We're here to do everything we can to support your home loan needs at this time. Bank of America is offering additional assistance to our clients through our enhanced Client Assistance Program, which can provide payment forbearances (also known as a payment postponement).
We stand ready to support you. Information regarding our Client Assistance Program and other options can be found at Home Loan Assistance.
Every home loan situation is different, so it's hard to estimate how long your specific home mortgage process will take. Some of the factors that affect the timeline include the type and terms of the home loan you're requesting, the types of documentation required in order to secure the loan and the amount of time it takes to provide your lender with those documents.
Your Bank of America lending specialist will work closely with you to help you meet your timetable so that deadlines are met and your rate lock(s) are honored.
Yes. We will schedule the appraisal as part of reviewing your home loan application and you will receive a copy of the appraisal at closing.
Learn more about the home appraisal process
Yes. Assuming you have sufficient equity, a cash-out refinance enables you to pay off your existing mortgage(s) and may also allow you to take out some of your home equity in a lump-sum cash payment at closing.
Learn more about a cash-out refinance option
The way you've handled your finances in the past can help predict how you may do so in the future, so lenders will consider your credit rating when you apply for a mortgage or other loan. A higher credit score may help you qualify for a better mortgage interest rate, and some lenders may lower their down payment requirement for a new home loan if you have a high credit score.
See how credit affects your interest rate
Every adjustable-rate mortgage (ARM) uses a financial rate index (such as SOFR index or the U.S. Treasury-Index [T-Bills]) to determine the loan rate. Lenders have no control over financial rate indexes. For example, the SOFR Index is currently published by the Federal Reserve Bank of New York. The rate you pay is set at each adjustment period by adding your margin (which remains the same from period to period) to the rate of the index.
Bank of America ARM rates are determined using the SOFR index, which is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities. Even though the SOFR index adjusts frequently, Bank of America adjustable-rate mortgages only adjust every six months after the initial fixed-rate period expires. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.
There are several ways to pay your home loan.
You can enroll in PayPlan using a checking or savings account of your choice. PayPlan will adjust the recurring amount debited from your checking or savings account to reflect any updates due to a contractual payment change. There is no charge for this service. Please note that PayPlan may not be available for all accounts, including FHA and VA loans. To enroll in PayPlan online, follow these easy steps:
PayPlan will continue to debit your payment on a monthly or bimonthly basis until which time your plan is either cancelled or your loan is paid in full.
If you have an eligible account, you can make your mortgage payment using the Pay & Transfers tab (there's no additional charge). You can use this tool to schedule automatic recurring payments or make a one-time payment.
For further assistance with online payments, you can schedule an appointment (at a financial center or by phone) or contact us.
In addition to the electronic payment options noted here, we offer additional options for making your mortgage payment. To learn more please call 800-669-6607 (Mon-Fri 8 a.m.-9 p.m. ET).
If your PayPlan is set to draft once a month and you need to make changes, you can make changes by logging into your Online Banking account and following these easy steps:
Please note that you may not be able to cancel or change a payment scheduled to draft within three business days.
If your PayPlan is set to draft more than one time per month, you will need to contact us to make changes.
We are required to apply payment amounts in a certain way given the law or the terms in your home loan contract, but once those requirements are met, you have options to instruct us on how you would like us to apply additional payments.
Here are the different options we have to apply your home loan payment if your loan is not delinquent at the time the payment is received:
Contractual payment due. If you have a contractual payment due and you send us a full payment, unless instructed otherwise, we will apply your payment as your contractual payment due.
Next contractual payment due. If the payment you make is equal to or greater than two months of contractual payments, unless instructed otherwise, we may apply the funds to your current and next contractual home loan payment. Any amount greater than the two months of contractual payments may be applied to principal.
Escrow. If you have an escrow account, a portion of your contractual payment due will be applied to your escrow account. In addition, if you pay over your contractual payment due and your escrow account has a negative balance, we may apply a portion of your payment to your escrow account.
Outstanding fees. When a fee has been applied to your home loan, we may apply a portion of your payment to an outstanding fee.
Unpaid principal balance. Some customers like to pay extra on their home loan to reduce the future interest they pay. If your extra payment is less than the next contractual payment, it may be applied to principal. Example: If you pay an extra $100, or $100 more than your contractually required payment, we may apply the extra funds to reduce the principal of your loan.
