A written agreement in which the signer promises to pay to a named person or company a specific sum of money at a specified date or on demand.

Skip to main content## Loan assumptions and disclosures

### Note

### Loan-to-value ratio

### Rate lock

### Lien

## Loan details for 10y/6m adjustable-rate mortgage (ARM)

### Estimated interest rate

### Estimated monthly payments

### Current index rate

### Margin

### Rate adjustment frequency

### First adjusted interest rate cap

### Subsequent adjusted interest rate cap

### Lifetime rate cap

## Loan details for 7y/6m adjustable-rate mortgage (ARM)

### Estimated interest rate

### Estimated monthly payments

### Current index rate

### Margin

### Rate adjustment frequency

### First adjusted interest rate cap

### Subsequent adjusted interest rate cap

### Lifetime rate cap

## Loan details for 5y/6m adjustable-rate mortgage (ARM)

### Estimated interest rate

### Estimated monthly payments

### Current index rate

### Margin

### Rate adjustment frequency

### First adjusted interest rate cap

### Subsequent adjusted interest rate cap

### Lifetime rate cap

Please wait a moment while we retrieve our low rates

Interest rates and annual percentage rates (APRs) are based on our current pricing, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, occupancy type, loan amount, loan-to-value ratio, credit score, refinance with cash out and other variables—**call for details**. 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. This is not a credit decision or a commitment to lend. Mortgage insurance may be required depending on loan guidelines. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Additional loan programs may be available.

APR reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, discount points (also referred to as “points”) and loan origination fees. One point is 1% of the mortgage amount (for example, $1,000 on a $100,000 loan) based on the interest rate on your __note layer__, not on APR.

Adjustable-rate mortgage (ARM) rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period: ARMs assume a 30-year term.

A written agreement in which the signer promises to pay to a named person or company a specific sum of money at a specified date or on demand.

Property type/use:

Single family residence / owner occupied

Property type/use:

Single family residence / owner occupied

{{ percentage rates.rateInputs.loantoValueRatio }} (or as user selected)

{{ percentage rates.rateInputs.loantoValueRatio }} (or as user selected)

Down payment:

{{ percentage rates.rateInputs.downpaymentPercentage }} (or as user selected)

Down payment:

{{ percentage rates.rateInputs.downpaymentPercentage }} (or as user selected)

Purchase: 45 days. Refinance: 60 days

Purchase: 45 days. Refinance: 60 days

Loan amount:

{{ currency rates.rateInputs.amountBorrowed }} (or as user selected)

Loan amount:

{{ currency rates.rateInputs.amountBorrowed }} (or as user selected)

Discount point(s):

As displayed

Discount point(s):

As displayed

Lien layer position:

First lien

Lien layer position:

First lien

Property location:

California is the default (until a user enters a specific ZIP code)

Property location:

California is the default (until a user enters a specific ZIP code)

Loan term:

As displayed (or as user selected)

Loan term:

As displayed (or as user selected)

The ratio, expressed as a percentage, between the unpaid principal amount of a loan (or credit limit, in the case of a line of credit) and the appraised value of the collateral. For example, if you have an $80,000 first mortgage on a home with an appraised value of $100,000, the LTV is 80% ($80,000 divided by $100,000 equals 80%).

A period of time during which a lender makes a commitment to a borrower to provide financing at a specific interest rate.

A legal claim of a creditor on property used as security for a debt. The lien must be paid off to the creditor when the property is sold by the owner.

The following monthly payments are based on a loan amount of {{ currency rates.rateInputs.amountBorrowed }} with an initial interest rate of {{ percentage rates.mortgageProducts.1700.rateDetails.rate }} ({{ percentage rates.mortgageProducts.1700.rateDetails.apr }} APR) for 120 months and points of {{ rates.mortgageProducts.1700.rateDetails.pointsPercentage }}.

{{ rates.mortgageProducts.1700.rateDetails.armAssumptions.armInitialRateResetMonths }}

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{{ currency rates.mortgageProducts.1700.rateDetails.armAssumptions.armInitialPaymentAmount }}

{{ rates.mortgageProducts.1700.rateDetails.armAssumptions.armFullyIndexedRateMonths }}

{{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armFullyIndexedRate }}

{{ currency rates.mortgageProducts.1700.rateDetails.armAssumptions.armFullyIndexedRatePaymentAmount }}

{{ rates.mortgageProducts.1700.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_1 }}

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{{ currency rates.mortgageProducts.1700.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_1 }}

{{ rates.mortgageProducts.1700.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_2 }}

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The interest rates after the initial fixed-rate period are estimates of how the rate may adjust at the end of the fixed-rate period. The interest rate after the initial period (which may be subject to adjustment or lifetime interest rate caps) is calculated by adding the margin to the then-current index rate. The index rate at the time of any scheduled adjustment could be higher or lower than shown here, which means the actual interest rate and monthly payment may also be higher or lower than shown here. This estimate is not a guarantee of future rates or payments due under the loan.

