Bank of America Mortgage

First Time Home Buyers

Bank of America mortgages for first time home buyers include fixed and adjustable rate mortgages, in addition to interest-only loan options. Their most popular mortgages for first time home buyers include:

• Thirty Year Fixed Rate Mortgage: The interest never changes on this loan, and it is amortized over a thirty year period.
• Adjustable Rate Mortgages (ARM): Depending upon the terms of the loan, the interest rate is fixed for a certain amount of time before becoming adjustable.
• Interest-Only Mortgage: For a specified period of time, the borrower makes payments towards interest only. After the length of interest-free payments has expired, payments start going toward principal as well. The loan is at a fixed rate for a predetermined length of years, then the interest rate becomes adjustable with the possibility of interest rate increases or decreases every year.

Bank of America, (BofA) offers many other mortgage loan options. First-time home buyers who are not sure which loan would be best for them can speak to a Bank of America mortgage representative, or visit the website for more information.

Seasoned Home Buyers

Bank of America offers the same mortgage loan products for people who are not making their very first home purchase. Additionally, BofA offers real estate locating services and other resources such as information on how to bid on a home and calculators to estimate monthly mortgage payments.

Mortgage Refinancing

The most popular Bank of America mortgage products for refinancing include fixed terms amortized over fifteen or thirty years and adjustable rate mortgages. The BofA website has handy calculators on the refinancing site, which not only estimates the monthly payment with a refinance, but also finds the best loan product depending on the needs of the applicant. An applicant refinancing a mortgage to lower the interest rate will have different needs than an applicant refinancing to cash out some equity, and BofA has products for each situation.

Bank of America Mortgage Application

Applicants can request a prequalification letter from the BofA website before applying for a mortgage loan. They can also chat online with a mortgage loan representative to receive assistance with finding the best mortgage loan product. The application process can be conducted online, and applicants can also log into the system to check the status of their application. The mortgage application will require applicants to input personal financial information into the system, so if applicants are uncomfortable with sending this information over the computer they can make an appointment to chat with a mortgage representative at a local BofA branch.

A Familiar Name

Bank of America is known as a leader in the banking industry, and many consumers prefer to obtain mortgage loans from institutions which they are already familiar with. BofA offers plenty of mortgage loan products for applicants to choose from. This lender also has knowledgeable staff available to assist buyers who are not quite sure which product is best for their situation.

Perhaps best of all, BofA has a "Best Mortgage Guarantee" which means applicants are sure to get the best interest rates and the lowest closing costs.