The best way to make sure we apply your payment the way you want is to use the Pay & Transfers tab. This gives you control on how to apply your payment. However, we understand this is not always possible or convenient for you, and therefore, there are other options for you to consider:
Please know it takes up to 14 business days for this change to be processed, but we will make the change effective on your original payment date.
If your account is active, you can view your mortgage activity (such as principal balance, next payment due, etc.) and how your payments were applied within Online Banking and on your monthly statement. Please note that it may take up to two business days for your payment to display on Online Banking.
We would use a suspense account primarily for these reasons:
We have several easy ways to contact us:
Through Online Banking:
Through the mobile app:
Tell Erica, your virtual financial assistant, that you want to contact us about your mortgage.
By phone:
Call 800-669-6607 (Mon-Fri, 8 a.m. - 9 p.m. ET).
You can find definitions of mortgage payment terms and other commonly used mortgage terms in our glossary.
Yes. When you make your regular monthly mortgage payment, you can include an additional amount to be applied directly to your principal. If you're paying by check, please indicate by writing the amount of the extra principal payment on your Mortgage Account Statement coupon where designated.
When making your payment via Mortgage Pay by Web, you can elect to include additional principal along with your payment. Additional principal payments will only be applied after the current month's full payment has posted to your account.
If the interest you paid is $600 or more:
We'll mail you IRS Form 1098 by the end of January, or deliver it electronically if you've enrolled to receive electronic tax statements. You may also be able to access a copy of your 1098 by going to the Statements & Documents tab for your active mortgage account in Online Banking or the Mobile Banking app. If you opted out of receiving tax forms by mail, your 1098 will be available in Statements and Documents no later than January 31.
Please make sure your mailing address has been updated prior to December 20 to ensure you receive your Year End Statements in a timely manner. If your loan is paid off, the tax statement(s) will be mailed to the address on file. If you don't receive your 1098 by February 15 you may request a copy from our automated service at 866-669-6607 (available 24/7).
If the interest you paid is less than $600:
If the interest you paid for the year is less than $600, or if your loan is unsecured, the IRS doesn't require us to issue a 1098 form and an IRS form 1098 will not be provided.
Some states will send you a copy of your tax bill, and if you have an escrow account on your loan, Bank of America will pay the tax bill on your behalf. We'll use the funds collected through your payments over the past 12-month period.
If you receive a supplemental or newly assessed tax bill that's not part of your normal taxes, please contact us to see if we have that as part of your taxes. If we don't, we can determine if we can pay the tax bill out of your escrow account. This may create a shortage, and your payment may increase to cover the cost of the new tax bill.
After the payment assistance expiration or cancelation, we'll perform an escrow analysis on loans that had taxes and insurance escrowed prior to going into the program. We'll provide a statement with information specific to your loan. Your monthly escrow payment amount may change as a result of the escrow analysis.
If you have a shortage, we'll automatically spread the amount out for up to 60 monthly payments or for the remaining term of your loan. If you prefer, you can contact us to pay the escrow shortage amount in full.
A mortgage payoff statement itemizes the amounts required to fully satisfy all obligations secured by the loan that is the subject of the payoff request. Itemizations may include:
This written statement is prepared in response to a request by a client or an authorized third party.
There is no charge to have a payoff statement mailed to you or an authorized third party.
You may also request an online quote at no charge by selecting Mortgages, Loans and Lines of Credit from the Help & Support menu, then selecting the Request a payoff link and following the instructions provided.
The tax statement(s) will be mailed to you. If your mailing address has changed since the loan was paid off, please call 800-669-6607 to update your address.
Please make sure your mailing address has been updated prior to December 20th to ensure you receive your Year End Statements in a timely manner.
Our lending officers can tell you about affordable housing assistance programs in which Bank of America participates. When combined with an eligible loan, these assistance programs can help qualified homebuyers achieve successful homeownership Footnote [1] . To find out how Bank of America can assist you with affordable housing assistance programs, make an appointment to speak with a lending officer.
Yes. VA loans provide up to 100% financing, providing qualified veterans the opportunity to purchase a home. To find out how Bank of America can assist you with a VA loan, make an appointment to speak with a lending officer.
If you were denied home loan assistance (such as a request for a loan modification, short sale or deed in lieu), you may be able to dispute the decision. You can file an escalated case with us if you have reason to believe you met all the criteria for home loan assistance but were not properly evaluated for assistance or were improperly denied assistance. This may include:
You can also file an escalated case if either of these specific concerns apply to your loan:
Please note that inquiries about a pending request for home loan assistance or general questions about the servicing of your mortgage do not meet the requirements for an escalated case. For general servicing questions, please call 800.669.6607 (Mon-Fri 8am-9pm EST).
