Bank of America Mortgage review: rates, terms, pros and cons
This comprehensive guide will determine if the Bank of America Mortgage is right for you. Learn about interest rates, loan products, customer service, and more.
Bank of America Mortgage: Enjoy multiple loan options and rate transparency
Mortgages are a big deal. Even more, if you’re searching for the perfect lender, this Bank of America Mortgage review might help you decide!
This post will look at this lender’s details, including the pros and cons. By the end of your reading, you will know whether this lender is good for you!
|620 or more;
|Convention loans, Jumbo Loans, FHA and VA loans, Fixed and Adjustable-rate. Rate-and-term and cash-out refinancing, HELOC;
|Minimum Down Payment
|As little as 3%;
|Up to 30 years.
Bank of America Mortgage review: what you need to know
Bank of America is one of the largest banks in the U.S. When it comes to home loans, it is available in all 50 states and has multiple mortgage options for homebuyers.
The home loan types include conventional, jumbo, VA, and FHA. Also, they have rate-and-terms, cash-out refinancing, and HELOC options available.
Besides the multiple loan types, Bank of America delivers repayment terms of up to 30 years with fixed and adjustable interest rates.
Furthermore, this lender publishes daily updated interest rates on their website, providing rate transparency for potential clients.
On the other hand, they do not disclose any fee information.
Customers can put down as little as 3% of the home property regarding the minimum down payment requirements.
Additionally, this lender delivers multiple resources and tools to help new applicants throughout their application process.
Also, Bank of American Mortgage still offers multiple programs to its clients, including America’s Home Grant, which provides closing costs assistance for eligible clients.
Bank of America Mortgage main features
This lender delivers great benefits for homebuyers. However, there are some disadvantages involving this product too.
So let’s compare the benefits and drawbacks of this home loan to help you make a more informed decision!
- This lender delivers multiple home loan types;
- Enjoy interest rate transparency;
- Full online mortgage application process;
- Bank of America offers lower down payments.
- This lender offers no renovation home loans;
- Lenders fee is not disclosed online;
- USDA home loan is not available.
Credit score required to apply
The minimum credit score for qualifying for a Bank of America Mortgage is 620. However, the minimum requirement might change depending on the home loan you’re applying for!
Bank of America Mortgage application process: how does it work?
New homebuyers can prequalify and get preapproved online! Therefore, the process is simple, fast, and paper free!
So if you’re interested in applying for this lender, keep reading. The next post will explain how the application process works and the minimum borrowing requirements.
About the author / Beatriz Vieira
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