Interest Rates Implemented Under the Bank of America Home Loan Based on Loan Terms
BANK OF AMERICA HOME LOAN REFINANCING – Here is a guide on the interest rates under this loan offer of the Bank of America.
One of the biggest dreams that are common among many people is to have a house. It may be a bungalow house, a townhouse, an apartment, or any house that can be a safe haven for a person and the family. However, truth be told that a residential property purchase requires a huge amount of money.
The cost of a residential property is not something that everyone is prepared for. In fact, there are many people who have huge savings in the bank but do not agree to withdrawing it and using a big amount for a one-time payment. Many people would prefer getting a house or a residential property through a loan.
There are several banks and lending companies that offer home loans. In the United States, among the best options are the Bank of America home loan offers.
The offers of the Bank of America serve three (3) main purposes – for the mortgage, for refinancing, and for home equity. In this article, we will focus on the refinancing purpose. According to the bank, you may apply for the loan for the said purpose with any of the following terms:
- 5 years and six (6) months variable
- 15-year fixed
- 30-year fixed
There are different interest rates under the Bank of America home loan offers for refinancing. The following are the rates implemented by the bank:
- 30-year fixed : 3.250%
- 15-year fixed : 2.375%
- 5 years / 6 months ARM variable : 2.250%
According to the Bank of America, Preferred Rewards clients may avail of a reduction of at least $200.00 up to $600.00 in the mortgage origination fee depending on the eligible balances at the time when you applied for the loan.
You may also visit – Bank of America Credit Cards: Full List of Credit Card Offers & Features