Mortgage
Bank of America Mortgage review: how does it work and is it good?
Are you searching for a mortgage lender offering competitive purchase and refinancing rates? Then read our Bank of America Mortgage review!
Advertisement
Bank of America Mortgage: qualify for personalized rates
Are you in the market for a mortgage or refinancing? Our Bank of America Mortgage review can guide you to finding that perfect lender!
Apply for the Bank of America Mortgage
Apply for the Bank of America Mortgage today and achieve homeownership! Enjoy down payment and closing-cost assistance! Read on!
You’ll get a loan online with highly competitive rates and flexible terms. So, let’s dive into the Bank of America mortgage details; read on!
| Credit Score | Conventional: 660; FHA: 600; Jumbo: 720; VA: 620; |
| Loans Offered | Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA; |
| Minimum Down Payment | 5%; |
| APR | Varies according to credit score, debt-to-income ratio, and other factors; |
| Terms | Up to 30 years (depending on loan type). |
You will be redirected to another website
You’ll receive messages for less than 1 week, with a maximum of 1 message per day. You can unsubscribe anytime by replying STOP. By submitting this form, I confirm that I am 18+ years old and agree to the Privacy Policy and Terms and Conditions. I also provide my signature, giving express consent to receive informational messages via automated emails, SMS, MMS text messages, and other forms of communication. Message frequency may vary as part of our good-faith effort to respond to your inquiry. Message and data rates may apply. Text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and that I may revoke my consent at any time.
Advertisement
What is the Bank of America Mortgage?
The Bank of America Mortgage is ideal for low-to-moderate-income buyers looking for competitive rates and various loan options.
Also, homebuyers have flexible loan terms with 15-, 20-, and 30-year options.
Loan types
Firstly, The Bank of America offers conventional and government-backed loans (FHA and VA).
Also, refinancing options such as cash-out refinances as well as traditional refinancing.
Their HELOC (Home Equity Lines Of Credit) and home equity loans are also offered at competitive rates.
Finally, home equity loans typically have no application fees, closing costs, or annual fees.
Advertisement
Mortgage rates & closing costs
They publish their mortgage rates for conventional loans on Bank of America’s website daily. So you can always check them.
Closing costs and discounts
Firstly, their origination fees range from 0.5% to 1% of the loan amount. Also, the other closing costs range from 3%-5% without considering the down payment.
Additionally, depending on their tier level, borrowers may be eligible for discounts ranging from $200-$600.
However, it only applies if they are the Preferred Rewards program members.
Advertisement
Is the Bank of America Mortgage good?
The Bank of America Mortgage provides good products for borrowers seeking online services and competitive rates.
Read on to discover and review its benefits as well as potential drawbacks.
Pros
- Down payment and closing cost assistance programs;
- Competitive rates;
- Completely online application;
- Discounts for current customers.
Cons
- Best rates and discounts available to Preferred Rewards members;
- Hard inquiry credit check.
Does Bank of America check credit scores?
Indeed, if you apply for their mortgage, this bank runs a hard inquiry on one of your credit reports.
So, to decide whether to go through with the potential risks, consider using their preapproval to understand what to expect.
Want to apply for Bank of America Mortgage? We will help you!
Are you ready to apply for an incredible Bank of America Mortgage? Then let us make it easy on you! Check out our post below to get started!
Apply for the Bank of America Mortgage
Apply for the Bank of America Mortgage today and achieve homeownership! Enjoy down payment and closing-cost assistance! Read on!
Trending Topics
American Airlines AAdvantage® MileUp® review: Fly with ease!
See the American Airlines AAdvantage® MileUp® review and discover how it allows you to earn rewards and save money. Read on!
Keep Reading
What is the lowest credit score possible?
What is the lowest credit score possible? Learn about factors impacting credit scores and find out how to improve yours. Read on!
Keep Reading
Bank of America Business Advantage Travel Rewards Card review
Get a full Bank of America Business Advantage Travel Rewards Credit Card review. Enjoy 0% intro APR for 9 months and much more!
Keep ReadingYou may also like
First Progress Platinum Prestige Mastercard® Secured Credit Card application
Looking for a card for bad credit? Read more to learn about the First Progress Platinum Prestige Mastercard® Secured Credit Card application!
Keep Reading
R.I.A. Federal Credit Union Mastercard® Rewards Card Review
Need an efficient way to earn rewards across your purchases? Check out our review of the R.I.A Federal Credit Union Mastercard® Rewards Card.
Keep Reading
Capital One Spark Cash Plus application: how does it work?
Capital One Spark Cash Plus is what you need to run your business more easily. Read on to learn how to apply!
Keep Reading