If you are interested in buying a home with a low-down payment or you want to refinance the home you already own? Then, you need to give the Bank of America mortgage a try. Bank of America mortgage offers various types of home loans for low-and average–income home buyers online with fairly low rates and fees and it is also available for first-timer buyer. Without mincing words, Bank of America offers several loan options to make it easy for its customer to get an affordable mortgage and also enjoy full customer service support.
Bank of America is one of the biggest and well-known banks in the United States that offers all kinds of banking and financial services which include home equity lines of credit (HELOCs), mortgages, auto loans, and refinancing to homeowners and homebuyers. To qualify for mortgage at Bank of America, you have to apply online which may enable you to a get prequalification and preapproval. Getting a prequalification is determined by certain factors which include your documentation requirements and other factors. Some of these factors include your credit history, rent payment history and many more others. Let’s quickly dive into some types of mortgages you can apply for at the Bank of America.
Types of Bank of America Mortgage Home Loans
- Fixed-rate mortgages
- Adjustable-rate mortgages (ARMs)
- Jumbo Loans
- Affordable Loan Solutions®mortgages
- FHA & VA Loans
- Doctor loans
- Home equity line of credit (HELOCs)
- Conventional
- Rate-and-term and cash-out refinancing
Pros & Cons
Pros
- Existing customers may likely get discount on mortgage lender origination fees
- Offers interest rate and fees online
- Applicants can qualify for prequalification and preapproval
- Access to low-down payment options
- No application fees or annual fees for HELOs
- Offers Home equity line of credit (HELOCs)
- Offers closing cost assistance programs
Cons
- Renovation mortgage loan is not available
- Lender fees are not displayed online
How to Apply for Bank of America Mortgage
To complete the Bank of America mortgage application process is easy and you can do that conveniently online via the official mortgage website or mobile app or by visiting any of Bank of America Branch. If you are already a Bank of America customer and you want to apply for a Home loan or refinancing, you will need to auto-fill your contact information and other financial details to reduce the stress during the loan application process. For new mortgage applicants, you will be required to provide some personal and financial information which will be stated below. Both new applicant and existing customers can apply for a mortgage online using the Bank of America’s Digital Mortgage Experience®. To apply using this link, click on the blue “Get started” button and follow the prompts on the next page to complete your application process.
Bank of America Mortgage Requirements
Before you apply for a home loan at Bank of America, you will be required to provide some important documentation and then proceed to apply online or other means of application. Below are lists of what you will need to apply. When you are applying, you and your co-borrower (if you have one) will need to provide Bank of America with documentation to verify their employment history, creditworthiness, and overall financial situation. Plus, before completing an application, you must make sure you have these things;
- W-2s (for the last 2 years)
- Recent pay stubs (covering the most recent 30 days)
- If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement
- A copy of the signed Purchase and Sales Agreement
- Complete bank statements for all financial accounts, including investments (for the last 2 months)
- Signed personal and business tax returns (all pages and relevant schedules)
Keep in mind that you may be asked to provide more documents depending on the type of mortgage you are applying for and your circumstances. As part of the process and with your permission, your lender may also run your credit report. Plus, your lender may ask you information about your financial history and employment. However, take your time to carefully fill out your application and ensure all information is accurate.
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Bank of America Mortgage Rates and Fees
When you want to choose a mortgage lender, one of the major factors to put into consideration is the amount of the loan and the rate. However, when considering the rates and fees of mortgage at Bank of America, you have to consider the repayment terms, APR, points and monthly payment. To get the current rate of a mortgage at Bank of America, you will have to enter your purchase price, down payment and zip code and then click on the “update rates” button.
The rates and fees for Bank of America Mortgage include the repayment terms such as 30-year fixed, 20-year fixed, 15-year fixed, 10y/6m ARM variable, 7y/6m ARM variable and 5y/6m ARM variable. Keep in mind that the Bank of America does not provide lender fee information on its website but the rates are available on its official mortgage website and are updated on daily basis. For Bank of America customers who want to apply for mortgage, you may be eligible for a reduction of up to $600 in the mortgage lender origination fee.
How to use the Bank of America Mortgage Calculator
You can make of the mortgage calculator from Bank of America, this will enable to calculate your monthly payments and rate. This will also help determine the amount you can afford for a home, how much you could borrow and help you calculate your monthly loan payment. You can calculate your mortgage using various factors which include purchase price, down payment, loan amount, zip code of the property, and the mortgage repayment term.
To calculate your mortgage amount, follow the steps below;
- Go to https://www.bankofamerica.com/mortgage/mortgage-calculator/ in the web browser of your device.
- Next, enter your purchase price, down payment and the loan amount in the specified field under your loan amount.
