Bank Of America Mortgage Loans

From the Bank of America Direct a to acquire the best mortgage loan.

If you are a first-time home buyer, Bank of America is committed to helping you choose a loan that's right for you. Our mortgage loan officers can help guide you through the process and explain your choices in easy-to-understand terms so you know what you're getting and what you can comfortably afford.

30-year fixed-rate mortgage
This type of home loan tends to be the most popular, because it helps protect homeowners from payment surprises and is easier to understand. Plus, the 30-year term can help to make payments more manageable. There are several reasons first-time homebuyers may want to consider a fixed-rate mortgage:

Your interest rate—and your monthly payment of principal and interest—will stay the same for the entire term of the loan
It's convenient if you plan to stay in your first home for many years
Learn more about fixed-rate mortgages

FHA loans
Bank of America is an approved Federal Housing Administration (FHA) lender. These FHA-insured mortgage loans offer features designed to assist more first-time homebuyers. Maximum loan amounts vary by county, but it can be easier for some people to qualify for this type of loan. Here are a few of the items to consider with an FHA loan1:

-Lower down payment requirement compared to most conventional loans
-Maximum loan amount guidelines, which vary depending on where the home is located
-Competitive interest rates

ARMs (or adjustable-rate mortgages)

Adjustable Rate Mortgages (ARMs) generally have a lower starting interest rate compared to fixed-rate loans, but only for an introductory period. After that introductory period ends, the rate becomes adjustable, which could increase your monthly payment. You may want to consider an ARM if:

You plan on moving and selling your home before the fixed-rate introductory period expires and the mortgage interest rate becomes subject to adjustment
You are confident that you can afford the maximum monthly payment possible if the interest rate adjusts upwards.

Affordable loan products and programs
Affordable loan products and programs may help qualified homebuyers obtain loan financing when a down payment, closing costs, or nontraditional credit are concerns. You may want to consider an affordable loan product or program if you:

Meet certain income requirements
Are financing property in certain low-income areas or meet other special requirements
Need assistance with down payment and closing costs .

Bank Of America call 1.800.763.7212

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