Bank of America Mortgage is a type of home loan issued by the Bank of America to eligible individuals who want to finance their new homes.
This Bank offers a variety of home loan options to suit the needs of different customers. This article will give you what you need to know about this topic. So, keep on reading.
Bank of America Mortgage
Bank of America is one of the largest banks in the USA that offers financial solutions to people to help them manage their finances.
Some of these financial services include credit cards, checking and savings account, auto loans, financial services, and home loans which this article will be focusing on. With the mortgage loan offered by this bank, customers can buy a new home or finance their current homes.
Bank of America Mortgage Reviews
The home loans offered by the Bank of America has some advantages. The Bank offers down payments and close costing assistance programs. Also, customers may get a discount on the lender’s origination fees.
In addition to this, Bank offers a Home Equity Line of Credit. The ease of application for the loan is also an advantage as customers can prequalify and apply for the loan online. Lastly, applicants are able to get the interest rates on the Bank’s website online.
However, the lender fees are not listed online and the Bank does not offer renovation mortgage loans.
Bank of America Mortgage Rates
The rates for the Bank of America mortgage vary and this depends on om the type of mortgage and the credit worthiness of the applicants. If you want to apply for a home loan from this Bank, the way you have handled your finances in the past will determine the mortgage options and rates you will get.
If you have a higher credit score, you will qualify for a better mortgage interest rate. Your down payment may also be lowered by your lender for a new home loan if you have a high credit score.
Bank of America publishes its mortgage rates daily on its website. You can visit this website at www.bankofamerica.com to get updates on the rates.
Bank of America Mortgage Application
Did you just discover a new home you love but can’t afford it? If your answer is yes, you can apply for a mortgage loan from Bank of America. You can easily apply for this home loan online and submit the required documents digitally.
Based on the information you provide; you will be given an option of lenders. Depending on the lender you choose, you will be able to complete the application either in person, online or over the phone.
How to Apply for Bank of America Mortgage Online
To apply for this loan online, follow the steps online:
- Open a web browser on a device connected to the internet.
- Enter the URL www.bankofamerica.com into the search bar.
- Click on “Home Loans” at the top of the page.
- Choose “Mortgage” from the drop-down menu.
- On the opened page, click on “Apply Now”.
- Indicate If you want to buy a new home or refinance your home.
Follow the rest prompts on your screen to complete the application process. This should take you about 15 minutes to do so.
How to Sign up for a Bank of America Mortgage Account
Follow the steps below to sign up for a mortgage account on www.bankofamerica.com :
- Visit the Bank of America web page with the URL bankofamerica.com
- Under the Login form, click on “Enroll”.
- Enter your “Account Number” in the required field.
- Fill in your “Social Security Number” or your “Tax ID Number”.
- Click on “Continue”.
After this, follow the rest instructions on your screen to provide other details that will be required from you and complete the process.
Bank of America Mortgage Login
After you have created an account on the Bank of America website, you can log in at any time to review your rates, make payments, update your personal information, and lots more.
With your online account, you can also get access to the mortgage calculator and other useful resources and tools provided by the Bank. To get a detailed guide on how to log in to your account, keep on reading.
How to Login to your Bank of America Mortgage Account Online
To access your mortgage account on the Bank’s website, follow the steps below:
- Go to www.bankofamerica.com with your internet-connected device.
- Enter your “User ID” and “Password” on the Login form.
- Click on “Log In”.
This is how to sign in to your account on the website. To recover your forgotten username or password, click on “Forgot ID/Password?” on the sign-in form.
Bank of America Mortgage Pre Approval
Bank of America carries out a preapproval process on all its applicants after they submit their applications. This process usually involves a lender verifying the information provided by the applicant as well as his or her credit worthiness.
A credit check will also be performed for the applicant and if approved, he or she will receive a pre-approval letter. The preapproval letter is an offer for a loan and this offer is valid for 90 days.
What are the Documents Needed to Apply for a Mortgage from the Bank of America?
The General documents needed to apply for a home loan from this Bank includes your Recent pay stubs, complete bank statements for all your financial accounts, and signed personal and business tax returns.
Other required documents may include, a copy of the signed purchase and sales agreement and your profit or loss statement if you are self-employed. Note that your lender may require more documents from you depending on the loan type you are applying for.
What Credit Score is Needed to Get a Mortgage from Bank of America?
You need a fair and above credit score to get approved for a mortgage loan from Bank of America. This is at least 620. However, your credit score is not the only criterion that will be used by the Bank to determine if you qualify for the loan. Other factors that will be considered include your creditworthiness, debt to income ratio, and credit history.
How Long Does It Take for the Bank of America to Approve my Mortgage Loan Application?
The mortgage approval process can be done online in a few minutes. Sometimes, it may take up to an hour. If your application process is approved, you will be sent a preapproval letter within 10 business days by the Bank. This is after you have provided the necessary information.
Is it Easy to Get a Bank of America Mortgage?
The ease of getting a mortgage from Bank of America depends on the type of mortgage you are applying for and your credit score. If you are applying for the FHA loan, you may get it with a minimum credit score of 600. The VHA loans require a credit score of 660 and higher.