Bank of America Outer Banks Loan Rate 12-7-07
Published December 8, 2007 by Drew WrightBANK OF AMERICA MORTGAGE
Loan Rate Sheet December 07, 2007
The Area’s Best One-Time Closing Construction/Perm Programs
For More Information Call… Drew Wright
David.A.Wright@BankofAmerica.com
(252) 261-6900 or (800) 831-6692 - office / (252) 256-2018 – cell
40 Year Fixed - 6.375% / 0 pts.
30 Year Fixed - 5.875% / 0 pts.
20 Year Fixed - 5.750% / 0 pts.
3/1 ARM (3 Yr. Fxd.)
5.6250% / 0 pts. I/O & Amortized
7.125% / 0 pts Jumbo I/O & Amortized
5/1 ARM (5 Yr. Fxd.)
5.875% / 0 pts. I/O & Amortized
7.250% / 0 pts I/O & Amortized
7/1 ARM (7 Yr. Fxd.)
6.00% / 0 pts. Amortized
7.375% / 0 pts Jumbo I/O & Amortized.
10/1 ARM (10 Yr. Fixed)
6.500% / 0 pts. I/O & Amortized
7.500% / 0 pts I/O & Amortized
Specialized Products
Lot Loans:
Financing is available up to 95% for qualified applicants. INTEREST ONLY for 5 Years. Call for details. Rates start at 7.875% with 0 pts for 95% LTV, 7.625% with 0 pts for 90% LTV and 7.375% with 0 pts for 80% LTV.
State Income and Stated Asset:
This is a great program for high FICO (620+) applicants to avoid a down payment or verification This is a great program for a quick closing and is easy for the consumer. Rates on this program are higher than conventional programs.
Stated Income Program:
Allows for no documentation of income on purchases and refinances with credit score starting at 680. It can also be interest only and may also use the Many Option ARM Program as mentioned above.
Jumbo Investor Loans:
Using the 10/1, 7/1 or 5/1 ARM terms are 80% L.T.V.; amortized for 30 years up to $1.5 million.
5/1 ARM and 15 or 25 Year Portfolio Products:
• Will allow 90% to $400,000.00, 85% to $500,000.00 on Investor Loans, 2nd Homes and Primary residences, increase rate by 0.25.
• No P.M.I.
• NO DOCUMENTATION of income of down payment if minimum credit requirements are met.
All quotes are no points and no origination fee. We do not charge for the appraisal. Our fees are $200.00 or $400.00 for the application fee; $619.00/processing; $11.00/flood determination fee; and $75.00/tax service fee on all purchases and refinances.
©2006 Bank of America Corporation. Equal Housing Lender
Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A. Member FDIC.
Hope everyone is doing well. Rates got better all week until today when the non-farm payroll report came in at 96,000 new jobs making the US economy to look stronger than expected. Many myself included think rates will fall back shortly and probably head lower in 08. Still the 30 year fixed rate is below 6% for the first time in quite a while at 5.875% no points or origination fee.
Have a good weekend and enjoy the season of Christmas with friends and family.
David (Drew) Wright
Vice President Mortgage Loan Officer
Bank of America Mortgage
PO Box 597/4804 N Croatan Hwy
800.831.6692 Toll Free
252.261.6900 Local
252.256.2018 Cell
252.261.6899 Fax
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