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Military

Loans and Mortgages for Military Customers

Buying or refinancing a Home

Servicemembers have unique needs. Whether you're looking to buy a home or just lower your payments, our experienced mortgage loan officers can help. Use our mortgage calculators or refinance calculators to estimate monthly payments and decide what you can comfortably afford.

Leveraging home equity

When you need to use the available equity you've built in your home to fund a major expense or ongoing project, we have the loans, lines of credit and rates to help you make the most of what you have. Use our home equity calculator to estimate your monthly payments or compare home equity choices to decide whether a loan or line of credit will best fit your need.

Financing a car

Choose from multiple loan types with great fixed rates—and discounts for eligible Bank of America customers from a large network of auto dealers.

Bank of America Access Loans provide affordable and flexible terms for individuals with disabilities or special access needs. We can help you purchase the equipment you need to make your car properly accessible.footnote1

Equity

The difference between the fair market value (appraised value) of your home and your outstanding mortgage balances and other liens.

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Home loan assistance

Answer center

  • There are 3 conditions you need to fulfill in order to benefit from the 6 percent interest rate cap provided by the SCRA. You need to have taken out the loan before you began active duty (a loan taken out while on active duty is not eligible for SCRA benefits), you must make a request for benefits within 180 days after the end of your active duty and you must request the benefits by supplying a copy of your active duty orders or other qualifying documentation. Alternatively, you may provide either a completed copy of the Military Short Form (available from your local JAG or Housing office) or a letter on official letterhead from your commanding officer. This letter must contain your full name, Social Security number, date of birth, home address and active duty start date, as well as your commanding officer's telephone number and a statement acknowledging that your creditors may rely on it.

  • If your mortgage was obtained before you entered military service, the SCRA requires your lender to obtain a court order before it can foreclose on your home during any covered period of military service and for 12 months after your service is completed. The lender must determine whether you are a servicemember on active duty, and the court is required to protect your rights under SCRA. While some states have laws that allow lenders to foreclose on a mortgage without a court order, the SCRA does not allow lenders to take advantage of such laws against servicemembers who obtained their mortgages before their active duty status began. In order to ensure foreclosure does not occur and that you get the interest rate benefits to which you’re entitled, it’s always a good idea to notify the bank of your call to active duty.

  • Yes, assuming that your accounts are joint accounts or that you’ve provided your spouse with appropriate account access information such as your Online Banking information. Remember, though, that if your account is not a joint account and there is a problem with your account that needs to be resolved, your spouse having power of attorney to act on your behalf will mean that the issue can be resolved in the most efficient way.