National Builder Division - Bank of America

With our Builder Rate Lock Advantage^™, you can:

Protect against rising interest rates for up to 12 months during construction^{Footnote
[1]}
Enjoy a one-time “float down” option to lower the interest rate or discount points, or both^{Footnote
[2]}
Choose from a variety of financing options

How to finance a new construction home:
Depending on your situation, you may need to get a separate construction loan while your home is being built, and then transfer to a permanent mortgage with Bank of America for end financing when your home is complete. By locking in your long-term rate with us, you'll know what your final mortgage interest rate and payment will be.

Extended rate lock options require a lock-in fee. A portion of the lock-in fee may be applied to closing costs at loan closing. If the loan does not close, the lock-in fee may be refunded in full when certain conditions are met and required documentation is timely provided. See the Interest Rate Lock-in Agreement and Confirmation and Float Down Addendum for details. Pricing is based on extended rate lock options which are 120 days, 180 days, 270 days and 360 days. You should consult your home builder to help you choose a reasonable closing date when construction will be completed and within the lock-in period. Float down option is subject to time limits, other restrictions apply. May not be available for all loan programs. Back to content
If within 60 calendar days prior to the original requested closing date ("Float Down Option term opens"), our pricing for the product and lock period you've selected is better than as shown on your Interest Rate Lock-in Agreement and Confirmation, you may exercise a one-time float down which may lower the interest rate or discount points, or both ("Float Down Option"). Back to content

Build your new home with confidence
Lock your rate for up to 12 months

Lock in your rate while your home is being built

Resources for new homebuyers

Are you a home builder?

Builder Rate Lock Advantage™

Build your new home with confidenceLock your rate for up to 12 months

Lock in your rate while your home is being built

Resources for new homebuyers

Are you a home builder?

Builder Rate Lock Advantage^™

Build your new home with confidence
Lock your rate for up to 12 months