The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment shown here does not include amounts for hazard insurance or property taxes, which will result in a higher actual monthly payment. After the initial fixed-rate period, the interest rate can increase or decrease every six months based on the then-current Secured Overnight Financing Rate (SOFR) index value plus a margin, which will impact your monthly payment.

Adjustable rate details

{{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armIndexRate }} (variable)

{{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armMarginPct }}

{{ rates.mortgageProducts.1700.rateDetails.armAssumptions.armRateAdjustmentFrequency }} months

{{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armInitialAdjustableCapitalPercentage }}

{{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armSubsequentPaymentCapitalPercentage }}

{{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armLifeCapPercentage }}

The current index rate is equal to the Secured Overnight Financing Rate (SOFR), which is the rate used by many financial institutions worldwide (including Bank of America) as the basis for adjustable-rate mortgages. Generally speaking, the current index rate plus the margin equals the rate you pay when you have an adjustable-rate mortgage. Generally, the index rate plus (or minus) the margin equals the new rate that will be charged, subject to any caps.

The interest rate that is added to (or subtracted from) the index rate by the lender in order to determine adjustments to an ARM interest rate. The margin remains constant throughout the life of the mortgage and is specified in the promissory note.

The number of months between scheduled interest rate changes.

The limit to how much the interest rate can increase when the first rate adjustment is made at the end of the initial fixed-rate period.

The limit to how much the interest rate can increase at each periodic rate adjustment following the first rate adjustment.

A limit on how much the variable interest rate can increase during the term of a loan.

**Maximum rate and payment adjustments**

After the initial fixed-rate period based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than {{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armMaximumInitialRateReset }}, with a maximum first payment of {{ currency rates.mortgageProducts.1700.rateDetails.armAssumptions.armMaximumInitialRatePayment}}. The maximum lifetime rate will never be more than {{ percentage rates.mortgageProducts.1700.rateDetails.armAssumptions.armMaximumLifetimeRate }} with an estimated maximum monthly payment of {{ currency rates.mortgageProducts.1700.rateDetails.armAssumptions.armMaximumLifetimePayment }}.

The following monthly payments are based on a loan amount of {{ currency rates.rateInputs.amountBorrowed }} with an initial interest rate of {{ percentage rates.mortgageProducts.1699.rateDetails.rate }} ({{ percentage rates.mortgageProducts.1699.rateDetails.apr }} APR) for 84 months and points of {{ rates.mortgageProducts.1699.rateDetails.pointsPercentage }}.

{{ rates.mortgageProducts.1699.rateDetails.armAssumptions.armInitialRateResetMonths }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armInitialRate }}

{{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armInitialPaymentAmount }}

{{ rates.mortgageProducts.1699.rateDetails.armAssumptions.armFullyIndexedRateMonths }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armFullyIndexedRate }}

{{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armFullyIndexedRatePaymentAmount }}

{{ rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_1 }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustRate_1 }}

{{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_1 }}

{{ rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_2 }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustRate_2 }}

{{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_2 }}

{{ rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_3 }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustRate_3 }}

{{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_3 }}

The interest rates after the initial fixed-rate period are estimates of how the rate may adjust at the end of the fixed-rate period. The interest rate after the initial period (which may be subject to adjustment or lifetime interest rate caps) is calculated by adding the margin to the then-current index rate. The index rate at the time of any scheduled adjustment could be higher or lower than shown here, which means the actual interest rate and monthly payment may also be higher or lower than shown here. This estimate is not a guarantee of future rates or payments due under the loan.

The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment shown here does not include amounts for hazard insurance or property taxes, which will result in a higher actual monthly payment. After the initial fixed-rate period, the interest rate can increase or decrease every six months based on the then-current Secured Overnight Financing Rate (SOFR) index value plus a margin, which will impact your monthly payment.

Adjustable rate details

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armIndexRate }} (variable)

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armMarginPct }}

{{ rates.mortgageProducts.1699.rateDetails.armAssumptions.armRateAdjustmentFrequency }} months

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armInitialAdjustableCapitalPercentage }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armSubsequentPaymentCapitalPercentage }}

{{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armLifeCapPercentage }}

The current index rate is equal to the Secured Overnight Financing Rate (SOFR), which is the rate used by many financial institutions worldwide (including Bank of America) as the basis for adjustable-rate mortgages. Generally speaking, the current index rate plus the margin equals the rate you pay when you have an adjustable-rate mortgage. Generally, the index rate plus (or minus) the margin equals the new rate that will be charged, subject to any caps.

The interest rate that is added to (or subtracted from) the index rate by the lender in order to determine adjustments to an ARM interest rate. The margin remains constant throughout the life of the mortgage and is specified in the promissory note.

