If you are interested in a Bank of America mortgage, there are several reasons why you should choose the lender. While their competitive rates are an obvious benefit, you can also look for down payment assistance and a strong branch network. Read on for more information. Alternatively, you can also contact your local branch. To apply for a Bank of America mortgage, you can call one of their branches or go online. For prequalification, you will need to provide your contact information, home price, property type, and your Social Security number.
Bank of America is a good choice for mortgages
Bank of America is a popular lender for mortgages. The company offers competitive rates, has an online application process, and accepts alternative credit data (rent statements and utility bills) as collateral. Bank of America is also known for offering discounts to current customers. The downside of Bank of America is its high volume of consumer complaints and lack of personal service. Still, the company offers numerous loan products, including mortgages for low-income individuals and government-backed loans.
When applying for a Bank of America mortgage, you can apply online, by phone, or in a retail branch. The process is relatively simple. First, you must complete a prequalification form online. This process will take about 30 minutes. You’ll need to provide your contact information, the price of your home, and the type of property you plan to purchase. Then, a loan officer will call you to finalize the paperwork.
It offers competitive rates
Bank of America mortgage offers competitive rates for a variety of fixed-rate refinance options. Bank of America offers competitive rates on the popular 30-year mortgage. It also offers loans with shorter payoff periods, including 15-year loans. These loans typically carry lower interest rates, but pay off faster than 30-year loans. These options can save borrowers significant amounts of money over the course of their mortgage. Choosing the right one will depend on your situation and the terms of your loan.
While Bank of America has competitive rates for many mortgage products, their customer service can be less than ideal. Customers report poor service and high upfront fees. Despite its size, some people complain that it lacks the personal service of smaller banks. Many people have had trouble with their mortgages, and some of those complaints have remained unresolved. Bank of America mortgage offers competitive rates for 30-year mortgages, which are great for first-time homebuyers. However, the downsides of Bank of America mortgages include the high number of fees and inflexible terms.
It has a strong branch network
One of the biggest financial institutions in the world, Bank of America has over 4,000 locations and originates mortgage loans in all 50 states. The bank offers many types of mortgage loans, including refinancing, home equity, and conventional loans. The bank also offers FHA and VA loans. The branch network of Bank of America is very strong. This means that you can easily find a branch near you to complete your mortgage loan transaction.
Bank of America mortgages are available online, at over 5,700 locations nationwide. The Bank of America website offers a brief overview of the mortgage process. However, it’s best to visit a branch in person if you’re in the market for a mortgage. Lending specialists aren’t always available to answer your questions, so you may want to reach out to the bank’s website for help.
It offers down payment assistance
Bank of America Mortgage offers down payment assistance through the America’s Home Grant and the Down Payment Grant programs. Both programs offer varying amounts of grant money and have eligibility requirements, including homeownership and geographic location. Income and loan limits apply, and you must own a primary residence and qualify for the programs. Certain restrictions apply, including a maximum loan amount and geographic location. If you qualify for both programs, you will be given up to $17,500 in free money to help you purchase a home.
Bank of America offers down payment assistance in the form of down payment grants and closing cost grants. While down payment assistance programs may not provide full funds, they do provide much-needed assistance. The grants are intended to help buyers finance the down payment, and may be combined with other offers from the lender. The program also requires homebuyer education, so it is imperative to check the eligibility requirements before applying for the program. And while Bank of America offers conventional mortgage products, you may also be able to qualify for a home equity line of credit through the state.
It offers jumbo refinance loans
The average jumbo refinance rate is lower than conventional mortgage rates. The best way to find the best rate is to compare quotes from at least three different lenders. When comparing rates, consider your own personal financial situation. Your credit score, debt-to-income ratio, and down payment size all play a role in determining which lenders offer the best jumbo refinance rates. You can also pre-qualify online by providing basic financial information. This will give you an idea of what lenders are willing to offer and help you decide which is best for your needs.
Bank of America also offers non-traditional fixed-rate refinance loans with an interest-only provision. In these loans, you only pay interest on the first 10 years and then make higher payments for the last 20 years. If you miss a few payments on your principal, you must “catch up” and pay the difference with your new lower payment. Jumbo refinances are mortgages issued on larger homes with a balance over $417,000 ($629,500).