An interest rate that may fluctuate or change periodically, often in relation to an index, such as the prime rate or other criteria. Payments may increase or decrease accordingly.
At Bank of America Home Loans, we’re committed to responsible lending and helping you through the home loan process. That’s why we offer helpful resources like our Clarity Commitment® documentFootnote 1. It’s a simple, one-page summary of key loan terms written in plain language, so you can understand what you’re getting.
We believe working with a Glossary Term: lender you trust is important. That’s why we created the Clarity Commitment® document.
You can use your Clarity Commitment® document as a guide when reviewing the other documents in your application package. For example, you can compare your Clarity Commitment® document to your Glossary Term: Good Faith Estimate that you will have received five to 10 business days after submitting your completed loan application to your lender. This comparison can help you be sure that all the key terms of your mortgage are what you expect them to be.
A home loan is not just about getting the best deal—it’s about getting the right loan with no surprises. Our Clarity Commitment® document can help make sure you’re informed, prepared, and confident throughout the home loan process.
Download a sample Clarity Commitment® document here.