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Get a call back
from one of our lending specialists
By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.
Once you find a home that meets your preferences, needs and budget (and the seller accepts your offer, of course!), it’s time to apply for your loan.
You’ll need to select a lender and complete an application. Depending on the lender, you may be able to apply in person, by phone or online. All lenders require you to provide information about yourself and anyone else, such as a spouse or partner, who will be listed as a co-borrower on the mortgage.
What you’ll need
You and your co-borrower, if you have one, will need to provide your lender with documentation to verify your employment history, creditworthiness and overall financial situation. Before completing an application, you’ll want to ensure you have these 6 things:
- W-2s (for the last 2 years)
- Recent pay stubs (covering the most recent 30 days)
- Complete bank statements for all financial accounts, including investments (for the last 2 months)
- Signed personal and business tax returns (all pages and relevant schedules)
- If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement
- A copy of the signed Purchase and Sales Agreement
Your lender may require more documents, depending on your circumstances and the type of mortgage for which you’re applying. You can expect your lender to ask you details about your employment and financial history. With your permission, your lender will also run your credit report as part of the process. See how your credit score can affect your interest rate
Be sure to take your time and carefully fill out the application as completely and accurately as possible. Not disclosing credit problems up-front or holding back requested documents will only delay the process and potentially prevent mortgage approval, so it’s to your benefit to fully disclose everything about your finances.
Locking in your interest rate
Since interest rates fluctuate frequently, things can change between the day you apply for your loan and the day you close. If you want to protect yourself against rising interest rates and ensure that the loan terms you used to build your budget are locked, you might consider locking in your rate with your lender when you fill out your loan application.
A rate lock, also known as a rate commitment, is your lender’s assurance that the interest rate and discount points are guaranteed until the rate lock expiration date. The lender will provide the terms of the rate lock to you in writing, including the agreed-upon interest rate, the length of the lock and any discount points you choose to pay. Learn more about discount points
Of course, if you believe that interest rates will decrease in the near future, waiting to lock your rate may make sense to you. In the end, it’s a personal choice when to lock your rate. The rate must be locked prior to the lender preparing your closing documents. Talk to your lender about the choice that best suits your needs and your preferences.
FAQs
What credit score do you need to buy a house with Bank of America?
Bank of America requires a minimum credit score of 600 to qualify for a mortgage. That applies to VA and FHA loans. For a conventional loan from Bank of America, you’ll need a credit score of at least 620.
How to get a house loan from Bank?
To be approved for a mortgage, you’ll need to meet several requirements depending on the type of loan for which you are applying. You’ll generally need to have proof of income for a minimum of two years sufficient to pay the mortgage, a down payment of at least 3.5%, and a credit score of at least 620.
Does Bank of America sell mortgage loans?
Bank of America’s new home loan program lets borrowers buy homes in select cities with 0% down and no closing costs
What are the requirements to get a loan from Bank of America?
You’ll need a minimum credit score of 660.
- Credit score category: Excellent, good.
- Soft credit pull to check rates: Not available.
- Deposit time: As soon as the same day (conditions apply)
- Origination fee: 0%
- Late fee: None.
- Discounts: 0.50% interest rate reduction for enrolling in autopay.
Mar 1, 2022
How long does Bank of America take to approve mortgage?
You should receive your preapproval letter within 10 business days after you’ve provided all requested information.
What FICO score does Bank of America use?
Bank of America is most likely to check your Experian credit report when you submit a credit card application. After Experian, Bank of America will turn to Equifax. The bank will only use TransUnion data if necessary.
Is it better to use a mortgage lender or bank?
There’s no absolute answer when it comes to whether a mortgage lender or a bank will offer a better rate. The mortgage rate you are offered will mostly be based on your credit score, how much debt you already have, where your property is located, your down payment, and the size of the loan you are applying for.
How long does it take to get approved for a mortgage loan 2022?
The mortgage approval process can take anywhere from 30 days to several months, depending on the status of the market and your personal circumstances.
Is it hard to get a loan from Bank of America?
You typically have to sign up to be a bank customer, and there are minimum credit and income requirements to qualify for a loan. Snapshot of a typical bank-issued personal loan: Credit scores accepted: good to excellent. APR range: 5% to 29%.
Are banks making it harder to get a mortgage?
Here’s How Borrowers Can Improve Their Odds. Opinions expressed by Forbes Contributors are their own. Mortgage lenders continue to tighten lending standards as coronavirus-related unemployment remains high and the economy teeters on unpredictability.
Which bank gives fastest home loan?
To help you take a step closer to your dream home and buy, or construct it conveniently, ICICI Bank offers a quick financial solution in the form of Express Home Loans. Now, you can avail of a Home Loan on a fast track basis, with the help of a provisional Sanction Letter.
