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Bank of America Personal Loans Details

Bank of America Personal Loans

Bank of America is not only the largest bank of USA but has a chain of many branches. And has a wide range of regular customers. It also an eminent name in personal loans. But the people who don’t know Bank of America are unaware of its offer about personal loans.

Bank of America has nothing to do with unsecured personal loans. Many banks offer you personal loans, but they don’t give you the guarantee. The other alternatives such as online lender and peer to peer lenders help you to have low-interest rates and forget about your credit score.

These lenders help you to fulfill your desires to by a car, have a dream vacation, pay medical bills and alike. But in personal loans, it is needed to make sure that you easily repay the loan.

Personal Loan Rates:

Without any doubt, Bank of America offers secure personal loans. Also, there are some types of loans that you can have if you are employed a secure source of income or collateral.

Mortgage Loans:

This loan is used to purchase a home through a mortgage. Bank of America gives you mortgage loans for 30 years fixed or 15 years fixed. And you must give 5% down payment or more of the purchase price.

For instance, you buy a house with a price of $250,000. So, you are required to pay at least $12,500 to have the mortgage loan. A Mortgage with a fixed interest rate is an appealing option. As, you are aware of the rates on which you are to pay throughout, and you can easily manage yourself with the appropriate time. However, in varying rate, the interest rate may change and become low and high depending on certain factors.

This type of loan beneficial in case of a small amount. But there is no assurance and it is hard to tell how much it would be beneficial. The rates lie between 3% and 4% with some depending factors.

Refinancing Loans:

The other way through which you can get personal loans from Bank of America is refinancing your mortgage. It means that your old mortgage is successfully paid, and you get a new mortgage from Bank of America. It means you can get the value of your home and use it for other purposes.

Refinancing is good when you get the value and not bring in more trouble. You should not refinance if you don’t get a good interest rate. And show devotion in paying off your mortgage then it helps you to nourish your credit score. Also, it will help you to get better terms and conditions on your new loan.

Furthermore, Bank of America calculator helps you to determine your monthly payment and interest that you are paying after getting a new loan. Therefore, it is recommended to go for refinancing only if you get the best terms.

Home Equity:

Bank of America also offers you to get a home equity line of credit. This loan let you borrow against your home equity. And your home considers as collateral for the home equity personal loan.

The starting rate is 5.90% on this loan. You can also enjoy the discount interest rate on initial withdrawals, automatic monthly payments and for preferred rewards clients. Similarly, you can calculate your home’s value online through a handy tool, but it needs to be estimated.

Home equity line of credit gives you appropriate access to funds. So, you can apply online without any closing, application and annual fees.

Auto Loan:

The other type of loan that you can get from Bank of America is an auto loan. If you are looking to get a new car a used one or to refinance your current loan also to purchase your lease you can get a loan from Bank of America.

The interest rates of Bank of America on personal loan are incomparable but vary after every condition.

The interest rate on a new car is 2.39 APT, 2.64 on used car and 2.89% on refinancing. In auto loan bank offers you to access the account in 24 hours. The application and procedure get only a minute to be completed and get an answer.