UNIONDALE, N.Y. - With fixed-rate loans rapidly taking market share from adjustables, BankAmerica Mortgage is taking some aggressive marketing steps to stimulate originations of adjustables.
The company is offering, for a limited time, loans with a 5% down payment, no points, and reduced closing costs. Loan amounts up to $1 million are available, as are co-op and condo loans, and conversion to a fixed rate.
The company requires, however, that payments be deducted automatically from a personal bank account.
"Borrowers need less up-front cash, and the lower rate helps them to qualify for more home," said Brian Edwards, vice president of marketing.