Applying for a Mortgage: How to Apply & Home Loan Tips
Applying for a Mortgage: How to Apply & Home Loan TipsfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Once you find a home that meets your preferences, needs and budget (and the seller accepts your offer, of course!), it’s time to apply for your loan.You’ll need to select a lender and complete an application. Depending on the lender, you may be able to apply in person, by phone or online. All lenders require you to provide information about yourself and anyone else, such as a spouse or partner, who will be listed as a co-borrower on the mortgage.What you’ll needYou and your co-borrower, if you have one, will need to provide your lender with documentation to verify your employment history, creditworthiness and overall financial situation. Before completing an application, you’ll want to ensure you have these 6 things:W-2s (for the last 2 years)Recent pay stubs (covering the most recent 30 days)Complete bank statements for all financial accounts, including investments (for the last 2 months)Signed personal and business tax returns (all pages and relevant schedules)If self-employed, a copy of most recent quarterly or year-to-date profit/loss statementA copy of the signed Purchase and Sales AgreementYour lender may require more documents, depending on your circumstances and the type of mortgage for which you’re applying. You can expect your lender to ask you details about your employment and financial history. With your permission, your lender will also run your credit report as part of the process. See how your credit score can affect your interest rateBe sure to take your time and carefully fill out the application as completely and accurately as possible. Not disclosing credit problems up-front or holding back requested documents will only delay the process and potentially prevent mortgage approval, so it’s to your benefit to fully disclose everything about your finances.Locking in your interest rateSince interest rates fluctuate frequently, things can change between the day you apply for your loan and the day you close. If you want to protect yourself against rising interest rates and ensure that the loan terms you used to build your budget are locked, you might consider locking in your rate with your lender when you fill out your loan application.A rate lock, also known as a rate commitment, is your lender’s assurance that the interest rate and discount points are guaranteed until the rate lock expiration date. The lender will provide the terms of the rate lock to you in writing, including the agreed-upon interest rate, the length of the lock and any discount points you choose to pay. Learn more about discount pointsOf course, if you believe that interest rates will decrease in the near future, waiting to lock your rate may make sense to you. In the end, it’s a personal choice when to lock your rate. The rate must be locked prior to the lender preparing your closing documents. Talk to your lender about the choice that best suits your needs and your preferences.
Home Mortgage Loans from Bank of America
Mortgages – Home Mortgage Loans from Bank of AmericaSkip to main contentThe perfect home starts with the right mortgageGet started with the Bank of America Digital Mortgage Experience®Get a loan estimateTo receive your loan estimate, please call one of our lending specialists at 866.466.0979 during our normal operating hours (Mon-Fri 8 a.m. – 10 p.m. ET, Sat 8 a.m. – 6:30 p.m. ET). The loan estimate will tell you what we expect to offer you if you decide to move forward, but does not represent a loan approval.You can also use our Closing Cost Calculator to estimate your total closing expenses for purchasing a home.Your prequalificationIf you’re an existing customer please log in to Online Banking, if not please log in as a guest.Please wait a moment while we retrieve our low ratesfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Today’s low mortgage rates scroll to rates disclosureRates based on a $200,000 loan in ZIP code 95464Rates based on a $200,000 loan in ZIP code 95464Mortgage Rates Table5y/6m ARM Variable X.XXX%5y/6m ARM Variable X.XXX%RateThe rate of interest on a loan, expressed as a percentage.Annual percentage yield (APR)The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.PointsAn amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).Monthly Payment (estimated)The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.Fixed-rate mortgageA home loan with an interest rate that remains the same for the entire term of the loan.Adjustable-rate mortgage (ARM)Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.We need additional informationIn order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan…
Home Loans and Current Rates from Bank of America
Home Loans and Current Rates from Bank of AmericaWhat are your home loan goals? layerLet us help find the home loan that’s right for youfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Your prequalificationIf you’re an existing customer please log in to Online Banking, if not please log in as a guest.Our home loans — and low home loan rates — are designed to meet your specific home financing needsToday’s low mortgage rates† disclosures Dagger Intro Rate MortgageRates based on a $200,000 loan in ZIP code 95464Rates based on a $200,000 loan in ZIP code 95464Mortgage Rates Table5y/6m ARM Variable X.XXX%5y/6m ARM Variable X.XXX%RateThe rate of interest on a loan, expressed as a percentage.Annual percentage yield (APR)The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.PointsAn amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).Monthly Payment (estimated)The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.Fixed-rate mortgageA home loan with an interest rate that remains the same for the entire term of the loan.Adjustable-rate mortgage (ARM)Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.We need additional…
Learn How to Get Approved for a Mortgage – Bank of America
