As one of the well-known mortgage lenders in America, Bank of America offers the solution to your residential problem. It is not a problem whether you already have savings or not. If you are ever interested in using the service, you can reach to Bank of America Mortgage Lender immediately through either websites or one of the office branches. There will be numerous Mortgage Loan Officers which are ready to help and guide you through the process.
Aside from the professional staffs, Bank of America is also proved to be rather low on interest rates despite the significant amount of money required on the initial agreement. To have an exact number of mortgage calculation, Bank of America Mortgage Lender provides several mortgage calculators which everyone can access online.
Bank of America Mortgage Lender Products
For your information, there are five products or services of Bank of America Home Loans or mortgage in total offered by Bank of America Mortgage Lender. The first one is a fixed-rate mortgage. Therefore, the sub-types are all based on the length of a period on which the customers should fulfill the payment in their initial agreement. The longer the period of fulfillment, the bigger the percentage of interest rate that has to be paid. The same thing also goes to APR.
In addition, the second one is an adjustable-rate mortgage. Different from the previous type, Bank of America Mortgage Lender provides a service where the rates of interest of mortgage will depend on the changes of financial index related to the loan. Hence, the amount of money that you have to pay in one month may differ to other following changes of index rate.
The third one is jumbo loans. In this type of mortgage, Bank of America Mortgage Lender will consider whether the loans are jumbo or not by adjusting the amount of loans to the limits set previously. The services can be applied to several terms, such as fixed-rate and adjustable-rate loans. In accordance with its name, jumbo loans usually followed by equal jumbo rate of interest.
Now, the fourth one is called as ALS or affordable loan solution. Bank of America Mortgage Lender recommends and proposes this type of mortgage for homebuyers who could not pay rather large down payment. One of the reasons is because there is no particular insurance required for mortgage.
The next one is FHA and VA mortgage loans. This mortgage loan is offered by Bank of America Mortgage Lender in the collaboration with government. Therefore, Federal Housing Administration as well as U.S. Department of Veterans Affairs provides loans which featured several advantages for borrower. Those advantages will easily help first-time homebuyers to make their first move on mortgages without worrying about later. However, despite there is a slight difference between FHA and VA loans. While FHA offers remission in the name of low down payment without explicitly stating how low the payment is, the VA loans ensure that the down payment can be as low as $0.