Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.
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FHA & VA loans. Government loans. Narrator: Bank of America’s Digital Mortgage makes it simple and easy to apply for your mortgage online and on your time. Father: You’re gonna need these. We have a lot of stuff to print out. Narrator: Reduce paperwork and save time every step of the way..
The annual MIP for a 30-year fixed FHA loan is 0.85%. So if Bank of America offers a 3% down payment option to home buyers, without the added cost of PMI, they will position themselves as an attractive alternative to FHA loans for cash-strapped borrowers. According to D. Steve Boland, managing director for consumer lending at Bank of America.
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(In re HSBC Bank U.S.A., 135 AD3d 534 [1st Dept 2016]; acadia realty. and the instant motion to intervene currently before the court (Castle Peak 2012-1 loan trust v. Sattar, 140 AD3d 1107 [2d Dept.
The Federal Housing Administration (FHA) Footnote 1 and the U.S. Department of Veterans Affairs (VA) Footnote 2 offer government mortgage loans that have features (such as low down payment options and flexible credit and income guidelines) that may make them easier for first-time homebuyers to obtain.
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Unfortunately, if you do not already have a FHA or VA mortgage from Bank of America, you cannot take advantage of these refinance programs. If you have a FHA loan from Bank of America, though, you can refinance to a new lower rate. FHA loans come in both fixed- and adjustable-rate mortgages and have very flexible qualification requirements.