggyback" loan, a combo loan actually combines a first mortgage with a second mortgage—with 1 down payment. A combo loan can be helpful for home buyers who don't have a lot of cash for a down payment and who don't necessarily qualify for special programs for lower-income buyers. Combo loans can help you avoid the additional costs of private mortgage insurance (PMI), the higher rates of a jumbo loan or both.



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Why Bank of America?

* Customized rates and pricing
* Simplified loan process
* Home financing advice and service
* Options to fit your needs

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Get a fixed-rate mortgage from Bank of America. Act Now. 1.800.990.6248

Footnote 1Loan Assumptions Opens a new window

Footnote 2Eligibility: Program is available on conforming loan amounts in select states to individuals who meet specified income requirements or finance property in select census tracts. Higher loan amounts are available in California and select Metropolitan Statistical Areas (MSAs). Other restrictions may apply.

Footnote 3Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change without notice.

Footnote 4Use of "Special Features" for first time home buyers requires participation in Homebuyer Education. Landlord Education is required for all 2-4 unit properties. Homebuyer and Landlord education are offered at no cost through the House America Counseling Center. Some Special Features cannot be combined. Owner-occupied, 1-unit properties only. Maximum income restrictions may apply in your area.

Footnote 5Programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and the transaction. In New York, insurance is provided by Securian Life Insurance Company, an affiliate of Minnesota Life Insurance Company. Premiums will be paid by Bank of America and may be taxable. Please consult your tax advisor for further information.

Bank of America, N.A. Member FDIC. Equal Housing LenderEqual Housing Lender information. Link opens new window.
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