Do you want to own your home with a mortgage that puts you in control? With a Bank of America Mortgage, you can get your dream house with ease while enjoying various perks.
To give you a better understanding of how a Bank of America Mortgage works, let's tackle the fixed-rate type. Bank of America's fixed-rate mortgage is ideal if you want to keep paying the current rate to avoid complication and stay in your home for many years to come.
Read on to find out more information and how to apply for a Bank of America Mortgage today.
Bank of America Mortgage Benefits
Bank of America takes pride in its advanced digital platform where aspiring borrowers can apply for a mortgage with ease. Securing a mortgage can take some time, especially obtaining the various required documents. So, having a convenient application system is a privilege worth enjoying.
The bank's website is equipped with a pre-qualification assessment feature, allowing you to estimate the total amount you can borrow from the bank for your home. Through this feature, you can quickly figure out what kind of home you can afford.
The website also has advanced features such as a mortgage calculator and closing costs calculator to give you the figures you need without the need of assistance from financial advisors.
Bank of America provides a wealth of information for first-time homebuyers so that they are properly guided in their attempt to own their dream home.
So are you getting excited about applying for a Bank of America Mortgage? Before you click the Apply Now button, you should first familiarize yourself with the application process and requirements.
Bank of America Mortgage Application Process
You can apply for a Bank of America mortgage by visiting the Bank of America website and filling out the online application form.
The bank also requires specific documents to verify your creditworthiness, employment history, and financial condition. You also need to provide the bank with other relevant documents such as recent pay slips, complete bank statements for all financial accounts, personal and business tax returns and other papers. To be considered creditworthy, you must have at least an average credit score (620 or over).
You can loan from $60,000 to $2 million, depending on your financial capacity and credit standing.
Fees and Interest Rates
Bank of America charges a variable closing costs fee (3% to 7%) that you should pay upfront upon receiving your mortgage. You can compute the closing costs using the closing cost calculator ($8,076 for a typical 30-year fixed rate mortgage estimate). You also need to make a down payment of 5% to 20%, depending on the amount of your home and loan type.
As of this article, the interest rate is 4% and APR is 4.16% for a fixed-term mortgage.
Overall, applying for a Bank of America Mortgage is ideal for you if you want fast processing and approval of your home loan at a lower interest rate. Visit the Bank of America website and apply today to get started.