Homes mortgage disclosure and conditions in the US


  1. The origination fee reduction and/or interest rate reductions are offered to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their asset tier at the submittal of a loan application for a new purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). Amount of the origination fee reduction ($200 for Gold tier, $400 for Platinum tier and $600 for Platinum Honors tier) and the interest rate reduction 

  2. (0.250% for Diamond tier, 0.375% for Diamond Honors tier) are based on the asset tier at the submittal of the mortgage application and are not subject to adjustment after the application is submitted. The origination fee reduction will not exceed the amount of the Lender Origination Fee. In order to receive the full Diamond and Diamond Honors interest rate reduction (0.250% for Diamond tier and 0.375% for Diamond Honors tier) you must have an eligible loan (most conforming and nonconforming loans) and enroll in PayPlan using a Bank of America deposit account at least 10 days prior to loan closing. If PayPlan enrollment is not completed 10 days prior to loan closing, or if the loan is a product ineligible for PayPlan (like FHA loan products), you will receive a 0.125% interest rate reduction benefit for Diamond and Diamond Honors tiers. For adjustable rate mortgages, the discounts are applied to the interest rate only during the initial fixed-rate period. 

  3. For PrimeFirst adjustable rate mortgages, the discount is applied to the margin and cannot reduce the margin below 0%. Eligibility will be determined three or more business days after the day the requirements are satisfied. Some reward benefits cannot be combined with other offers. All mortgage interest rate reduction offers are subject to a maximum interest rate reduction limit. For details on requirements, visit the Preferred Rewards section of the Personal Schedule of Fees. Benefit is non-transferable.

  1. Maximum income and loan amount limits apply. Fixed-rate mortgages (no cash out refinances), primary residences only. Certain property types are ineligible. Maximum loan-to-value (“LTV”) is 97%, and maximum combined LTV is 105%. For LTV >95%, any secondary financing must be from an approved Community Second Program. Homebuyer education may be required. Other restrictions apply.

  1. Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county.

  1. VA funding fee applies except as may be exempted by VA guidelines. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation and other requirements.

  1. Additional documentation is required to evidence payments are deferred.

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