Bank of America offers many kinds of loan, including mortgage. This is type of mortgage that people use to purchase home, but there is possibility for other purposes. In order to know how much you need to pay monthly, it is crucial to know about Bank of America Mortgage Estimator. Besides, you can use Home Equity service to finance your needs.
Estimating the Bank of America Mortgage
Before using Bank of America Mortgage Estimator, first thing to know is the type of services you want. The mortgage includes property, usually home or building as collateral. You act as borrower that receives money from lender, which is Bank of America. You can use such money for any purpose; buying home is common goal at all.
How much is the value at certain home? It is the basic question that needs proper answer. Bank of America Mortgage Estimator is dedicated to know more than home price. When taking loan, you will choose how much money to put into home price. Bank of America has maximum loan at $2.5 million. When the price is more than maximum, jumbo loan is much recommended.
The types of mortgages are FHA, VA, conventional, fixed-rate and adjustable-rate. VA is loan from U.S. Department of Veteran Affairs and FHA loans come from Federal Housing Administration. Fixed and adjustable rates are related to monthly repayment. If choose fixed-rate, you pay at the same amount from beginning until the end of period. On the other side, adjustable-rate gives different repayment periodically depending on the recent rate on market. Bank of America Mortgage Estimator also manages how much rate for specific property.
As it mentioned above, Bank of America Home Equity is another service that utilizes Bank of America Mortgage Estimator. It is useful when client requires loan for particular purpose. Benefits of Home Equity are competitive rates, online application, no closing cost, and online banking. To apply for this service, there is specialist and prequalify process. Client must fulfill all the necessary documents.
What is difference between Bank of America Mortgage calculator and estimator? Actually, it has the same purpose, but calculator is one of methods to estimate. The value of home or property is not just about definite price. Two homes may have identical design, size, and price, but the value is different. One house is located at urban area and another is at rural location. The value involves many aspects that are essential on mortgage field.
Bank of America Mortgage Estimator is also completed with calculator. You will know how much payment monthly from this calculator. Firstly, visit www.bankofamerica.com then select home loan and choose mortgage section. Scroll down the mortgage page until you see calculator link. Click it and you will find the information such as price, zip code, and period.
That process is similar when deciding to do refinancing. You can estimate how much value for new term. The calculator is available at refinance section. Moreover, home equity is a little bit different because you use home as collateral for loan. Bank of America Mortgage Estimator will require type of home, intended credit, and how much cash you want.