Bank of America is a stable financial institution that the average American citizen has trusted for many decades now. It offers a wide variety of loan products that are designed to meet the needs of every American.
Whether you’re a first-time loan applicant or you want to purchase a new home, it’s crucial to learn and understand the options that Bank of America Loans offers.
There are a lot of Bank of America loans that you can choose from. If you’re interested in getting a Bank of America loan, you might want to check out the article first to learn more about the products and how to apply.
A Plethora of Loan Options to Choose From
One of the main advantages that you get with a Bank of America loan is that there will always be an option for you depending on your needs.
Each type of loan is tailored to your specific financial goals. Whether you want a new house or a new car, there’s always something for you with a Bank of America loan.
Mortgages
Bank of America offers different kinds of mortgage products for both first-time homebuyers and those who want to have a new home. These products include fixed-rate, adjustable-rate, and FHA loans that will truly suit what you need.
Refinancing options are also available for homeowners who want better loan terms or interest rates. It is best to check out these options at a Bank of America near you.
Auto Loans
Those who want to have a new car or need to finance a new car can always choose a Bank of America auto loan.
They are the perfect loan for you, with their competitive interest rates starting at 5.99% for used cars and 5.79% for new cars.
They even offer pre-approval options that will help you shop confidently once you know your budget.
Personal Loans
While many might think that Bank of America offers personal loans. Unfortunately, the bank does not have any personal loan products.
If you want to finance goals other than a home or a car, you might want to check other options.
Factors to Consider Before You Apply
Before you apply for a Bank of America loan, you might want to check what you need to do and consider the factors.
Several factors might help you prepare and decide which loan to pursue.
Credit Score
Your credit score will be very important in getting a Bank of America loan. They will check your credit report and see if you are a good fit for the loan. This will also determine your interest rate.
Having a higher credit score means you’ll get a lower interest rate, while those who suffer from bad credit scores might not even be considered for application.
Determine the Purpose of Your Loan
It is always best that you identify the reasons why you want to apply for a Bank of America loan. List down the things that you need for a loan and see which one will fit your needs the most.
You should prioritize what is most important to you. Then, you can decide which type of loan you’ll get. You also need to research the monthly payment dues that you need to pay.
Create a Monthly Budget
Once you have determined the type of loan that you want to apply for and the amount that you need to pay every month, it is also best that you consider a monthly budget.
This will help you create a plan for every time you need to pay for your dues. Try to consider miscellaneous expenses alongside your other monthly expenses as well. This way, you can have a solid monthly budget covering all your expenses.
A Guide to Bank of America Loan Application
The application process depends on the type of loan that you want to avail.
However, there are general steps that you can follow to ensure that your application will be processed and approved in no time.
Check out the guide to the Bank of America loan application below.
Check for Pre-Qualification
It is always best to be prepared before you apply for a Bank of America loan. Check the official website to find out the qualifications and requirements for the loan you have selected.
You can also find a loan specialist to help you choose the available options and the requirements that need to be prepared. There are also pre-qualification tools that will check to see if you are eligible for the loan.
Prepare the Necessary Documents
You will then need to prepare the necessary documents for the application. These documents include proof of identity, which can be your passport or driver’s license, and proof of income, such as your payslips or bank statement.
You will also need to prepare your credit report and any property information in case you want to apply for a mortgage loan.
Applying Online
Once you have prepared all of the requirements, you can proceed with the application by applying online through the official website.
Fill out the online application form and attach all of the necessary documents. Review everything, including the terms and conditions, before you submit your application.
Loan Review and Approval
After submitting your application, you’ll receive a confirmation email. The review process will take a few minutes, and you’ll receive the decision afterward.
In some cases, you will need to wait for a few hours or an entire day for the decision. Review the terms and conditions of the loan offer before you sign it.
Check to see if you agree with the repayment amount and schedule.
Contact Details
If you have inquiries or need assistance with the application, you can call their customer service hotline at 844.892.6002 for new customers and 800.215.6195 for existing customers.
You can also visit their main office located at Bank of America Corporate Centre, 100 North Tryon Street, Charlotte, NC 28255.
Conclusion
With this detailed guide on how to apply for a Bank of America loan, you should have a better chance of getting approved for the product. Follow the steps, and good luck!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.