Also, a great option if you want to put down a smaller down payment.
7-year ARM - ARM stands for an adjustable-rate mortgage which means your interest rate can fluctuate after 7 years.15-year fixed-rate mortgage- Similar to the 30-year fixed-rate mortgage, this option pays off your mortgage in 15 years, saving you money on interest.30-year fixed-rate mortgage - The most common option, typically has a lower monthly payment and your payment doesn't change.
To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.Each situation is different, but here are some guiding principles for each type of mortgage: These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising.
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This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. We’ll keep you informed about cash to cover prepaid expenses for your new loan and property. In some cases this may include flood, earthquake or other insurance coverage as well. You will also need to provide the initial premium for your homeowners insurance policy. Depending on when you close your loan, some of this property tax is typically due at the time of closing and calculated as a prepaid amount. The local county tax assessor’s office can give you the rate for your county. You pay this tax annually, semiannually or as part of your monthly mortgage payments (escrow). The specific percentage varies dramatically from county to county in every part of the country. Property taxes are a fixed percentage based on the tax assessor’s appraised value of your home that you pay to the county in which the home is located. Once your closing date has been selected, we will be able to provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly. It covers the interest that accrues on your loan from your closing date until the last day of the month. Prepaid interest varies depending on which day of the month you close. Prepaid interest represents funds for the initial payment of interest on your loan.
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