Bank of America Mortgage


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Bank of America Mortgage
Bank of America Mortgage options can help you realize the dream of homeownership. A wide array of home mortgage solutions with the facility to lock in a low interest rate over phone is what driving people to Bank of America, the largest lender of the nation. Whether you are a first time home buyer or want to own a second home, the range of loan options available here along with easy approval process is sure to attract your attention. Moreover, the bank gives you ample opportunities to compare rates and product features before making a final decision. If you are not in a position to choose between a fixed rate and an adjustable rate mortgage option feel free to consult a loan officer. The bank also offers a selection of government-sponsored mortgage programs, refinance solutions and specialized loan products. BOA Mortgage Rates Bank of America mortgage rates are updated daily. You can view the current interest rate on the official website of the bank. The borrowers are given an opportunity to lock in a low rate by making a quick call to the loan officer. This facility to lock in a low mortgage rate is extended to a refinance loan as well. Even the bank helps you customize your loan rate by sending you email once a mortgage rate matches the criteria you have laid down in your application.

Mortgage Calculator

The down payment calculator available online at B of A's website helps you get a rough idea of what your mortgage payment would look like. The amount of your monthly payment depends mostly on the mortgage rate as well as the amount of money you put down. Try out different combination to reach a figure that suits your budget. You can get details of your mortgage payment by making a call at 1.800.782.9022. The bank also provides tools like monthly payment calculator and closing costs estimator online at its website.

Bank of America Mortgage Payment

Mortgage payment can be made online as well as through ordinary mail. For online payment you need to login your account using the code provided by the bank. To make payment through mail you can use the address given along with your mortgage documents. Whichever modes you are convenient with make it a point to be regular with your mortgage payment schedule. Choose a loan program wisely and use the resources provided by the bank to determine a figure that is easy for you to pay. A mortgage payment consists of principal amount, rates, fees, charges, tax and insurance. It may be necessary for you to set up an escrow account in order to ensure a timely payment schedule.

Mortgage Modification Programs

If you find it difficult to keep your mortgage obligation you can seek help from the home retention department of the bank. There are several mortgage-modification programs currently in existence that can help you maintain mortgage payment obligation and avoid the possibility of a foreclosure. Bank of America with the assistance of government-backed finance agencies runs a number of programs that can lower down your mortgage payment either by reducing principal amount or changing the rate of interest.