Conforming versus non-conforming loans
A non-conforming or jumbo loan is a mortgage that exceeds the general conforming loan limit of $766,550 within the continental United States.
Expanded conforming loan limits up to $1,149,825 are available in federally designated high-cost areas within these states. The general conforming loan
limit for Alaska and Hawaii is $1,149,825, but actual loan limits may be higher in some specific locations.
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You are invited to apply. Your receipt of this material does not mean you have been pre-qualified or pre-approved for any product or service offered by Bank of America. This is not a commitment to lend; you must submit additional information for
review and approval. If you are refinancing to lower your monthly payment or change from a variable-rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest
charges paid over the full term of the new refinance loan — especially for borrowers who currently have loan terms less than 30 years.
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Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance
required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances
include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance
requirement for enrollment with either:
1. a three-month combined average daily balance in your qualifying deposit and investment accounts, or
2. a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.
Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits, available at bankofamerica.com/fees. Eligibility to enroll is generally available three or more
business days after the end of the calendar month in which y
ou satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Bank
of America Private Bank clients qualify to enroll in the Diamond tier regardless of balance, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill and Private Bank balances. Certain benefits are also available
without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or refer to the Bank of America intranet site.
Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms. Refer to go.bofa.com/cebi-faq for details. 0823PR.PROGRULES.CV.DD.0823
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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 rewards tier at the submittal of a mortgage loan application to Bank of America, N.A. for a new
purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). The rewards tier is not subject to adjustment after the application is submitted. The origination fee reduction ($200 for Gold tier, $400 for Platinum
tier and $600 for Platinum Honors tier) will not exceed the amount of the Lender Origination Fee. In order to receive the full Diamond and Diamond Honors interest rate reduction (0.25% for Diamond tier and 0.375% for Diamond Honors tier) the client
must be approved for an eligible loan and enroll in PayPlan, our automatic payment service, designating an eligible Bank of America checking or savings account. To allow us to apply and disclose the interest rate reduction and close the loan timely, we
encourage Diamond and Diamond Honors tier clients to enroll in PayPlan as soon as possible and prior to the expected loan closing date. PayPlan is not available on VA and FHA products and Diamond and Diamond Honors tier clients closing loans without
PayPlan enrollment receive a 0.125% interest rate reduction benefit. For adjustable rate mortgages (except PrimeFirst®), the discounts are applied to the interest rate only during the initial fixed-rate period. For PrimeFirst® adjustable rate mortgages, the
discount is applied to the margin and cannot reduce the margin below 0%. Some Preferred Rewards benefits cannot be combined with other offers. All mortgage interest rate reduction offers may be subject to a maximum interest rate reduction limit. For
further details, refer to the Preferred Rewards section of the Personal Schedule of Fees. Preferred Rewards benefits are non-transferable and are not available with Custom Residential Real Estate financing.
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How this “transferred balance” rate reduction works: (1) have or open a new personal Bank of America checking account, (2) after you apply for an eligible Bank of America mortgage, transfer $250,000-$999,999 (0.125% rate reduction), or
$1,000,000-$2,999,999 (0.250% rate reduction), or $3,000,000 or more (0.375% rate reduction) (“New Balance(s)”) from another financial institution into one or more qualifying personal Bank of America account(s), Bank of America Private Bank
account(s), or Merrill investment account(s), (3) receive our final loan approval and (4) close a mortgage loan in first lien position with Bank of America. One transferred balance rate reduction per loan. Relationship pricing is limited to a maximum
0.375% interest rate reduction. Eligible transferred balances must be transferred and receipt verified by Bank of America prior to loan closing. These benefits are not available on custom residential real estate solutions.
Information you’ll need to provide: (1) two months of the most recent statements or most recent quarterly statement from the transfer account(s), including current balance, (2) a deposit or transfer receipt from Bank of America, Bank of America
Private Bank or Merrill.