Learn How to Get Approved for a MortgageTo get a clearer view of the mortgage process, it’s helpful to know some of the factors that will be considered when your mortgage application is reviewed.When you apply for a mortgage, your lending specialist will forward your application and the supporting documentation to an underwriter. It’s the underwriter’s responsibility to review your loan scenario and the supporting documentation to ensure that it meets the loan program guidelines and to determine whether or not you qualify for the loan.The underwriter looks at your information with these basic criteria in mind:Your ability to repay the loan. This requirement basically asks, “Is your income enough to cover the new mortgage payment and all your other monthly expenses?” To figure this out, lenders use your debt-to-income ratio (DTI). Most lenders want your debt-to-income ratio to be 36% or less, but the ratio that works best for you is the one that you can comfortably afford.Your likelihood to repay the loan. Your payment history and credit score are indicators to lenders of your likelihood to make payments in the future.The home’s value. The underwriter carefully looks at the value of the home you’re purchasing (based on a professional appraisal ordered by your lender) to verify that it meets or exceeds the purchase price. This will also help them understand whether the loan-to-value ratio (LTV) fits within the loan program guidelines. To qualify for a conventional loan, most lenders require you to have a loan-to-value ratio of no more than 80-95%. The higher your home’s value and the less you owe on it, the lower your LTV. Read more about the home appraisal processThe source and amount of funds for your down payment. If you have a down payment of less than 20%, you will typically be required to pay private mortgage insurance (PMI), which increases your monthly mortgage payment. The underwriter will review your documentation to estimate whether you have enough money to cover closing costs. You may also be required to have set aside 2 or more monthly mortgage payments as reserves, depending on the loan program and/or loan amount. Lenders typically require reserves to cover your mortgage payment in case of emergencies or unforeseen events.As you move forward, keep in mind that your income, debt, credit history, down payment, savings, home value and loan program guidelines will all play a role in whether your loan application is approved.
First-time Home Buyer Information, Tools and Resources
First-time Home Buyer Information, Tools and ResourcesSkip to main contentInformation for First-time HomebuyersFirst-time homebuyer? Relax:We’re here to help you through the processfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Buying your first home can be exciting and overwhelming all at the same time – which is why we have a variety of tools and resources to help you through the experience. Whether you’re just starting to save or you already have a house in mind, we can help you get your keys to your first home.Learn about the home-buying processBuying a home: Your 5-step guide See what to expect throughout the home buying process.Understanding various types of mortgages Knowing your options helps you choose the right mortgage.Mortgage prequalification vs. preapproval Find out how much house you can borrow before you start looking.How to apply for a mortgage Found a home? It’s time to gather documents and lock in your rate.Bank of America First-Time Homebuyer Online Edu-Series™ Take the mystery out of buying your first home with our First-Time Homebuyer Online Edu-Series featuring Bank of America specialists with Buzzfeed’s Hannah Williams.Once registered, you’ll get access to videos that you can watch on demand, whenever you want wherever you want. Plus, each video comes with useful resources and tools to help make homebuying easier.Watch nowDown Payment Center Use the Down Payment Center to search for and review down payment and cost-saving programs offered by state and local housing agencies, nonprofit groups and employers that can help make buying a home more affordable.Visit the Down Payment CenterTips for First-time Homebuyers While buying your first home is a big decision, there are also lots of small decisions to make along the way. To help you navigate the process, we’ve gathered suggestions for avoiding some of the most common mistakes.1. Know how much cash you’ll need at closing. When you buy your home, you’ll need cash for a down payment (see how much you should put down) and closing costs (estimate your closing costs). The down payment typically varies from 5% to 20% or more. Putting less than 20% down will typically require you to pay for private mortgage insurance (keep reading for more on that). Closing costs could be about 3-7% of the total loan amount and will include charges such as loan origination fees, title insurance and appraisal fees.2. Budget for private mortgage insurance. For conventional financing, PMI is typically necessary if you don’t make at least a 20% down payment when you buy your home. Make sure you know how much this cost will be and factor it into your monthly home payment budget.3. Research your utilities. If you’re moving into a larger home than you’re used to, a home that is newer or older than you’re used to or located in a climate that’s hotter or colder than you’re used to, ask your real estate professional to find out what the home’s energy bills have typically been. This can help prevent being surprised by a higher utility bill than you’re expecting. If you’re moving into a new community, find out about water costs, too.4. Don’t forget miscellaneous expenses. Be sure to budget for moving expenses and additional maintenance costs. Newer homes tend to need less maintenance than older ones,…
Home Loan Navigator® from Bank of America
Home Loan Navigator® from Bank of AmericaTrack your loan every step of the way with the help of Home Loan Navigator and your lending specialist. You need to be enrolled in Online Banking to use Home Loan Navigator.Track, sign and submit documents onlineTrack your loanKeep up to date on the status of your application. Easily view any Action Items to be completed.Simplify mortgage payments with PayPlanSet up recurring payments online using a checking or savings account from any bank. It’s easy, and it’s free.Sign and submit documentsSecurely sign important documents electronically and upload documents to your lending specialist.
