Headquartered at Charlotte, Bank of America today announced its interest rates for numerous mortgage loans as well as refinance loans.
The 30 year fixed rate mortgage loan is offered by the bank at 4.125% of interest rate to its potential customers. The loan contract features an APR variable of 4.301%. Also other option that can be chosen is 15 year fixed interest rate short term loan in the similar category, which has 3.250% as its rate of interest. The loan carries an APR variable of 3.595%.
The borrowers who are in need of a more flexible home loan conditions should consider opting for adjustable rate mortgages (ARMs). The 7/1 ARM can be had at 3.250% and the loan carries an APR variable of 3.220%. While the other short term loan in the same category which is the 5/1 ARM loan is being for a rate of interest 2.750% with the APR value calculated as 3.025% as per the latest lenders rates.
Now, analyzing the loans under refinance category, the 30 year fixed interest rate loan comes with 3.375% interest rate computing 3.291% of APR. Also another interesting option out here is to refinance your previously availed loans with the short term FRM loan of 15 years while paying 3.125% of interest. This mortgage loan computes 3.139% of annual percentage rate.
The bank’s mortgage loans under the adjustable interest rates category includes 7/1 ARM loan. Interested borrowers can refinance any other loan with this one. The latest rate of interest for the loan being offered by the bank is 3.375% with the APR value being computed as 3.291%. Another loan, which is the short term loan falling under the category is 5/1 ARM loan. The loan can be availed the bank for 3.125% of interest with 3.139% as its APR.
Also comparing it with other giant banks namely Freddie Mac and Wells Fargo, the Bank of America is offering a relatively lower than other two banks among which Freddie Mac has its rate fixed at 4.28% while the Wells Fargo has the rate of 4.54%.
Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.
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