July 17, 2024
Chicago Melborne City, USA
Home Loan

Is Bank Of America Good For Home Loans?


There have been many banks in America that provides the person with home loan facilities. The question among people is which one is good for getting a home loan. From the various banks available, Bank of America has always been on the site of a person. People always think of getting a mortgage from the Bank of America. But they always think that whether this platform is good or not for getting a home loan.

Now is the time to answer the question as the Bank of America is considered a better option for refinancing or loan services. However, this bank has been lacking in the conditions of customer care. Besides the customer care service, you will benefit greatly from the help of a lower rate on the home loans. The difference in the loan is higher when it is compared to the big lenders in the market.

Home Loan Offers For The First Time Buyers

The Bank of America always treats their customers as a special case and provides them with the best features. When you buy a home for the first time, they provide you special loan offers and grant programs. You will be provided an affordable loan solution with an interesting method involved.

When you buy a home loan from the bank, they will not have any private insurance, and also, you will be able to get in 3% less. This benefit is very rare to find in any other bank available in the country for having the loan. This program is present in many different areas, and it could also be combined with the down payment for the loans, and you can get your house for the first time at an affordable price.

The Bank Pays Closing Costs

Another best feature of the Bank of America is that it pays the closing cost. This is for the customers who are buying a house for the first time and taking a loan. The Bank of America keeps them as a special case and provides a 7500 dollar amount in one-time closing. The amount is provided as a grant, and you will not have to make any repayment. Of course, you would also have to clear through the loan officer to check whether you qualify for this assistance or not.

Necessary Credit Score For Loan

When you get a home loan from Bank of America, you would require a specific credit score. The person taking the loan must have a minimum of 600 credit scores to qualify the loan requirements. This credit score is only necessary in the case of an FHA loan. But when you are getting a conventional loan from the bank, you should have a minimum of 620 credit score. When a customer is taking a VA loan, he must have a more than 660 credit score.

The Ending Lines

These are some of the necessary things that a person must know while taking a home loan from a Bank. The above suggested are some features of the bank of America, and when you get a home loan, you will be provided them.