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. 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 the LIBOR index or the U.S. Prime Rate) to determine the loan rate. Lenders have no control over financial rate indexes, and you can track the performance of each index in The Wall Street Journal. 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 LIBOR index, which tracks the rate international banks charge each other for large loans in the London interbank market. Even though the LIBOR index adjusts frequently, Bank of America adjustable-rate mortgages only adjust annually after the initial fixed-rate period expires.
Yes. There are several ways to pay your mortgage online.
You can enroll in Payplan using a checking or savings account of your choice. Payplan will adjust your monthly payment amount to reflect any updates due to an escrow and/or interest rate change. There is no charge for this service. Please note that PayPlan may not be available for FHA and VA loans. To enroll in PayPlan online, follow these easy steps:
If you have an eligible Bank of America account, you can make your mortgage payment using the Bill Pay tab or Transfers tab (there’s no additional charge). You can use each of these tools to schedule automatic recurring payments or make a one-time payment. These options may not adjust if your payments increase or decrease due to escrow and/or interest rate changes.
MortgagePay on the Web is another online option for one-time mortgage payments. It can be used with eligible Bank of America accounts at no charge, as well as with checking or savings accounts from other financial institutions at no charge or with a fee, depending on when the payment is made relative to your grace period. To pay your mortgage account online using MortgagePay on the Web, follow these easy steps:
In addition to the electronic payment options noted here, we offer additional no-cost and low-cost options for making your mortgage payment. To learn more please call 800.669.6607 (Mon-Fri 8am-9pm EST).
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.
Year-end interest-paid statements (IRS Form 1098) are mailed out by the end of January. Contact us at 800.669.6607 (Mon-Fri 8am-9pm EST) if you don’t receive it by February 15. You may also be able to access a copy of your IRS Form 1098 by going to the Account Details tab for your mortgage account in Online Banking.
There is no charge to have a payoff statement mailed to you or an authorized third party. A fee may apply if you would like the payoff statement faxed.
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.
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. 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 lien holder is releasing its rights to the property. The county recorder's office will record the lien release. Timeframes vary by county and can take up to six months for recording.
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.
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.
Bank of America will mail you a 1098 form if the interest you paid on your home equity account during the year is $600 or more. If you paid less than $600, please review your regular statements or sign in to Online Banking, select your home equity account and select the Account Details page. You will see one of these display types:
If you see Type A: Look for the Interest Information section at the bottom of the account display on the Summary tab. You’ll see the amount of interest paid for last year.
If you see Type B: Select the Statements tab and look for the Year-end statements section. Select the link to your 1098 tax form.
If you need additional assistance, please call us at 800.934.5626 (Mon-Fri 8am-9pm EST).
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).
Depending on your home equity agreement, you may convert all or just a portion of the outstanding variable-rate balance (minimum: $5,000) to a Fixed-Rate Loan Option. There are no conversion fees to switch to a Fixed-Rate Loan Option.
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.