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!
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!
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).|
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.
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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.
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.
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.
- Down payment and closing cost assistance programs;
- Competitive rates;
- Completely online application;
- Discounts for current customers.
- 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!
About the author / Suzana Brito
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