The process of home-buying is often very tedious and time-consuming. It involves a lot of details and you need to be financially savvy if you want to purchase your dream home.
Bank of America mortgage refinancing is well-suited for first-time homebuyers who have good credit scores but are low on cash. With its wide selection of loans, Bank of America mortgage refinancing even offers low downpayment.
Check out more about Bank of America mortgage refinancing in this article.
- The Best Way to Save Money on Your Mortgage
- Discover Some of the Lowest Interest Rates
- Check Out the Preferred Rewards Program
- Learn More About the Required Documents
The Best Way to Save Money on Your Mortgage
Bank of America mortgage refinancing is a tool that allows homeowners reduce interest rates, lower monthly payments, and even take cash out of their home equity.
Homeowners can also choose to transfer to a different term length which is quite helpful if they are having trouble with their finances.
Refinancing allows you to consolidate different loans into one so it is easy to manage. You get one payment and one interest rate thus allowing you to see a clear path on your finances.
You gain access to a multitude of features and benefits when you go with Bank of America Mortgage Refinancing.
Offering Flexible Loan Terms
The Bank of America offers a wide array of mortgage refinancing options that help meet the needs of a myriad of borrowers. These include fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, USDA loans, and more.
Fixed-rate mortgages offer a steady monthly mortgage payment throughout their entire loan term. Adjustable-rate mortgages are a great option for those who want to lower monthly payments or take advantage of the lower interest rates.
FHA loans are designed to help those that have limited savings or have poor credit scores and only require smaller down payments. VA loans are exclusive to veterans while USDA loans are for people in rural areas to purchase a home without a downpayment.
Discover Some of the Lowest Interest Rates
The Bank of America is currently offering one of the lowest interest rates in history with rates as low as 2.75%. Consumers immediately take advantage of this option to save money on their monthly mortgage payments.
The bank can provide you with the option to reduce your monthly payment and even save thousands of dollars throughout your entire term. Make sure that you also understand the terms and conditions that come along with the loan.
While the low interest rates might be attractive at first glance, there are still many other factors that you need to consider before deciding to go with refinancing. Compare different interest rates and check out the flexible loan terms to see which ones fit you the best.
Convenience In Your Hands
The Bank of America offers no prepayment penalties for those who are interested in refinancing their existing mortgage loan.
With this option, borrowers can finally make extra payments or pay off their entire loan at their most convenient time without having to worry about additional charges.
This allows borrowers to be flexible with their payments thus making them pay their loans faster and save money in the long run.
Check Out the Preferred Rewards Program
If you want to save money on your mortgage refinancing, the Bank of America has a Preferred Rewards Program intended just for you.
It is an exclusive program that offers instant discounts and is only available to Bank of America customers who have a checking, savings, or investment account.
The program works by providing discounts on mortgage refinancing rates of up to 0.5% off the current mortgage rate, which is a substantial amount of money.
The program even waives fees like the origination fee and appraisal fee which helps you save a few hundred dollars.
A Streamlined Refinancing Program
We all know that it can be difficult, challenging, and tiresome to prepare for mortgage refinancing. There is a lot of paperwork to do, but the Bank of America has a streamlined refinancing program that aims to lower monthly payments and refinance mortgages without needing a lot of paperwork.
The program is available to those who have an existing Bank of America mortgage. It can also be used to reduce the interest rate or change the loan term. Applying is very easy and the process is smooth.
You just need to prepare documents and submit your application. Once approved, you will receive an update within seven to 10 business days.
Learn More About the Required Documents
Now that you’ve learned the features and benefits of getting the Bank of America Mortgage Refinancing, it is time to prepare certain documents so you can apply and have a smooth experience.
To apply, you will need to provide W-2s for the last two years, as well as paystubs for the last 30 days. You must also provide bank statements from the last two months and make sure that you include all the pages.
You should also prepare a copy of your most recent quarterly or year-to-date profit/loss statement if you declare that you are self-employed.
Lastly, you need to submit the most recent monthly statement of any mortgage, home equity loan, or line of credit you have on your home.
How to Get a Loan
Once you have all the necessary documents prepared, it is time for you to apply for the loan. Head over to the official Bank of America website and log in to your account.
During the application, you will be asked a few questions about your application. Make sure that you provide honest answers so it will lead you to the best offers. Fill in the necessary information as much as possible and read the terms and conditions before you submit your application.
If you have further inquiries, you can always contact them at 800-763-4820 or visit their main office at Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255.
Conclusion
Bank of America mortgage refinancing is a great option for you to save money on your mortgage. You can save hundreds and sometimes even thousands of dollars depending on the situation. If you are a first-time homebuyer with an outstanding credit score, you should consider refinancing with the Bank of America.
Note: Perusing a credit card entails certain hazards. It is imperative that you peruse the financial institution’s terms and conditions for further enlightenment.