The number of months between scheduled interest rate changes.

The limit to how much the interest rate can increase when the first rate adjustment is made at the end of the initial fixed-rate period.

The limit to how much the interest rate can increase at each periodic rate adjustment following the first rate adjustment.

A limit on how much the variable interest rate can increase during the term of a loan.

**Maximum rate and payment adjustments**

After the initial fixed-rate period based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than {{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armMaximumInitialRateReset }}, with a maximum first payment of {{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armMaximumInitialRatePayment}}. The maximum lifetime rate will never be more than {{ percentage rates.mortgageProducts.1699.rateDetails.armAssumptions.armMaximumLifetimeRate }} with an estimated maximum monthly payment of {{ currency rates.mortgageProducts.1699.rateDetails.armAssumptions.armMaximumLifetimePayment }}.

The following monthly payments are based on a loan amount of {{ currency rates.rateInputs.amountBorrowed }} with an initial interest rate of {{ percentage rates.mortgageProducts.1698.rateDetails.rate }} ({{ percentage rates.mortgageProducts.1698.rateDetails.apr }} APR) for 60 months and points of {{ rates.mortgageProducts.1698.rateDetails.pointsPercentage }}.

{{ rates.mortgageProducts.1698.rateDetails.armAssumptions.armInitialRateResetMonths }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armInitialRate }}

{{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armInitialPaymentAmount }}

{{ rates.mortgageProducts.1698.rateDetails.armAssumptions.armFullyIndexedRateMonths }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armFullyIndexedRate }}

{{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armFullyIndexedRatePaymentAmount }}

{{ rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_1 }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustRate_1 }}

{{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_1 }}

{{ rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_2 }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustRate_2 }}

{{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_2 }}

{{ rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustMonths_3 }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustRate_3 }}

{{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentAdjustAmount_3 }}

The interest rates after the initial fixed-rate period are estimates of how the rate may adjust at the end of the fixed-rate period. The interest rate after the initial period (which may be subject to adjustment or lifetime interest rate caps) is calculated by adding the margin to the then-current index rate. The index rate at the time of any scheduled adjustment could be higher or lower than shown here, which means the actual interest rate and monthly payment may also be higher or lower than shown here. This estimate is not a guarantee of future rates or payments due under the loan.

The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment shown here does not include amounts for hazard insurance or property taxes, which will result in a higher actual monthly payment. After the initial fixed-rate period, the interest rate can increase or decrease every six months based on the then-current Secured Overnight Financing Rate (SOFR) index value plus a margin, which will impact your monthly payment.

Adjustable rate details

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armIndexRate }} (variable)

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armMarginPct }}

{{ rates.mortgageProducts.1698.rateDetails.armAssumptions.armRateAdjustmentFrequency }} months

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armInitialAdjustableCapitalPercentage }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armSubsequentPaymentCapitalPercentage }}

{{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armLifeCapPercentage }}

The current index rate is equal to the Secured Overnight Financing Rate (SOFR), which is the rate used by many financial institutions worldwide (including Bank of America) as the basis for adjustable-rate mortgages. Generally speaking, the current index rate plus the margin equals the rate you pay when you have an adjustable-rate mortgage. Generally, the index rate plus (or minus) the margin equals the new rate that will be charged, subject to any caps.

The interest rate that is added to (or subtracted from) the index rate by the lender in order to determine adjustments to an ARM interest rate. The margin remains constant throughout the life of the mortgage and is specified in the promissory note.

The number of months between scheduled interest rate changes.

The limit to how much the interest rate can increase when the first rate adjustment is made at the end of the initial fixed-rate period.

The limit to how much the interest rate can increase at each periodic rate adjustment following the first rate adjustment.

A limit on how much the variable interest rate can increase during the term of a loan.

**Maximum rate and payment adjustments**

After the initial fixed-rate period based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than {{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armMaximumInitialRateReset }}, with a maximum first payment of {{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armMaximumInitialRatePayment}}. The maximum lifetime rate will never be more than {{ percentage rates.mortgageProducts.1698.rateDetails.armAssumptions.armMaximumLifetimeRate }} with an estimated maximum monthly payment of {{ currency rates.mortgageProducts.1698.rateDetails.armAssumptions.armMaximumLifetimePayment }}.

Your results are based on the **purchase** of a home in **ZIP code {{ zipcode params.zipcode }}** with an **estimated purchase price of {{ currency rates.rateInputs.purchasePrice }}** and an **estimated down payment of {{ currency rates.rateInputs.downPayment }}.**

Your results are based on the **refinance** of a home in **ZIP code {{ zipcode params.zipcode }}** with an **current value of {{ currency rates.rateInputs.purchasePrice }}** and a **new loan amount of {{ currency rates.rateInputs.amountBorrowed }}.**