Bank of America Mortgage Review

#15 in Mortgage Rates

 

Bank of America is a banking, investment and financial service that provides a complete home mortgage solution for homebuyers across the country. The bank offers a variety of home loan services that include Home Mortgages, Refinance and Home Equity loans.  Bank of America provides online tools for helping homebuyers get access to loan officers, mortgage rates, calculate mortgage payments and fast track their home mortgage application.

 

Home Types

  • Single Home
  • Townhome
  • Condo
  • Multifamily dwelling
  • Manufactured

 

Types of Mortgage

Bank of America offers a range of mortgage solutions to help homebuyers find the best mortgage payment that caters to their specific needs.

  • Fixed Rate Mortgage
  • Adjustable Rate Mortgage
  • FHA Loans
  • VA Mortgages
  • Construction Loans
  • Jumbo loans
  • Investment Property Loans

 

Qualifying

Credit Score

680

Down payment (ideal)

20%

Minimum employment

24 months

 

Prequalifying

The prequalification mainly determines your debt to income ratio. This is optional but it gives the company an idea that you’re a serious homebuyer.

  • Name
  • Current address
  • Annual household income
  • Monthly household debt expenses

 

Preapproval checklist

  • Residential History (residence for the last 2 years)
  • Personal Assets (bank account, residences, etc.)
  • Employment and Income history (paycheck stubs from the last 30 days, Tax forms issued by employer for the last 2 years)

 

Mortgage Rates and Closing Costs

 

30 Year FRM

15 Year FRM

5/1 ARM

10/1 ARM

Interest rates

3.875%

3.00%

2.75%

3.375%

APR

3.955%

3.134%

3.075%

3.356%

Points

0.105

0.099

0.191

0.131

Closing costs

$5,068.06

$5,053.66

$5,274.46

$5,130.46

Monthly payments

$1,129

$1,657

$980

$1,061

 

Rates are based on a home purchase made in Seattle, Washington. Estimated purchase price is $300,000 and a down payment of $60,000 (20 percent). Monthly payments for Adjustable Rate Mortgages are subject to change after a specified number of years.

To check the latest rates please visit this link.

 

Financial Rating

Moody’s

A1

Standard and Poor’s

A

Fitch

A+

 

Mortgage Rates at Bank of America

Bank of America’s mortgage rates are some of the most competitive in the industry today. A lot of factors determine how much your monthly premiums are ultimately going to cost you but Bank of America certainly gives a good account of itself by staying within range of nationwide mortgage rate averages.  With its online tools and mortgage calculators, homebuyers are given the opportunity to get an estimate of how much as home mortgage with the bank is going to cost them. 

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