Today’s Bank of America is a gigantic financial services conglomerate. On the banking side, they date back to 1784 and include such venerable banks as NationsBank, Bank of America, Lasalle Bank and Fleet Bank.
Bank of American also owns what is left of Countrywide Financial, one of the country’s largest subprime mortgage lenders, and Merrill Lynch. Today they remain one of the country’s largest mortgage lenders and services and have a range of programs that they sell directly and through brokers and correspondent banks.
Refinancing with Bank of America
No matter what type of refinancing loan you choose to take out from Bank of America, replacing your mortgage with a new one has many different benefits:
- You can take advantage of today’s low rates to reduce your monthly payment and save money.
- You can turn an adjustable rate mortgage whose payments could go up into the future into a fixed-rate mortgage and never have to worry about your payment changing.
- You can pull equity out of your house to pay for college, repairs or debt consolidation.
- You can change to a shorter term loan, get an even lower interest rate and be out of debt sooner.
Fixed Rate Mortgage Refinances
Bank of America Mortgage offers a full range of fixed-rate mortgage options for your refinance. They offer extremely competitive rates on the popular 30-year mortgage, but they also offer shorter term loans. These short-term loans may cost you a little bit more each month, but they carry lower interest rates and ultimately get paid off more quickly, saving you a great deal of money in the long run.
Bank of America also offers non-traditional fixed rate refinance loans. These products include loans with an interest-only provision. Interest-only loans have lower payments for the first 10 years but end up with higher payments than a traditional loan for their last 20 years since they have to “catch up” for the principal payments that were not made in the beginning. BofA also offers excellent rates on jumbo refinances. These are mortgages that get issued against more expensive homes and have a balance of over $417,000.
Adjustable Rate Mortgage Refinance Rates
Borrowers looking for an adjustable rate mortgage (ARM) can also turn to BofA Mortgage. Their ARM’s all come with a period where the rate is fixed then they float once per year. BofA ARM’s have five, seven or 10 year fixed periods and usually have adjustment caps which control how much rates can go up in one year and how much they can go up over the life of the loan.
Bank of America’s ARM products float based on one of two indexes. Some are tied to the yield on US Treasury securities, called T-bills, averaged over either six months or one year. Others are tied to a rate set by international banks in London called LIBOR. As with fixed rate loans, BofA offers both jumbo ARMs and interest-only ARMs.
ARMs from Bank of America typically carry lower rates than fixed rate loans of comparable length. This makes them an excellent choice if you will be selling or refinancing your home within a short period of time. Also, if you take out an ARM without a prepayment penalty, you can also refinance it into a fixed rate loan at some point in the future before rates go up.
Government Refinances and Their Rates
Bank of America offers two different government sponsored refinance programs — FHA and VA loans — to their existing customers. Unfortunately, if you do not already have a FHA or VA mortgage from Bank of America, you cannot take advantage of these refinance programs.
If you have a FHA loan from Bank of America, though, you can refinance to a new lower rate. FHA loans come in both fixed- and adjustable-rate mortgages and have very flexible qualification requirements. They are, however, subject to maximum loan limits which vary from county to county.
VA refinances through Bank of America are an even better deal. They are even easier to qualify for, as long as you are a veteran or active-duty service member. Among other benefits, VA refinances do not have the same limits on maximum proceeds as FHA loans and also do not carry the requirement that you pay for expensive mortgage insurance.
Today, Bank of America is one of the largest and strongest mortgage lenders in the country. Regardless of the type of loan that you need, BofA has a program that will give you a good loan at a competitive rate. Visit https://www8.bankofamerica.com/home-loans/overview.go to learn more about everything they have to offer.
Bank of America offers some of the most competitive mortgage rates in the home lending business. As one of the largest banks in the United States, Bank of America is in a prime position to offer a full line of mortgage loans that are designed to meet the needs of both first time homebuyers and those who are looking to step up to their dream home. 30 year mortgage rates are designed to present affordable options for consumers looking to keep their monthly housing payment down to a reasonable level. Special mortgage programs offered through FHA and the VA also mean that there are plenty of options for consumers who would like to make a small down payment as well as enjoy an affordable mortgage payment.
Like most mortgage lenders, Bank of America offers a variety of fixed and variable rate mortgages to suit many different consumers. Mortgages of varying lengths are also available, which allow homeowners to pay off their debt in as little as 15 years. With so many options, like interest rates and loan terms, it is helpful for potential homeowners to discuss all of the possibilities with one of the lenders loan specialists before deciding on a mortgage.
Bank of America Refinance Rates
Home Equity Loans are available to homeowners who have already owned a home for a number of years and have therefore acquired equity in their property. Using a line of credit, the homeowner may access their home’s equity to pay for major expenses or to settle debts that currently carry a higher interest rate. Bank of America offers 15 year refinance rates that can help the typical homeowner save a great deal of money over the term of the loan. With the proceeds of a refinance loan, the homeowner can combine credit card bills, auto loans, and other debts into one monthly payment that may very well represent a smaller total payment than each of those debts represented individually. Additionally, refinancing often gives the homeowner a smaller monthly house payment, which can dramatically improve the homeowner’s financial situation.
Easy Application Process
Bank of America makes it simple for homeowners, or those who would like to purchase a first home, to acquire the financing they need. They offer a broad range of mortgage and refinancing products that are designed to meet the needs of almost any consumer. Those who qualify for special programs, like FHA and VA loans, and those who would like to opt for an interest only mortgage, adjustable rate mortgage, or a fixed rate mortgage will find all of these options are provided by Bank of America.
Consumers who are interested in Bank of America’s loan products may contact one of the institution’s loan professionals. These loan specialists have acquired a great deal of training to enable them to answer all questions and provide the best possible solutions for mortgages and refinancing strategies. With so many loan products available, having a well-informed professional available to help clients navigate through the complex choices is an indispensable asset.
How to contact Bank of America
Bank of America
100 North Tryon Street, Charlotte, NC 28202