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Home Loans Frequently Asked Questions

Get the answers you need to common questions about your home loan

Get the answers you need to common questions about mortgages and refinancing

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In June 2023, a global benchmark index rate used by banks to calculate interest rates for adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs), known as LIBOR, ceased to be available in its then current form and Bank of America has transitioned to a replacement index. If you have an ARM or HELOC with Bank of America, you could be impacted.

  • The benchmark index (LIBOR) used to calculate the monthly payment amount for certain ARMs and HELOCs was retired in its then current form on June 30, 2023, and Bank of America has replaced the benchmark in certain ARMs and HELOCS with the FTSE USD IBOR Cash Fallbacks Index (formerly known as the Refinitiv USD IBOR Cash Fallbacks Index and referenced as such in prior communications). This index is SOFR plus the applicable spread adjustments as identified by the Federal Reserve Bank pursuant to the LIBOR Act.
  • If impacted, you have received a special letter communication specific to the new index. Please note that the index name changed from Refinitiv USD IBOR Cash Fallbacks to FTSE USD IBOR Cash Fallbacks due to a corporate change by Refinitiv’s parent company, LSEG. This name change had and continues to have no impact on the index’s calculation methodology, publication time or benchmark administrator.
  • Monthly payments will be based on the calculation of the FTSE USD IBOR Cash Fallbacks index in conjunction with existing loan terms you signed with your lender. Please note, if you are in the fixed portion of your ARM, your rate will not change at this time.
  • No other aspects of your loan terms, such as margin, rate caps, reset, or amortization period will change as a result of this transition.

If you have any questions, please call us at 800.669.6607, Monday through Friday, 8 a.m. to 9 p.m. Eastern.

Get answers to common questions about home equity lines of credit.

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In June 2023, a global benchmark index rate used by banks to calculate interest rates for adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs), known as LIBOR, ceased to be available in its then current form and Bank of America has transitioned to a replacement index. If you have an ARM or HELOC with Bank of America, you could be impacted.

  • The benchmark index (LIBOR) used to calculate the monthly payment amount for certain ARMs and HELOCs was retired in its then current form on June 30, 2023, and Bank of America has replaced the benchmark in certain ARMs and HELOCS with the FTSE USD IBOR Cash Fallbacks Index (formerly known as the Refinitiv USD IBOR Cash Fallbacks Index and referenced as such in prior communications). This index is SOFR plus the applicable spread adjustments as identified by the Federal Reserve Bank pursuant to the LIBOR Act.
  • If impacted, you have received a special letter communication specific to the new index. Please note that the index name changed from Refinitiv USD IBOR Cash Fallbacks to FTSE USD IBOR Cash Fallbacks due to a corporate change by Refinitiv’s parent company, LSEG. This name change had and continues to have no impact on the index’s calculation methodology, publication time or benchmark administrator.
  • Monthly payments will be based on the calculation of the FTSE USD IBOR Cash Fallbacks index in conjunction with existing loan terms you signed with your lender. Please note, if you are in the fixed portion of your ARM, your rate will not change at this time.
  • No other aspects of your loan terms, such as margin, rate caps, reset, or amortization period will change as a result of this transition.

If you have any questions, please call us at 800.669.6607, Monday through Friday, 8 a.m. to 9 p.m. Eastern.

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