Bank
of America
The reason Bank of America is in business is to help
make communities stronger and to help people achieve their banking
and mortgage dreams. They fulfill this purpose by reaching for higher
standards in everything they do -- for their customers, shareholders,
associates and communities, upon which the future prosperity of
Bank America rests.
Bank of America's mission is to provide programs and
services that build self-reliance, strengthen families, enhance
economic opportunities and build healthy communities.
Bank of American Mortgage Loans
Bank of America's mortgage offerings include most
a-paper fixed-rate and Adjustable
Rate Mortgage (ARM) programs. Their best programs are those
that can be automatically underwritten using Fannie Mae's Desktop
Underwriter or Freddie Mac's Loan Prospector. They were one of the
first lenders to offer the Fannie Gold 100% LTV combo program (an
80% first and 20% lenders) designed for premier credit clients.
Home Equity Loans
and HELOC's (Home
Equity Lines of Credit) are another of Bank of America's largest
mortgage niches, and their products in this line include a multiple
option ARM. Though again, their
products are geared toward applicants with excellent credit (FICO).
With that said they do offer traditional Fixed
Rate Mortgages, Interest Only,
Refinance Mortgages, Cash Out Loans, Second Mortgages, Reverse Mortgages,
and Home Equity Loans.
Bank of America tends to trade on its name and reputation as one
of the country's largest banks, and doesn't offer an extensive amount
of mortgage information on their website. Instead, there are options
to compare different types of mortgages, and links to online applications,
and a basic explanation of how loans work. Other loans they provide
information are boats and recreational vehicles, as well as student
loans and unsecured personal loans.
As is customary with mortgage lenders that are also
a fully functional bank, Bank of America offers special incentives
for account holders who take advantage of their mortgage products,
including rate improvements for arranging for automatic payment
from a Bank of America checking account.
Bank of America lends throughout the United States,
and is subject to the laws of individual states.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states. Mortgage Info makes no representation, express or implied, that you will receive a quote from any companies profiled on this site.
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