Bank of America 30 Year Fixed
Mortgage
Mortgage Overview
A 30 Year Fixed mortgage product from Bank of America with competitive interest rates.
Key Features
- 6.30% Interest Rate
- 30-Year Term
- Apply online or in branch
- Special program: Affordable Loan Solution
- First-time homebuyer program available
Mortgage Details
Quick Facts
Estimated Monthly Payment
$1,856.92
On a $300,000 loan amount
Loan Range
$50,000.00 - $1,000,000.00
Origination Fee
1%
First-Time Homebuyer Program
Special features for first-time buyers
Rates & Costs
| Rate Type | Rate | Details |
|---|---|---|
| Interest Rate | 6.300% | Fixed for the life of the loan |
| Annual Percentage Rate (APR) | 6.450% | Includes interest rate plus fees |
| Term | 30 years | Fixed term length |
About APR
APR (Annual Percentage Rate) represents the true cost of the loan, including the interest rate and other costs such as origination fees, discount points, and mortgage insurance. The APR is typically higher than the interest rate.
Features & Benefits
Fixed Rate
Your rate of 6.30% is locked for the entire loan term.
30-Year Term
Consistent monthly payments for the entire 30-year loan period.
Flexible Financing
Down payments as low as 3% with competitive rates.
Home Ownership
Build equity with each payment as you work toward owning your home.
Loan Requirements & Application
Borrower Requirements
Basic Eligibility
Must be at least 18 years of age and a U.S. resident with a valid Social Security Number.
Credit Score
Minimum required credit score: 700
Income & Employment
Stable income and employment history. Generally, at least 2 years of employment verification.
Debt-to-Income Ratio
Typically, your debt payments should not exceed 43% of your income, though some loan types may allow higher ratios.
Property & Loan Details
Down Payment
Minimum down payment of 3% of the purchase price. Private Mortgage Insurance (PMI) required for down payments less than 20%.
Property Appraisal
Property must appraise for at least the purchase price or loan amount.
Loan Amount
Loan amounts from $50,000.00 to $1,000,000.00.
First-Time Homebuyer Program
Special considerations for first-time homebuyers may include lower down payment requirements or educational resources.
Application Process
The mortgage application process typically involves these steps:
Pre-Qualification or Pre-Approval
Determine how much you might be able to borrow based on your financial situation.
Formal Application
Complete the detailed mortgage application with financial documentation.
Loan Processing & Underwriting
The lender verifies your information and evaluates the property.
Closing
Sign final documents and pay closing costs to complete the transaction.
Ready to open a 30 Year Fixed?
Start enjoying the benefits of the Bank of America 30 Year Fixed today. The application process is quick and straightforward.
Or call Bank of America customer service for assistance