Financing a new home with Bank of America can help you realize your dream of homeownership at a price that fits your budget.
For many people, buying a new home is the American dream. Paying for that home can be the toughest step. By financing a new home with Bank of America, you may be able to realize your dream at a price that fits your budget.
With a new home mortgage, Bank of America can help you finance your home several ways. Before you seek new home financing with Bank of America, or any lender, here are a few basics you should know. How much you can borrow and the rate at which you borrow is based on your credit history, income and financial situation. The better your credit history and personal finances, the more likely you will be to get a low-interest loan. Your income and debt-to-income ratio will determine how much you can afford for a mortgage payment.
These numbers will also help the banker set an interest rate for your loan. The higher the interest rate is, the more expensive the loan becomes. In addition to the interest rate, financing a new home with Bank of America will involve several additional charges or fees, which are added onto the interest rate and presented to you as an annual percentage rate.
To get pre-approved for financing a new home with Bank of America, you will need to apply for the loan and talk with a banker about your options. You will submit a financial package that verifies your earnings and other financial information. Once you are pre-approved, you will know the top amount you can borrow and an estimated rate for your home loan. Once you find a home of interest, it must be approved as well. Once the home is approved, you close on the sale.
Financing a new home with Bank of America may be your best option for a home loan. If you want compare mortgage rates from Bank of America with other lenders, go to RealtyNow for estimates today.