Bank of America has it’s own expectations of leading as one of the bigger card issuers of the industry, however, when it comes to mortgage loans, it seems that this is a product that Bank of America is not so known for. At first glance, Bank of America offers 15- and 30-year fixed loans, FHA, VA, home equity and refinance loans as well as 5/1, 7/1 and 10/1 ARMs. The minimum credit score required is a confirmed 620 (FHA: 600). Make home loaning easy. Start online, Submit your prequalification request with no cost or obligations, work with leading specialist and prepare for closing by securely uploading and e-sign documents using the Home Loan Navigator.
Editor’s Note: Preferred Rewards members can also get a discoutned $200 for Gold tier, $400 for Platinum tier and $600 for Platinum Honors tier.
Bank of America Mortgage Summary:
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- Maximum Loan: Bank of America offers loans up to $5 million.
- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Monthly Fee: No maintenance fees
- Closing Loan:
- Purchase: 45 days.
- Refinance: 60 days.
- Home Appraisal is needed.
Bank of America Mortgage Basic Requirements:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Bank of America Mortgage Features:
- Offers a full suite of online and mobile tools to borrowers.
- Has a wide array of mortgage purchase and refinance products to meet virtually any financial need.
- Provides its own 97% loan-to-value first-time homebuyer loan with no mandatory mortgage insurance, as well as a similar program for doctors.
- Home Loan Navigator
Before I wrap things up with this post, it’s necessary to keep in mind that there has been mixed opinions regarding Bank of America’s mortgage with some reporting delayed closing, slow processing times and inconsistency with specialist communication. Honestly, if you already have a relationship with Bank of America, then the gold-platinum tier discount can possibly provide you with wonders! Keep in mind, like all mortgage loans, home appraisal is standard. Locking-in period will be 45 days unless you’re looking to refinance, then you’re looking at 60 days. Of course, I must add that it’s necessary for you to check around with other lenders first to ensure that you’re engaging in the best practical rate possible. Also, be sure to check out our Best Mortgage Rates!
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