Additional information and requirements: Interest rate reductions are not available on FHA or VA loans, conforming loan investment properties or custom residential real estate solutions. Bank of America may modify or terminate this offer at any
time without notice. This benefit is non-transferable. New Balances must be transferred after the mortgage application date and must be in excess of any down payment or settlement charges you will be paying from a Bank of America, Bank of
America Private Bank or Merrill account. Settlement charges include costs you will be paying on or before closing for the mortgage loan transaction. New Balances can be transferred from personal checking, savings, Certificates of Deposit (CDs)
or brokerage accounts at a financial institution other than Bank of America, Merrill or Bank of America Private Bank. Borrowed or gifted funds, such as from a Home Equity Line of Credit or other line of credit, do not count toward the New Balance
transfer requirement. The New Balances must be transferred to a qualifying personal account, which includes: Bank of America personal checking, savings, CDs, and personal Merrill or Bank of America Private Bank accounts. Only personal accounts
on which you are an Owner or Co-Owner count toward your transferred balances. New Balances transferred to business banking accounts are not eligible. To be eligible for this reduction, you must have, or open prior to completion of New Balance
transfers, a personal Bank of America checking account. The pre-closing disclosures we provide you may not reflect the reduced interest rate. Your credit and property must satisfy our underwriting conditions and receive final loan approval. New
Balance Transfers will be verified no fewer than 10 calendar days prior to your estimated closing date. If all the eligibility criteria are met, we will apply the interest rate reduction and the lower interest rate will be reflected on your mortgage Note
and other closing documents. New Balances transferred less than 10 calendar days before the anticipated mortgage closing date may delay your actual mortgage closing date if you desire to take advantage of the reduced interest rate offer. If you
are already eligible to receive the maximum 0.375% interest rate reduction, there would not be an additional reduction benefit to transferring funds as described in this offer. If you are already eligible to receive a 0.125% interest rate reduction, then
the maximum benefit you could receive, regardless of whether you transferred more than $3,000,000 as described in this offer, is an additional 0.250% interest rate reduction, resulting in meeting the maximum 0.375% interest rate reduction cap.
Additional documentation may be required, such as additional account statements or other documentation, explaining the source of transferred funds. When transferring new balances, carefully consider your ability to qualify for the loan, and any
associated fees, penalties, taxes, or costs associated with funds withdrawal.
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This service may not be available for certain loan types and/or depending on the status of your loan. This service will also be subject to your agreement to certain terms and conditions you can review before signing up. A Bank of America checking or
savings account is not required when enrolling online. There is no fee for enrolling in PayPlan online.
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Some loans offered by Bank of America have a payment option that allows you to pay only the interest on the money you borrow for the first 10 years of the loan. If you pay only interest,
you will still owe the original amount borrowed at the end of the 10-year period, and your monthly payment will significantly increase because you must pay back the principal as well as
interest. Ask about your payments after the end of the interest-only period and carefully consider the possibility of “payment shock.” If you are considering an adjustable-rate mortgage,
ask about your payments if interest rates increase. Loans with an interest-only payment option may require a lower loan-to-value ratio, other restrictions apply. Ask for details.
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PrimeFirst® applicant(s) must have a minimum of $500,000 eligible gross post-close liquid assets at mortgage application and must maintain this asset level through closing. Assets may be with any financial institution. Calculation of gross post-
close liquid assets does not include down payment, funds required to close, certain debts and other items, ask for details. Applicant must provide documentation evidencing minimum reserves; for primary residences, loans up to $2 million require
minimum reserves of 20 months, loans over $2 million require minimum reserves of 24 months (principal, interest, taxes, homeowners/hazard insurance and homeowner’s association fees/dues/special assessments) related to subject loan/
property. Other requirements apply.
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Please consult your tax advisor regarding interest deductibility.
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Mortgage 100® and Parent Power® programs require the pledge of eligible diverse securities owned by an individual and maintained in a Merrill Lynch, Pierce, Fenner & Smith Incorporated (Member, Securities Investor Protection Corporation [SIPC])
brokerage account. These programs may not be suitable for everyone, and a default on your mortgage could result in the loss of both your home and the securities pledged. Should the value of the securities pledged as collateral decrease below a
certain level (as specified within the loan documents), the deposit of additional assets and/or liquidation of assets may be required. Merrill Lynch may liquidate some or all of the securities in the account without contacting you. You are not entitled
to an extension of time to meet a collateral call or choose which securities in your account are sold to meet the collateral call. Liquidation may result in adverse tax consequences. Mortgage interest may not be deductible if exempt obligations are
pledged as additional collateral; consult your tax advisor. Trading within the brokerage account for the 100% financing programs is subject to restrictions.
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The Parent Power® program is not limited to parents who want to help their children with home financing. The applicant’s parent, child, dependent or any other individual related to the applicant by blood, marriage, adoption or legal guardianship or
from a domestic partner, fiancé or fiancée can pledge securities.
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An applicant must have, or open prior to closing, a checking or savings account with Bank of America. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement. Eligible medical
professionals include: (1) medical doctors who are actively practicing, (MD, DDS, DMD, OD, DPM, DO), (2) medical fellows and residents who are currently employed, in residency/fellowship, or (3) applicants who are medical students or doctors
and are about to begin their new employment/residency or fellowship within 90 days of closing. Those employed in research or as professors are not eligible. For qualified borrowers with excellent credit. PITIA (Principal, Interest, Taxes, Insurance,
Assessments) reserves of 4-12 months are required, depending on loan amount.