- The next step is to enter your mortgage term length and property ZIP code in the specified field under the mortgage details.
- Now, click on “Calculate your monthly payment” to get the estimated mortgage amount of your home.
How to Make Bank of America Mortgage Payment
You can make payment for your Bank of America Home loans by using the online platform, customer service center and through sending mail.
To Make Bank of America Mortgage Payment Online
To pay your bills online can be achieved in two ways.
- Log in to your Bank of America account online and click on Log in. On the next page, click on “Bill pay” or “transfer money” button. Then, select a one-time payment or set up automatic payments to automatically deduct money from your account to avoid late payment
- .You can also make payment online if you don’t have a Bank of America account. Kindly use the MortgagePay feature and click on the “Account overview” page and then choose “Mortgage”. On the next page, find and click on the “pay now” button from the “Account details” page. Enter the required information to make your online payment.
To Make Bank of America Mortgage Payment By Phone
You can also make payment by calling the Bank of America mortgage payment phone number at 1-800-669-6607 and follow the automated instructions to make payment via your checking account. You can also speak with the Bank of America customer service representative for help and any other issue by using the Bank of America mortgage phone number from Monday through Friday between the hours of 8 a.m. in the morning and 9 p.m. EST in the evening.
To Make Bank of America Mortgage Payment By Mail
You can also make payment by mail, this is done by mailing a money order or check to Bank of America mailing address using the payment coupon located at the stub of your monthly billing statement. You can mail your payment address below depending on your location.
Bank of America Mortgage Department
PO Box 650070
Dallas, TX 75265
If you reside in other state or part of the country, you can make use of this mail address for your Bank of America Mortgage Payment;
Bank of America Mortgage Department
PO Box 15222
Wilmington, DE 19886
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Bank of America Mortgage Customer Service
If you having any issue regarding your mortgage, you can call the Bank of America customer service phone number at 1-800-669-6607. For any other assistance, kindly use the contact below;
Existing mortgages
800.669.6607
Mon–Fri 8 a.m.-9 p.m. ET
New home equity applications
800.779.3894
Mon–Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET
Existing home equity accounts
800.934.5626
Mon–Fri 8 a.m.-9 p.m. ET
New mortgage applications
800.270.5746
Mon–Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET
How to Get Bank of America Mortgage Pre Approval or Pre-qualification
Getting a prequalification and preapproval for your Bank of America mortgage grants you the chance to qualifying for home loan.
Mortgage Prequalification is the starting point in your homebuying journey. When you prequalify for a home loan, you will get an estimate of the amount you might be able to borrow. This is based on several requirements which include the financial information you provided and your credit check. Prequalification is also an opportunity to learn more about various mortgage types and work with your lender to know the one that meet your budget.
Mortgage Preapproval is almost getting to confirm your creditworthiness without having a purchase contract in place. To get preapproval on your mortgage, you will be required to complete a mortgage application and the lender will verify the information you provide and also perform a credit check. Once you are preapproved, you will receive a preapproval letter which is an offer but not a commitment to lend you a certain amount for duration of 90 days.
How long does prequalification or preapproval take?
The duration of prequalification or preapproval differs. For mortgage prequalification at Bank of America takes a quick process and it is done online and you are likely to get your result within an hour. For mortgage approval, you will be required to provide more information by applying online, but the application is likely to take time. You should get your preapproval letter within 10 working days after you have supplied all requested information.
Information Needed for Prequalification or Preapproval
Prequalification
- Income information
- Credit check
- Basic information about bank accounts
- Down payment amount and desired mortgage amount
- No tax information required
Preapproval
- Copies of pay stubs that show your most recent 30 days of income
- Credit check
- Bank account numbers or two most recent bank statements
- Down payment amount and desired mortgage amount
- W-2 statements and signed, personal and business tax returns from the past two years
What One is Best for me Between Prequalification and Preapproval
If you are a first-time home buyer, you are more likely to get a prequalification, especially when you are creating your homebuying budget and you want to have an idea of how much you might be able to borrow.
Preapproval has extreme benefits when it comes to the time to make an offer on a house especially in a competitive market where you might want to stand out among other potential buyers. Plus, a seller might give you a consideration as a serious buyer because you already had your finances and creditworthiness verified. You can apply for prequalification or preapproval by applying on the Bank of America Digital Mortgage Experience.
Compare Prequalification VS Preapproval
| Prequalification | Preapproval | |
| Benefits | You can start house-hunting knowing how much you might be able to borrow | You’ll be ready to make an offer with confidence—and gain a competitive advantage |
| Process | Provide basic information to a lender and quickly get a prequalification amount | After submitting documentation to a lender, you should receive a decision within 10 business days |
| Documentation | Answer questions for this process, plus a credit check | Provide proof of financial details, plus a credit check |
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