You might have a plan to take mortgage, but still have issue to calculate. Knowing how much you will pay is important in order to keep your financial condition in balance.
For solving this issue, Bank of America Mortgage Calculator is available directly on its official website.
What is Mortgage calculator?
Mortgage calculator is tool to measure monthly payment based on prior mortgage requirement. Before using Bank of America Mortgage Calculator, you need to know the type of loans available on Bank of America.
There are fixed-rate, adjustable, FHA, VA, Jumbo loan, and Affordable Loan Solution. Each loan has different rule and procedure, but the core principle is similar.
Fixed and adjustable rates are applied on every loan. When choosing fixed mode, the interest never changes from beginning until the end of period. It is suitable when you want to stay at home then keep the mortgage in balance.
On contrary, adjustable rate gives different rates periodically. The rates depend on current market and there are few adjustments to keep the interest in check.
This type of rates is suitable for shorter period. When calculating mortgage using Bank of America Mortgage Calculator, you should consider both rates at all.
FHA and VA are the loans from government with flexible process and regulation. FHA loan comes from Federal Housing Administration, while VA is from U.S. Department of Veteran Affairs.
Moreover, jumbo loan is a type of mortgage with high amount more than normal. In general, Bank of America Mortgage Calculator will determine payment between $60,000 and $2.5 million.
Before taking mortgage, Bank of America will ask about the purpose of your action. The majority of people use mortgage to purchase new home. The other will take second mortgage and the rest may only refinance existing mortgage.
Each purpose has different process because Bank of America Mortgage Calculator is only capable to measure the payment for primary mortgage. If you want to do refinancing or home equity, go to the other sections.
You do not have to register when using Bank of America Mortgage Calculator. It is available directly in official website. Just follow below steps to utilize it properly.
- Open www.bankofamerica.com from your computer or mobile device.
- Go to drop down menu on the top left then choose mortgage calculator.
- Complete the forms that consist of purchase price, down payment, zip code, and mortgage term length.
- Choose calculate button.
- The payment will appear immediately.
Well, the process is simple and easy as long as you fill the form properly. From this form, you can see price range that’s eligible to choose based on your home price. The maximum price on Bank of America Mortgage is $2.5 million.
As it mentioned above, client may request to take Jumbo mortgage when the price is more than basic range. In each state, mortgage rates are varied, though they are not significant. That’s why zip code is important to calculate accurately at specific city or area.
To know more about mortgage, there is prequalify section and learning center. You need to fill some forms then apply. Of course, it will be done after doing calculation on Bank of America Mortgage Calculator. For further information, call 866-466-0979 or sending message via website.