The perfect home starts with the right mortgage

Benefits of a home equity loan or mortgage refinance from Phoenix Nexus may include lower interest rates and ZERO charges at closing. Since a home equity loan or refinance is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other form of unsecured debt. With Phoenix Nexus, you will not have to pay any application fees, origination fees, or appraisal fees. Additionally, a home loan with Phoenix Nexus also offers potential tax savings as interest payments may be tax deductible depending on how you use the loan. Consult your tax advisor as to the deductibility of your interest.

Everyone's financial situation differs; it is important to recognize what you can comfortably afford to borrow. In general, the loan amount you can afford depends on four factors:

• Your debt-to-income ratio, which is your total monthly payments as a percentage of your gross monthly income
• The amount of cash you have available for a down payment and closing costs
• Your credit history
• The value of the property you are purchasing
• For a better understanding of how much you can afford to borrow, use Discover’s Affordability Calculator.

Preferred Rewards members may qualify for an origination fee or interest rate reduction based on your eligible tier at the time of application. Depending on your tier, you may be required to enroll in PayPlan from an eligible Bank of America deposit account at least 10 days prior to loan closing in order to receive the full program benefit.

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