As one of the largest companies in United States, Bank of America Home Mortgage gives the tools and resources to help homebuyers purchase the perfect house with suitable mortgage. This banking company holds only to second by JPMorgan Chase as the largest bank in USA. It provides many options either for first-timers or experienced ones.
Bank of America Home Mortgage will gladly help first-time homebuyers in purchasing a house. With online guides and walk-in customer services, it gives customers in what to expect throughout home buying process.
There are five main stages in buying your first home. For a complete guide, you can open this guide online through www.bankofamerica.com.
Steps to Apply Mortgage in Bank of America
The first step in becoming a homeowner is preparing your financial in order. Nowadays, more people use mortgage calculator provided by Bank of America Home Mortgage in the website and mobile apps. You should use mortgage calculator to estimate the monthly income, credit scores, debt-to-income ratio.
Keep in mind to check all of the finances and calculate if you have 20% down payment. Do not go rushing on open houses, but pay attention to your finances. Then, you can get the right house for the amount of price range and mortgage loan.
Stage two is to get prequalify on the loan from Bank of America Home Mortgage. Use the services of Bank of America Lending Specialist for a more thorough look either fixed or adjustable-rate loan.
The company gives plenty of options for any mortgage needs. The key in this is prequalifying. Once you are through, then the next thing you should do is going to the step three.
Stage three on purchasing first new house from Bank of America Home Mortgage is landing on property and getting your price offer accepted. Feel free to go on a journey of open houses and neighborhood research once you are patched through the prequalifying step.
Online search is a convenient method and sometimes you can quick skim for properties for prospect houses. Take your time in choosing a property and get the correct information for additional costs involved, such as real estate agents’ services, insurance, etc.
The next crucial step but most a lot of first-time buyers neglected are to hold on through the mortgage process and keep a steady payment of mortgage. Bank of America Home Mortgage can give overview of this process. Once you apply, review the documents for qualification.
You can get online help for a quick and easy review and information. Do not hesitate to ask for help from Bank of America Lending Agents and Customer Service including your friends and family if you need any help. Keep a steady payment and avoid overdue payments ahead. Any past due payments can be costly.
The last stage of the process is the closing cost. If your mortgage is approved, learning the closing cost of your home is crucial. Usually, a closing cost is a total of 2-5% of your home price.
The price is flexible for each mortgage. Are you ready to have a home for yourself? Just use Bank of America Home Mortgage for your perfect solution on buying the first home.