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Home Loan Options

Learning CenterGlossary

By learning more about the different types of home loans and their advantages, you’ll have the knowledge and confidence to choose the home loan that’s right for you. If you need additional information, our new interactive Bank of America Home Loan Guide can walk you through the details, or you can contact a mortgage loan officer for expert assistance.

Find the mortgage that fits your needs

This chart lets you compare four popular mortgage options side by side so you can make an informed decision. For a closer look at any of these options, use the menu on the left. Or get personalized information with our new interactive Home Loan Guide.


Mortgage Type Monthly Payment Interest Rate Rate Changes Interest Paid Build Equity
30-Year Fixed Average Average Never Changes Average Average
15-Year Fixed Typically
Higher		 Typically
Lower		 Never
Changes		 Typically
Lower		 Typically
Faster
5/1 ARM Low for the
first 5 years		 Typically
Lower		 Fixed for the first 5 years, varies thereafter Varies Average
3/1 ARM Low for the
first 3 years		 Typically
Lower		 Fixed for the first 3 years, varies thereafter Varies Average