Low Down Payment Mortgage for First-time Homebuyers
Low Down Payment Mortgage for First-time HomebuyersOur commitment to affordable homeownershipWe’re committed to helping homebuyers thrive through the power of homeownership. The Bank of America Community Homeownership Commitment® provides solutions for modest-income and first-time homebuyers, including affordable mortgages, grant programs, resources and expertise.Affordable Loan Solution® mortgageThis mortgage offers a 3% down payment and a competitive rate.More homebuying helpVisit the Bank of America Down Payment Center to search for programs you may be eligible for, including the America’s Home Grant and Down Payment Grant programs (available in select markets) plus other programs offered by state and local agencies, nonprofits and employers.What are LTV and CLTV?Loan-to-value ratio (LTV) is the total amount of your mortgage compared to the home’s appraised value, expressed as a percentage.The combined loan-to-value (CLTV) ratio is the ratio of all secured loans on a property to the value of a property.What is a high-cost area?High cost housing markets are designated by government sponsored enterprises, Fannie Mae and Freddie Mac, and represent markets where the average cost of housing is higher than the general market.
Your 10-Step Guide to the Mortgage Loan Process
Your 10-Step Guide to the Mortgage Loan ProcessfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.While finding a new home can be exciting, navigating the mortgage process can be overwhelming for some. Knowing what steps you need to take can help the process go more smoothly. Once you have an accepted offer, here’s what you need to know to make sure your mortgage application stays on track:Submit your application. Now that you’ve found the home you want to buy and a lender to work with, the mortgage process begins. At this stage, your lender will have you fill out a full application and ask you to supply documentation relating to your income, debts and assets.Order a home inspection. Schedule a home inspection as soon as you can. Doing so will give you adequate time before your closing date to negotiate with the seller if the inspection reveals any unforeseen issues.Why do I need a home inspection?A home inspection is an added expense that some first-time homebuyers don’t expect and might feel safe declining, but professional inspectors often notice things most of us don’t. This step is especially important if you’re buying an existing home as opposed to a newly constructed home, which might come with a builder’s warranty. If the home needs big repairs you can’t see, an inspection helps you negotiate with the current homeowner to have the issues fixed before closing or adjust the price accordingly so you have extra funds to address the repairs once you own the home.During the inspection, be sure to ask questions and bring a checklist of things you want information on. Note that a comprehensive inspection should not only bring defects and problem areas to your attention, it should also highlight the positive aspects of a home as well. When you receive the final report, prioritize the issues and decide whether you want to negotiate those items with the sellers. Remember: Every deal is different and negotiable.Be responsive to your lender. If you applied and qualify for a mortgage, you’ll receive conditional approval. At this stage, your lender may require additional documentation. Make sure to respond promptly to keep your application moving forward.Purchase homeowner’s insurance. Your lender will require proof of insurance before the loan can receive final approval.5 things to know about homeowner’s insuranceKnow about exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately.Know about dollar limitations on claims. Even if you’re covered for a risk, there may be a limit to how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.Know the replacement cost. If your home is destroyed, you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.Know the actual cash value. If you choose not to replace your home when it’s destroyed, you’ll receive the replacement cost, less depreciation. This is called actual cash value.Know the liability. Your homeowner’s insurance will generally cover you for accidents that happen to other people on your property, including medical care, court costs and awards by the court. However, there’s usually an upper limit to the amount of coverage provided – be sure your coverage is sufficient if you have significant assets.Let…
Bank of America Digital Mortgage Experience
Streamlined Mortgage Application – Bank of America Digital Mortgage ExperienceBenefits & featuresHigh tech with a personal touchExperienced lending officers are available to help every step of the wayLock your rateAvoid the risk of rising rates by locking in the rate when you applyYour mortgage, your wayCustomized terms that fit your personal needs, allowing for lower closing costs or lower monthly paymentsSave time with Home Loan Navigator®Stay up-to-date on your loan status and electronically sign documentsThe Bank of America Digital Mortgage Experience® puts you in control. Prequalify to estimate how much you can borrow, apply for a new mortgage, or refinance your current home. All with customized terms that meet your needs.