Dartmouth employees who are refinancing a primary residence qualify for Dartmouth Plus mortgage assistance through Premier Banking at Bank of America. Through the Dartmouth Plus program, employees have access to all of Bank of America's conventional mortgage products. Additional benefits include:
Regular Full-time Employees
Subject to program requirements and verification of credit, financing may be available for 95% to 100% of the purchase price. Bank of America programs available to Dartmouth employees include, but are not limited to:
Fixed Rate Mortgage
This traditional loan program is ideal for employees seeking the stability of a fixed interest rate and fixed principal and interest payment for the entire term of the loan.
Adjustable Rate Mortgage ("ARM")
An adjustable rate mortgage typically offers a lower interest rate for an initial term, after which the rate is adjusted based upon a market rate index. In return for giving up the security of a fixed payment, the borrower typically gains the advantage of an increase in purchasing power.
Interest Only ARM ("3NET", 5NET", "7NET" and "10NET")
The interest-only mortgage is an adjustable rate mortgage with interest-only payments (no principal payments) and no rate adjustments for an initial period (3, 5, 7 or 10 years). By allowing interest-only payments initially, the borrower's purchasing power is increased.
Bank of America mortgage specialists can help the employee select the program that best meets their needs. In order to receive these benefits from Bank of America, eligible Dartmouth Employees wishing to learn more about a Dartmouth Plus Bank of America mortgage must contact:
Kevin M. Zerrenner, Vice President, Bank of
America, Premier Banking
(800) 925-6060 ext. 1241 or e-mail Kevin.Zerrenner@BankofAmerica.com
(If you get voice mail, dial 0 and ask to speak with Wendy S. Moore, corporate
relocation mortgage specialist at (804 627-8377).
