Buying the home you want is made simpler when getting a Bank of America Mortgage. Just about anything you need to get you through the process is available from this bank.
Find the Information You Need
The Bank of America website provides you with the information you need to know about buying a home and getting a mortgage from them. This includes everything from buying vs. renting a home, creating a budget, tips on the various types of mortgages, applying for prequalification or for a loan, tips on closing, and more.
Getting Prequalified for a Bank America Mortgage
Before you actually do any house shopping, it is a very good idea to get pre-qualified for a mortgage. This is an intermediate step to getting a mortgage, which will enable you to discover exactly how large of a mortgage you qualify for. This will save you time in house-hunting because you will know just what price range of home you should consider buying. A real estate agent and a buyer will often only work with people who are prequalified because it demonstrates that you can get the money quickly.
Prequalification requires that you submit some paperwork to the bank. They will also take a look at your credit score, but not much more than that. Once you actually find a house that you are going to buy, the paperwork for the Bank America mortgage loan will become much more involved. It will include paperwork proving your income, various monthly expenses, your assets, and your credit history.
Choosing the Mortgage You Want
Bank America gives you a lot of mortgage options when it comes to selecting the type of mortgage you want. In addition to the standard fixed rate and adjustable rate mortgages (ARM), you can also select from hybrid ARM and Interest Only Mortgages.
Alternative options include FHA and VA loans. An FHA loan is good for those with limited income who may be unable to come up with a downpayment of 20 percent. This type of mortgage does have a maximum amount that can be borrowed in specific locations.
Getting Help with Your Home Loan
The Bank of America offers special Making Home Affordable government programs that can help you when you may be having financial difficulty. The programs are designed to help you keep your present home by making it more affordable for you. They offer a refinance program for those who need loan modifications, military modifications, help for those who are facing foreclosure, or are unemployed, plus a few more.
The Home Loan Planner
Bank of America offers a Home Loan Planner to guide you through the entire mortgage process. It includes all the steps you need to take and shows you all the paperwork that you need to collect and develop in order to start and complete the process. Of course, the local branch’s Loan Officer will also help with any questions or issues that might arise.
In just about every state, there is a Bank of America branch there somewhere. A bank’s representative will be glad to talk to you about your mortgage needs, and will be glad to provide advice and get you started toward buying your new home.
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