A place you can call your own is the most basic human desire you can have. But, buying a house or property requires big fat pockets which not everyone might have. However, mortgage loans can help you in getting your dream home.
One of the best mortgage providers, Bank of America, offers several lucrative mortgage products to its customers. With flexible repayment terms and good APIs. Bank of America tops the list of most attractive mortgage lenders.
Moreover, Bank of America provides several geographically targeted products that are very beneficial for low and middle-income buyers. Read on to learn more about Bank of America’s home loan program.
Why Bank of America?
Bank of America has global footprints owing to its excellent customer-centric policies and services. The bank focuses on creating long-term client relationships by helping their customers through every step of the process.
Moreover, the lender walks hand-in-hand with the technology and offers seamless online mortgage management services to its customers. You can also find helpful information on financing, buying a home, and credit management on their portals.
They make sure that you make an informed choice while choosing a product, which creates an environment of trust.
Features of the Mortgage Program
Bank of America mortgage and refinancing products feature several benefits and advantages for the borrowers. The bank provides one of the lowest down payment options making it fit for new buyers.
The existing customers can further enjoy great discounts on the mortgage origination fee and added cost-assistance programs. Borrowers can apply for and manage their mortgage products entirely online.
On the downside, Bank of America does not provide any renovation loans. Borrowers will have to look for other lenders for that.
Eligibility
The following eligibility criteria have to be met when applying for the Bank of America home loan. You must be a US citizen and older than 18 years old. Your credit score shouldn’t be less than 620. You must also produce the following documents.
Copies of your salary slip or income statement, two of your most recent bank statements, and personal and business tax return papers for the last two years.
How to Apply
In order to apply for Bank of America mortgage, follow these steps. Log on to the official Bank of America website and go to the home mortgage section.
Keep your documents ready and start the pre-qualification process. Next, fill in all the necessary details, like your personal info, income, property details, etc.
Then, the bank will provide you with rates and loan amount you qualify for. You can lock these rates and finally apply for the loan (no further info will be needed for final application).
Rates and Fees
For a standard 30-year mortgage loan from the Bank of America, the following charges are applicable, but they vary upon location and line amounts. The minimum line amount is $25,000, and the maximum line amount is $500,000. Based on a line amount of $100,000, consider the fees below.
- Initial withdrawal amount at account opening – $60,000
- Variable APR – 4.89%
- No annual fee
- Auto payment discount – .25%
- Initial draw discount – .30%
- Sample monthly payment amount – $318.00
Contact Information
If you would like to get in contact with a Bank of America representative, you can reach them by calling 800.779.3894. We have also listed Bank of America’s mailing address below.
100 North Tryon Street
Charlotte, NC 28255
Conclusion
Bank of America has taken away all the nuances of house-financing for new buyers. From the basic pre-financing information to active customer support, you can rely on the bank for nearly anything.
All of this, coupled with extremely affordable mortgage programs, makes Bank of America one of the best mortgage lenders.
Note: There are risks involved when applying for and using credit/ loan. Consult the bank’s terms and conditions page for more information.