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Home Loan Options

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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.

30-Year Fixed-Rate Mortgage

One of the most popular options for financing a home, a 30-year fixed-rate mortgage lets you lock in a low rate and keep your payments stable for the life of the loan.

30-Year Fixed-Rate Mortgage

  • Lower monthly payment, but generally a higher interest rate than a 15-year fixed-rate mortgage
  • Longer time to pay off the loan
  • Higher total amount of interest paid

15-Year Fixed-Rate Mortgage

  • Generally a lower interest rate, but a higher monthly payment than a 30-year fixed-rate mortgage
  • Shorter time to pay off the loan
  • Lower total amount of interest paid

Why choose a 30-year fixed-rate mortgage?

  • You want a stable monthly payment for the life of the loan
  • You’re looking for protection against the rate fluctuations of an adjustable-rate mortgage
  • You plan to stay in your home for many years

The 30-year fixed-rate mortgage is one of the most popular loans. Many people like the fixed interest rate and lower monthly payments that a 15-year fixed-rate mortgage offers. But since the term of the loan is long, you’ll pay more total interest over the life of the loan than on a 15-year mortgage.

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