Learn to apply easily for the Bank of America Mortgage
Do you need a guide to apply for the Bank of America Mortgage? Then read on! Learn how to qualify for personalized rates in no time!
Bank of America Mortgage: enjoy a closing cost assistance program
Purchasing a home is an exciting endeavor, and if you want to apply for a Bank of America mortgage, we can make it easier.
There are 3 steps you should take before submitting your application. So let’s look at what goes into the process.
Follow these 3 steps to apply for the Bank of America mortgage:
You will be redirected to another website
1. Pre-qualify & estimate what you can borrow
Firstly, pre-qualify and estimate what you can borrow. Therefore, understand what kind of mortgage you are eligible for and how much you can borrow.
2. Shop around
Secondly, visit their Real Estate Center, which lists all current homes available and provides estimated values on certain properties within specific areas.
3. Apply for your mortgage loan
Found the perfect home? Bank of America’s straightforward online application process allows customers to fill out their information.
So just access their official website and select the “Get Started” button. Further, you must complete a form with your personal and financial information.
After applying and all required documents, Bank of America will review everything before giving an approval or denial decision.
Furthermore, this might be within a few days or weeks, depending on current market conditions.
Before submitting a loan application, you and your co-borrower (if applicable) must have the following 6 items.
This will allow the lender to verify employment history, creditworthiness, and financial status for the lender:
- W-2s (for the previous 2 years);
- Recent pay stubs (recent 30 days);
- Two months’ worth of complete bank statements for all financial accounts and investments;
- Personal and business tax returns with all pages and pertinent schedules duly signed;
- If you are self-employed, provide a copy of your most recent quarterly or year-to-date profit/loss statement for review;
- An authenticated copy of the completed Purchase and Sales Agreement.
Apply using the app
Indeed, Bank of America app allows borrowers to get pre-approved through the app.
- First, download the app;
- Second, complete the form with some basic information;
- Third, see if you are pre-approved in seconds.
Furthermore, if you get approved, you can choose whether or not to finish your application.
Bank of America Mortgage vs. PNC Bank Mortgage: which one is the best?
Bank of America and PNC Bank Mortgages are quite comparable.
They offer loan products for low-to-moderate income borrowers, with the same minimum 3% down payment fee, but PNC offers USDA loans.
After all, knowing which is right for you can be tricky, so we suggest researching each option in more detail to understand better how they apply to your needs.
Moreover, we’ll outline the major features of each lender so that you can compare them and decide which one is best for your needs.
|Bank of America Mortgage
|PNC Bank Mortgage
|Conventional: 660; FHA: 600; Jumbo: 720; VA: 620;
|620 or higher;
|Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA;
|Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA;
|Minimum Down Payment
|Varies according to credit score, debt-to-income ratio, and other factors;
|The APR varies according to the loan amount and terms;
|Up to 30 years (depending on loan type).
|10 to 30 years.
Are you considering PNC Bank Mortgage? If so, it is easy to apply online. So find out more information and what steps you should take below!
About the author / Suzana Brito
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