Bank Of America Mortgage Kalamazoo Mi

To receive your loan estimate, please call one of our lending specialists at 866.466.0979 during our normal operating hours (Mon-Fri 8 a.m. - 10 p.m. ET, Sat 8 a.m. - 6:30 p.m. ET). The loan estimate will tell you what we expect to offer you if you decide to move forward, but does not represent a loan approval.

The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.

An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100, 000 mortgage would equal $2, 000).

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The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index, published daily by the New York Fed. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.

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. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR) published daily by the New York Fed. Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.

Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.

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In order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.

We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios. If you have flexible options, try lowering your purchase price, changing your down payment amount or entering a different ZIP code.

Chart data is for illustrative purposes only and is subject to change without notice. Advertised rate, points and APR are based on a set of loan assumptions (refer Loan assumptions and disclosures above for important information). Your actual rate and APR may differ from chart data. Chart accuracy is not guaranteed and products may not be available for your situation. Monthly payments shown include principal and interest only, and (if applicable), any required mortgage insurance. Any other fees such as property tax and homeowners insurance are not included and will result in a higher actual monthly payment. Advertised loans assume escrow accounts (monthly collection of subject property taxes and any applicable homeowners insurance with your monthly principal and interest payment) unless you request otherwise and the loan program and applicable law allows. Should you choose to waive escrows, your rate, costs and/or APR may increase. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5y/6m ARM, 7 years for a 7y/6m ARM and 10 years for a 10y/6m ARM; the 6m shows that the interest rate is subject to adjustment once every six months thereafter). Select the About ARM rates link for important information, including estimated payments and rate adjustments.

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Preferred Rewards members may qualify for an origination fee or interest rate reduction based on your eligible tier at the time of application. Depending on your tier, you may be required to enroll in PayPlan from an eligible Bank of America deposit account prior to the loan closing date in order to receive the full program benefitThe Bank of America announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. Rick Moriarty | syracuse.com

The company’s Community Affordable Loan Solution will use credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments. It requires no mortgage insurance or minimum credit score.

Individual eligibility is based on income and home location. Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application.

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“Homeownership strengthens our communities and can help individuals and families to build wealth over time, ” said AJ Barkley, head of neighborhood and community lending for Bank of America. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”

The cost of buying a home is about 80% more expensive now than just three summers ago, according to the National Association of Realtors. Coupled with high prices, mortgage rates have been increasing as a result of the Federal Reserve’s interest rate hikes.

Mortgage rates are reaching almost double what they were a year ago, according to Freddie Mac. The 30-year rate hit 5.66% and the 15-year hit 4.98% on Sept. 1.

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The competitive housing market has made affordability a top issue in the real estate sector. It has also widened the racial disparity between homebuyers with Black and Hispanic applicants being 7% more likely to be rejected for mortgage loans than their white counterparts, according to the NAR.

There is a nearly 30-percentage-point gap in homeownership between white and Black Americans. Homeownership rates for Black Americans are lower than they were in 2010, according to the NAR.

Hispanic buyers have seen record growth in the housing market with Hispanic American homeownership at an all-time high and above 50% for the first time.

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In 2011, Bank of America agreed to pay $335 million to settle the Justice Department’s allegations that its Countrywide Financial unit charged higher rates and fees to around 200, 000 qualified Black and Hispanic borrowers “solely because of their race or national origin, ” according to reporting by The New York Times.

In 2019, the bank launched its Community Homeownership Commitment, which offers to grant options for down payment and closing costs. The goal is to help 60, 000 individuals and families purchase affordable homes by 2025.

So far, more than 36, 000 people and families have used the program. Bank of America has provided more than $9.5 billion in low down payment loans and over $350 million in non-repayable down payment and/or closing cost grants.

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To date, two-thirds of the loans and grants made through the Community Homeownership Commitment has helped multicultural clients to achieve homeownership, according to Bank of America.