Refinancing a mortgage offers numerous advantages. You might wish to shorten the life of the loan, or you might wish to obtain a lower interest rate. You might also choose to refinance in order to lower you monthly payment amount. If you have an adjustable rate, you might wish to refinance to change to a fixed rate. Some people need to refinance because they need to take cash out with a home equity loan. Many companies offer refinancing opportunities. One of the more well-known banks in the country that provides these loans to consumers is Bank of America.
Bank of America offers the option of getting a fixed rate or an adjustable rate refinance loan. You also can get a home equity refinance loan if you need some cash. The bank offers the lowest interest rates available. Bank of America home refinance loans can be processed fairly quickly. The bank provides excellent customer service, and the representatives are friendly and knowledgeable about their products.
The Bank of America website is easy to navigate. You will find valuable information about their loans, and you can take advantage of the mortgage calculator. You can apply for a loan in person, over the phone, or online. You just need to complete an application form. You will be asked personal information about yourself, and you will need to submit some documentation. Some of the documents that Bank of America will need include 2 years of W2 forms, 2 most recent pay stubs, , bank statements for the last 2 months, tax returns, and monthly statement on current mortgage. You can lock in your interest rate if you get a good rate, so it cannot change.
To eligible for a mortgage refinancing loan from Bank of America, you must be current on your payments with your existing loan. You also need at least 5% in equity on your home, or if you have a Bank of America FHA mortgage, you will need 2.25% in equity. You must also meet the credit and income requirements.
With Bank of America, you can get a FHA refinance loan, or you can get a VA refinance loan. VA loans offer 100% financing of the loan. You must get an appraisal of your home in order to complete the process. When repaying the loan, you can make additional payments any time you wish.
The bottom line is that Bank of America is worth considering for your refinancing needs. There are numerous convenient locations throughout the country. You can make payments easily online, and customer service representatives are available to help answer any questions you might have. If you are a preferred customer, you might be eligible for a reduction in origination fees. Bank of America refinancing loans are a good option for homeowners.