Finding a house for your beloved family is very important. But, you also need to consider about the payment carefully. Because of that, it is a must for you to find the right mortgage. Bank of America is ready with mortgage for housing. Before taking it, try to learn more about Bank of America mortgage payment and everything dealing to the house mortgage.
Bank of America Mortgage Payment Method
For your information, Bank of America mortgage payment is offering the lowest rate for first time house buyers. The payment is classified into 3 different classifications. First, Bank of America is offering 15 years of mortgage payment. In this case, the amount of money you have paid is fixed and it doesn’t increase or reduce until the end of the payment period. Based on the data from this bank, you have to pay around $1.430 per month. Second, Bank of America is also offering 30 years of mortgage payment. It is the same with the first type, the payment is also fixed. If you take this long period of payment, you just need to pay around $969 per month. Third, you are also able to pay based on ARM rate. If you take this payment method, you just need to spend around $816 per month. Of course, those mortgage payment methods have its benefits and weaknesses. Make sure that you learn about the benefits and weaknesses first before choosing one of the payment methods.
The Process of Using Bank of America Mortgage Loan Program
The Bank of America mortgage payment process is also easy. What you have to do is visiting the official website. Then, take the prequalification request. Don’t worry you just need to spend around 5 minutes to finish the request. Just click the link and you can start to begin the prequalification request. Important to note, you don’t need to spend you money at all only for taking the request. When this first process is done, you can continue to the second step in which you will meet house mortgage specialists. In this process, the specialist is trying to help you to calculate the average of mortgage you have to pay. Before consulting it, you are also allowed to use Bank of America mortgage calculator. It is an online calculator and free to use for Bank of America’s clients. When the process is deal and ready, you just need to prepare all the documents needed or take the closing step. The best part of using the service offered by the Bank of America is that you can pay the mortgage based on your financial condition. It is very important to prevent risks including financial bankruptcy. The payment is also easy to do due to the latest payment technology including mobile banking app and online banking.
What you have to do now is creating an account in Bank of America and use the account to explore the services they give to you. Hopefully, by using the right service you can really face your mortgage payment period comfortably without any serious problems. In the end, a dream to have a house for your beloved family finally comes true.