Bank of America Home Loans


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Bank of America Home Loans
Bank of America Home Loans is available in a range of options designed specifically to suit varying needs of a home buyer. The basic categories can be either a fixed-rate home loan that has a fixed rate of interest throughout the loan term or an adjustable-rate home loan (ARM), the rate of which depends on the prevailing market trends. If you have a consistent source of income with no fear of reduction in the amount of money you earn each month, a fixed-rate loan with a repayment period of either 15 or 30 years is the most suitable option. The monthly payment, though higher than the other kind of home loan, will remain the same for the entire term of your loan. An adjustable-rate mortgage, on the other hand, is a good option for those who cannot afford to pay high interest rates in the first few years of mortgage. They can choose between 5/1 ARM and 3/1 ARM, each with a low monthly payment facility for the first five years and three years respectively. Bank of America Home Loans Rates Though the Home Loans Rates offered by Bank of America depend mostly on the kind of mortgage you have chosen from the bank, you have flexibility in customizing the rate according to your convenience. The interest rates change everyday and the bank allows you to lock a rate that you are comfortable with. All you have to do is to keep a vigil on the changing home loans rates of the bank and the moment you find the one that suits your interest call at the number provided here to talk to the bank's loan officer. To get updated information on the current home loans rates offered by Bank of America, visit its official website. Once you get the rate you are looking for use the home loan calculator available at the site to figure out your monthly payment.

Home Loan Modification Program

Home Affordable Modification Program has been designed for those home loan borrowers who are struggling with their mortgage payments. If you are a troubled borrower and have already missed a payment or are finding it difficult to fulfill your home loan obligation with the bank, this program is just for you. The best thing is that you need not pay any fees or require no minimum credit score to avail this opportunity. If you owe an amount less than $729,750 and your first mortgage payment is more than 31 percent of your current gross income then you are eligible for Bank of America home loan modification program provided that you use your home at the primary residence. Call at 1.800.846.2222 to talk to a home retention specialist and get the benefit of the program.

Bank of America Login

Use the online ID supplied by the bank to login your mortgage account and do a lot of things conveniently an instantly. You can explore home loan options, prequalify for a loan product, sign in to check you mortgage application status or customize your home loan rate all with a few clicks of your mouse. You can even make your monthly payments online by creating an account with the bank.