To file an escalated case, you (or any third party representing you, such as a housing counselor or attorney) should send us a brief letter describing the specific reasons you believe one of the scenarios described here applies to your loan or to your application for home loan assistance.
Escalated case requests must be sent by mail to the following address:
Bank of America Corporate Center
Attn: BAC Escalated Case Unit
P.O. Box 940508
Simi Valley, CA 93094-0508
Please note that if a third party contacts us to submit an escalated case on your behalf, we must have your written authorization before we can communicate with them about you or your loan. Without your written authorization, we will not be able to discuss your home loan with them. We can provide you with an authorization form upon request.
What to expect after submitting your request
A mortgage lien release (in some states/territories this document may be called a Reconveyance deed) is a document sent by your mortgage company to your local county recorder's office after your mortgage loan is paid off. The lien release states that the lien holder is releasing its lien against the property.
Please allow 90 days after the mortgage loan has been paid off before contacting the applicable county recorder’s office to obtain a copy. If a copy is not available with the county recorder’s office after 90 days, please call the Bank of America Customer Service team at 1-800-669-6607 to submit a lien release request.
When contacting customer service, please have the loan number available for the lien in question. If you do not have a loan number, please be prepared to provide the below information to customer service with your request.
Please note that inaccurate or incomplete information may delay processing of your lien release request.
In June 2023, a global benchmark index rate used by banks to calculate interest rates for adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs), known as LIBOR, ceased to be available in its then current form and Bank of America has transitioned to a replacement index. If you have an ARM or HELOC with Bank of America, you could be impacted.
If you have any questions, please call us at 800.669.6607, Monday through Friday, 8 a.m. to 9 p.m. Eastern.
If I have an ARM that is impacted:
If I have a HELOC that is impacted:
We're here to do everything we can to support your home loan needs at this time. Bank of America is offering additional assistance to our clients through our enhanced Client Assistance Program, which can provide payment forbearances (also known as a payment postponement).
We stand ready to support you. Information regarding our Client Assistance Program and other options can be found at Home Loan Assistance.
When you sign up for Online Banking and access your home equity line of credit account, you will be able to do things like:
There are several ways to access your funds:
Depending on the terms, the draw period (or borrow period) typically is the 10-year borrowing period during which you can access funds using your home equity line of credit. After that, the repayment period begins and you will no longer be able to access additional funds. Your minimum monthly payments will include a principal and interest amount necessary to fully pay off your home equity line of credit by the end of the repayment period.
You can request more checks by visiting a financial center or by calling us at 800.934.5626 (Mon-Fri 8 a.m.-9 p.m. local time). Online check ordering is not currently available for home equity lines of credit.
If the interest you paid is $600 or more
By the end of January, we'll mail you a 1098 form. But if you would like a copy of the 1098 sooner, log in to Online Banking and go to the Statements & Documents tab, Tax Statements.
If the interest you paid is less than $600
Please review your regular statements or log in to Online Banking. Go to the Information & Services tab, Interest Details, of your active home equity account.
Some home equity accounts allow you to print copies of your statements from within Online Banking. If yours does not, you can request a copy of your home equity line of credit statement by signing in to Online Banking, going to the Help & Support menu, selecting Contact us, choosing a topic and then selecting Send a message. You can also order copies of your statements by visiting a financial center or by calling us at 800.934.5626 (Mon-Fri 8am-9pm EST).
You can schedule an appointment to speak with a specialist at a financial center or call us at 800.934.5626 (Mon-Fri 8am-9pm EST).
Yes, you can schedule an appointment to speak with a specialist at a financial center or call us at 800.934.5626 (Mon-Fri 8am-9pm EST).
A paydown brings the account balance to zero and the HELOC remains open for further draws, if it is still within the draw period.
A payoff brings the account balance to zero, requires payment of any outstanding fees or amounts required to fully satisfy all obligations, closes the HELOC and releases the lien.
In June 2023, a global benchmark index rate used by banks to calculate interest rates for adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs), known as LIBOR, ceased to be available in its then current form and Bank of America has transitioned to a replacement index. If you have an ARM or HELOC with Bank of America, you could be impacted.
If you have any questions, please call us at 800.669.6607, Monday through Friday, 8 a.m. to 9 p.m. Eastern.
If I have an ARM that is impacted:
If I have a HELOC that is impacted:
Lending Specialist
