Take some time this summer to review your home finances. If you're thinking about buying a home, I can help you explore your options. Or if you already own a home and would like to make renovations, let's talk about whether refinancing or a home equity line of credit could be a good solution for you.
I'm Patrick McCarthy, and I'm a local lending specialist in New York. I have 4 years of experience helping families finance their homes. I'm ready to guide you through the process every step of the way.
Today's California mortgage rates
| Conforming |
APR layer
Annual percentage rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. End of layer. |
Points layer
Discount points
Typically, it's an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or "buy down" the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points. End of layer. |
Monthly paymentFootnote *Conforming and Jumbo monthly payment includes principal and interest only. Any other fees such as tax and insurance are not included and will result in a higher actual monthly payment. | |
|---|---|---|---|---|
|
30-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
|
15-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
|
7/1 ARM layer (variable)
Adjustable-rate mortgage (ARM)
A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXXFootnote †5/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 5 years. 7/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 7 years. Select the Adjustable Rate Mortgage (ARM) monthly payment for important information, including estimated payments and rate adjustments. (initial) |
|
5/1 ARM layer (variable)
Adjustable-rate mortgage (ARM)
A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXXFootnote †5/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 5 years. 7/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 7 years. Select the Adjustable Rate Mortgage (ARM) monthly payment for important information, including estimated payments and rate adjustments. (initial) |
| Jumbo |
APR layer
Annual percentage rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. End of layer. |
Points layer
Discount points
Typically, it's an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or "buy down" the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points. End of layer. |
Monthly paymentFootnote *Conforming and Jumbo monthly payment includes principal and interest only. Any other fees such as tax and insurance are not included and will result in a higher actual monthly payment. | |
|---|---|---|---|---|
|
30-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
|
15-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
| FHA |
APR layer
Annual percentage rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. End of layer. |
Points layer
Discount points
Typically, it's an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or "buy down" the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points. End of layer. |
Monthly paymentFootnote *Conforming and Jumbo monthly payment includes principal and interest only (FHA monthly payment includes principal, interest, and mortgage insurance). Any other fees such as tax and insurance are not included and will result in a higher actual monthly payment. | |
|---|---|---|---|---|
|
30-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
All products, rates, APRs, and credit assumptions valid on XX/XX/XXXX and are subject to change without notice. Chart data is for illustrative purposes only. Conforming and Jumbo data assumes a borrower with excellent credit and FHA data assumes a borrower with good credit. Accuracy is not guaranteed and products may not be available for your situation.
Loan assumptions and disclosures.
* Conforming and Jumbo monthly payment includes principal and interest only (FHA monthly payment includes principal, interest, and mortgage insurance). Any other fees such as tax and insurance are not included and will result in a higher actual monthly payment.
† 5/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 5 years. 7/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 7 years. Select the Adjustable Rate Mortgage (ARM) monthly payment for important information, including estimated payments and rate adjustments.
| Conforming |
APR layer
Annual percentage rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. End of layer. |
Points layer
Discount points
Typically, it's an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or "buy down" the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points. End of layer. |
Monthly paymentFootnote *Conforming and Jumbo monthly payment includes principal and interest only. Any other fees such as tax and insurance are not included and will result in a higher actual monthly payment. | |
|---|---|---|---|---|
|
30-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
|
15-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
|
7/1 ARM layer (variable)
Adjustable-rate mortgage (ARM)
A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXXFootnote †5/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 5 years. 7/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 7 years. Select the Adjustable Rate Mortgage (ARM) monthly payment for important information, including estimated payments and rate adjustments. (initial) |
|
5/1 ARM layer (variable)
Adjustable-rate mortgage (ARM)
A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXXFootnote †5/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 5 years. 7/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 7 years. Select the Adjustable Rate Mortgage (ARM) monthly payment for important information, including estimated payments and rate adjustments. (initial) |
| Jumbo |
APR layer
Annual percentage rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. End of layer. |
Points layer
Discount points
Typically, it's an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or "buy down" the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points. End of layer. |
Monthly paymentFootnote * | |
|---|---|---|---|---|
|
30-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
|
15-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
| FHA |
APR layer
Annual percentage rate (APR)
The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. End of layer. |
Points layer
Discount points
Typically, it's an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or "buy down" the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points. End of layer. |
Monthly paymentFootnote * | |
|---|---|---|---|---|
|
30-year fixed layer
Fixed-rate mortgage
A home loan with a predetermined fixed interest rate for the entire term of the loan. End of layer. |
X.XXX% | X.XXX% | X.XXX | $X.XXX |
All products, rates, APRs, and credit assumptions valid on XX/XX/XXXX and are subject to change without notice. Chart data is for illustrative purposes only. Conforming and Jumbo data assumes a borrower with excellent credit and FHA data assumes a borrower with good credit. Accuracy is not guaranteed and products may not be available for your situation.
Loan assumptions and disclosures.
* Conforming and Jumbo monthly payment includes principal and interest only (FHA monthly payment includes principal, interest, and mortgage insurance). Any other fees such as tax and insurance are not included and will result in a higher actual monthly payment.
† 5/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 5 years. 7/1 Adjustable Rate Mortgage (ARM) interest rate and payment subject to increase after 7 years. Select the Adjustable Rate Mortgage (ARM) monthly payment for important information, including estimated payments and rate adjustments.
Calculators
Estimate your monthly payment based on loan amount and interest rate.
Estimate your closing costs based on area and purchase price.
See if your monthly mortgage payments could be lower if you refinance.
Use this calculator to get an idea of your rate and monthly payment for a home equity line of credit.
A powerful interactive tool, to create your personalized affordability snapshot
Use this tool to find out how much your home may be worth.
Mortgage resources
View my monthly newsletter that features helpful tips and information for homeownership. View online or contact me to receive via email.
A partnership with Khan Academy, Better Money Habits™ provides many videos and tips to help people when they are buying a home, figuring out a budget, learning about credit and more.
Find programs that may help lower your costs to buy a home offered by nonprofit and housing organizations. Combined with a low down payment loan, these programs may help make buying a home more affordable.
Visit the Bank of America Real Estate Center, where you can search millions of existing homes, new homes and bank-owned properties. Sign-up to receive new property listing alerts, homes sold and neighborhood updates.
Get answers to many frequently asked questions.
Not sure what a certain mortgage financing word means? You’ll probably find it here.
Home Loan Navigator™
Bank of America's Home Loan Navigator is an online tool, available through Online Banking, that can make the mortgage process easier.
Once you've signed in to Online Banking, you can:
- • View the current status and details of your loan application
- • View your To-Do List and complete your outstanding tasks
- • Choose to receive disclosures and other processing documents electronically
- • Electronically sign certain loan documents
- • Submit supporting documents online easily and securely
- • Communicate with your Home Loans team via secure messaging
The Home Loan Navigator is not available on certain loan types; please contact me for more details or to assist with questions about the status of your loan.
