Bank of America Mortgage also provides an online tool to check the status of mortgage application to keep you inform of your loan application process. Bank of America Mortgage takes care of returning clients making them good for a long-term relationship.
Bank of America offers a variety of loan products, including home loans, refinance loans, purchase mortgages, reverse mortgages and debt consolidation loans. Bank of America has a full suite of fixed rate and ARM products, including conforming mortgage loans and jumbo and subprime mortgage loans.
Bank of America Mortgage gives borrowers many mortgage loan options with good rates. They have a helpful customer service team and provide helpful information on mortgage refinancing, buying a new home, and foreclosure.
In this post, you will Learn How to Apply for a Mortgage and What You’ll Need. Read through this guide on bank of america first time home buyer program tips carefully before you apply for bank of america mortgage online.
Guidelines Of Bank of America Mortgage
Before applying , here are some things you must consider :
- Know your credit score : Check your credit report and credit score with any of the 3 major credit reporting agencies: Experian, TransUnion and Equifax. If you find any mistakes that need to be corrected, addressing these issues early will put you in a better position when it’s time to buy a house.
- Research your mortgage options : Do the research and learn the differences between the various types of mortgages so you’ll know which one is best for you.
Find a responsible lender : It’s a good idea to interview potential lenders to find the one that’s best for you.
- Get prequalified for a mortgage before you start shopping : Getting prequalified will provide you with an estimate of how much you can borrow before you start looking at homes. You can prequalify for a Bank of America mortgage online.
- Calculate your monthly mortgage payment : Calculate a monthly mortgage payment that fits into your budget.
How To Get a Loan From Bank of America (BOA Mortgage)
Firstly, you have to choose a lender before completing bank of america loan application. Depending on the lender you chose, you may be able to apply in person, by phone or online.
What you’ll Need To Apply For Bank of America House Loan
- You will need to provide your lender with documentation to verify your employment history, creditworthiness andoverall financial situation. The same applies if you have a co-borrower.
- Recent pay stubs (covering the most recent 30 days) W-2s (for the last 2 years)
- Complete bank statements for all financial accounts, including investments (for the last 2 months)
- If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement
- Signed personal and business tax returns (all pages and relevant schedules)
- A copy of the signed Purchase and Sales Agreement
- With your permission, your lender will also run your credit report as part of the process. You can expect your lender to ask you details about your employment and financial history.
Bank of America Mortgage Rates
Interest rates fluctuate frequently, things can change between the day you apply for your loan and the day you close. If you want to protect yourself against rising interest rates and ensure that the loan terms you used to build your budget are locked, you can lock in your rate with your lender.
A rate lock, also known as a rate commitment, is your lender’s assurance that the interest rate and discount points are guaranteed until the rate lock expiration date.
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