Bank of America is basically a mortgage lender in Charlotte, NC. It provides both jumbo and conforming mortgage loans in around 36 states. It is considered a national lender that has been in this business since the year 1904. It operates a total of 4, 861 branches approximately. Experts are of the view that the Bank of America received 95 out of 100 in the 100 Smart Rating. This major provider of mortgage loans offers the best mortgages rates and it is only because of this reason that a large number of people throughout the world look out for the Bank of America mortgage rates. Mortgage products are offered by the bank for both refinances and home purchases. The application procedure for mortgages can be started on the phone or online. Alternatively, you also have the option of visiting a branch in person and talking to the loan officer.
Present Bank of America Mortgage Rates
The Bank of America mortgage rates tend to be more competitive in comparison to the rates available from the other lending organizations. The present rates go like this:
- 30-Year Fixed: 4.08% vs. national average of 3.75%
- 15-Year Fixed- 3.31% vs. national average of 3.27%
- 5_Year ARM: 2.88% vs. national average of 3.40%
Mortgages with Fixed Rates
The mortgages with fixed rates available from the Bank of America fall in the category of the most competitive fixed rate mortgages available throughout the United States. Throughout its locations, the bank provides mortgages with fixed rates with an average of 0.686 points. The mortgages with fixed rates include:
- 15-Year Fixed Jumbo
- 15-Year Fixed
- 20-Year Fixed
- 30-Year Fixed
- 30-Year Fixed Jumbo
- 30-Year Fixed FHA
Mortgages with Variable Rates
The mortgages with variable rates offered by the Bank of America are also quite competitive in comparison to the rates offered by other lenders throughout the industry. Bank of America offers mortgages with variable rates coming with an average of 0.936 points throughout its locations. The variable mortgages include:
- 10-Year Jumbo ARM
- 10-Year ARM
- 5-Year ARM
- 3-Year ARM
- 5-Year Jumbo ARM
- 7-Year Jumbo ARM
- 7-Year ARM
How to Find Bank of America Mortgage Rates?
In order to find the Bank of America mortgage rates, there is a simple procedure that you need to follow. You need to visit the website page of Bank of America and then look for the mortgage rates page. You can do this by selecting the rates that can be found at the top of almost all the web pages in the home loan section of the site. Now, choose the finance type- refinance or purchase. Enter the zip code of the house and the amount proposed. Click on the Show Rates button and this will give you complete details of the rates of interest on different mortgage products offered by bank of America.
You will also get the monthly payment that you will have to make for the amount of the loan that you have entered.