1
Minimum down payment requirements vary by property type and location. Loan amount, interest-only payment option, loan-to-value percentage, property and/or occupancy type may require a higher level of reserves and/or post-closing
liquidity. Two separate full appraisals may be required. Excellent credit required, including proof of recent consistent housing payment history. Not available on all loan programs. Other restrictions apply, ask for details.
2
Many of our loans have a 10-year interest-only payment option that allows you to pay only the interest on the money you borrow. If you pay only the amount of interest that's due, once the 10-year interest-only period ends,
you still will owe the original amount you borrowed, and your monthly payment will significantly increase — even if interest rates stay the same — because you must pay back the principal as well as interest. You should ask
what the payments on your loan will be after the end of the interest-only period and carefully consider the possibility of "payment shock." If you are considering an adjustable-rate mortgage, ask what your payments can be if
interest rates increase. Loans with an interest-only payment option may require a lower loan-to-value ratio, other restrictions apply, ask for details.
3
When deciding whether an adjustable-rate mortgage (ARM) is right for your situation, you should consider the potential risk of rising rates and payments and such factors as how long you plan to own your home.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Bank of America, N.A., Member FDIC. Equal Housing Lender. ©2021 Bank of America Corporation. AD-05-21-0349.A | MAP3596931 | HL-311-AD | 06-2021
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Bank of America's
Digital Mortgage
Experience
™
Easily apply on my website.
Lock in your rate. Get help
when you need it.
Competitive rates for mortgages up
to $5 million
Up to $5 million
on owner-occupied properties¹
Up to $3 million
on second homes¹
Up to $1 million
on investment homes¹
10-year interest-only payment option²
- On adjustable-rate mortgages (ARMs)³ up to $5 million
- On fixed-rate mortgages up to $2 million
Low down payment options
- For qualified borrowers on owner-occupied and second home
properties (not available with an interest-only payment option)
Call or visit my website to learn more.
Ron Goodlin
NMLS #: 245611
424.405.4077 Office:
ron.goodlin@bofa.com
mortgage.bankofamerica.com/ron-goodlin
