Guide on How To Apply for Bank of America Home Loan & the Interest Rates
BANK OF AMERICA HOME LOAN – Here is a guide on how to apply for the said Bank of America loan offer and the interest rates the bank implements.
Acquiring a house you can call your own is a big challenge. You will need a pretty large amount even on a house and lot with a small lot area. The good thing is that several options that can assist you are available now.
Among these options are the loan offered by banks. In the United States (US), one of the banks with the said loan offer is the Bank of America. It can assist you in buying a residential property, refinancing a purchase, or paying for the home equity.
Do you want to know how to apply for the Bank of America Home Loan? You might also like to know about its interest rates. These are what we will present in this article.
Based on the official website of the Bank of America, the amount that you can borrow under its offer depend on the result of the pre-qualification process. It is part of applying for the said loan offer.
How to Apply for Bank of America Home Loan
The main step is to go through the “prequal application”. It can be done online. You must prepare all the essential information about the following:
- Your Personal Information
- Your New Home
- Your Income
- Your Assets
- Your Credit
There will be some regulatory questions that will be posted during the “prequal application”. Also, you will be presented loan terms to choose from. Once you are ready, you may visit – http://bit.do/fc7Bw.
After passing the “prequal application”, that’s when you can obtain the documentary requirements needed in applying. Gather them and submit them to the bank for evaluation.
With regards to the interest rates implemented by the bank, it is dependent on the fixing period. Here are the details based on a $200,000.00 loan:
15-Year Fixing Period
- Rate: 3.000%
- Annual Percentage Rate (APR): 3.287%
- Points: 0.397
- Monthly Payment: $1,381
30-Year Fixing Period
- Rate: 3.625%
- APR: 3.822%
- Points: 0.814
- Monthly Payment: $912
According to the Bank of America, the points refer to the amount that the borrower must pay to the lender to reduce the interest rate. One (1) point is equal to one (1) percent discount on the loan.
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