If you are planning to get a mortgage from Bank of America, it is imperative you learn about their mortgage rates, how it works, and why you should consider getting a mortgage from them. In this write-up, we will be discussing Bank of America Mortgage Rates and everything you need to know about them.
In the meantime, Bank of America is one of the largest mortgage lenders in the US and across the world. The financial institution offers a wide range of mortgages such as fixed-rate mortgages, variable-rate mortgages, Jumbo mortgages, and much more.
You can get the best mortgage rates with low down payments at Bank of America, and they are very affordable to purchase. Furthermore, existing and intending customers can search or browse current mortgage rates, annual percentage rates, and much more via the Bank of America website.
Using this feature allows you to compare rates and find the most suitable rate for you. For instance, you can compare Bank of America’s interest rate on a 30-year fixed mortgage with that of Chase Bank. You can check out the next outline for a comprehensive outline of Bank of America’s interest rates.
Bank of America Mortgage Rates for 2022
As mentioned above, you can view current mortgage rates as well as their APR, points, and monthly payments via Bank of America. Based on our research, these are the current mortgage rates for Bank of America.
| MORTGAGE | RATES | APR | POINTS | MONTHLY PAYMENT |
| 30-year Fixed | 4.875% | 5.098% | 0.929 | $1,058 |
| 20-year Fixed | 4.750% | 5.007% | 0.561 | $1,292 |
| 15-year fixed | 4.250% | 4.590% | 0.677 | $1,505 |
| 10y/6m ARM Variable | 4.500% | 4.130% | 0.672 | $1,013 |
| 7y/6m ARM Variable | 4.250% | 3.782% | 0.710 | $984 |
| 5y/6m ARM Variable | 4.000% | 3.537% | 0.651 | $955 |
It should be noted that Bank of America’s interest rates change monthly, and you can bookmark their official mortgage rate website to stay up to date on their mortgage rates. Also, there is a difference between the interest rate and the Annual Percentage Rate.
Research shows that APR includes several other costs you will incur, including fees, closing costs, points, insurance, and origination fees. On the other hand, the interest rate is the flat rate that you will be required to pay on the mortgage.
Bank of America Mortgage Overview
Bank of America is one of the largest brick-and-mortar banks in the United States of America. It offers mortgages, home equity lines of credit, and refinancing to homebuyers and homeowners. It has its headquarters in Charlotte, North Carolina, with more than 4,200 branches across the region and states. Like many lenders globally, the company offers a fixed-rate conventional mortgage.
In addition, Bank of America offers reliable and transparent mortgage rates to all its customers and intending customers, so you can learn what your next payment will be like next month. You can apply for 30, 20, or 25-year fixed mortgages. The only downside is that the company does not offer renovation mortgage loans.
Nevertheless, borrowers with a limited credit history or those looking to work with a major lender with branches can get loans from BOFA. You can access their service online via their official website. To apply for a mortgage, you can visit their official website today.
Bank of America Mortgage Loans
There are several mortgage loans to apply for, and in this section of the article, we shall be providing you with some of the types of loans that you can opt for. Bank of America provides the following types of mortgage loans:
- Jumbo
- FHA
- VA
- Conventional
- Fixed-Rate
- Adjustable-Rate
- Rate and term and Cash-out refinancing
- HELOC (Home Equity Line of Credit)
You can shop for any of the above-listed mortgage loans from Bank of America via their official website or by visiting any of their branches around your location.
Why Should I Consider Bank of America Mortgage Loans?
Although there are several mortgage lenders online, Bank of America offers one of the best mortgage loans and rates. Aside from the fact that they offer a wide range of mortgage loans, such as fixed-rate, FHA, HELOC, and more, the company has good customer service.
You can contact their customer support team at any time and any day for help. Also, their official website provides you with all the necessary tools to compare mortgage rates before applying. Bank of America is reliable and transparent to use, and its payment plan is very flexible.
If you cannot make your monthly payments, you can apply for refinancing. In conclusion, Bank of America mortgage loans are certainly worth it. However, it is advisable to check out other mortgage lenders before applying for Bank of America loans.