DECEMBER 11TH, 2018

Bank of America

With more than 5880 branches in 29 states and the District of Columbia, Bank of America has more locations than any other financial institution. B of A employs more than 175,000 people, and the commercial and consumer divisions serves more than one in four households in the United States. The bank performs more than 150 transactions each second. In 2003, 625,000 families financed home ownership through the Bank of America. The bank has a long history of financing public and private works; during the Depression, Bank of America financed building the Golden Gate Bridge; it was Bank of America that loaned Walt Disney the money to build Disneyland. One in five small businesses in their 29 state franchise banks at B of A. The bank also has a presence in 150 other countries around the world, and deals with 97% of Fortune 500 companies.

Loans offered by Bank of America

  • Fixed rate mortgages, 10 to 30 year term
  • Adjustable rate mortgages, 10 to 30 year term, with initial fixed term of 1, 3, 5, 7 or 10 years
  • Refinance loans
  • Home equity loans and lines of credit
  • FHA and VA Loans
  • Hassle-free Mortgage; 80% less paperwork
  • Neighborhood Advantage Zero-Down Mortgage, available to those whose income doesn’t exceed set limits, or those purchasing a home in a designated low- to moderate-income census area
  • Neighborhood Advantage Credit Flex, for borrowers whose income doesn’t exceed set limits, or those purchasing a home in a designated low- to moderate-income census area
  • Neighborhood Champions; special conditions for teachers, police, firefighters and medical workers
  • Combination Loan, combining a first mortgage and equity line of credit in one loan
  • Construction Financing, combining construction funds with long-term mortgage

Bank of America announced in May that the bank has become the leading home equity lender in the United States. Bank of America now has 8.4% market share of the home equity market, after introducing a no-fee line of credit to homeowners in 2004. The growth in that market is also attributed to their extensive network of branches, accessibility through the Internet, and by phone.

The bank’s home equity portfolio is valued at $70 billion. The no-fee line of credit was initiated after listening to customers; there are no set-up fees, minimum draws, prepayment or early closure fees, fixed-rate conversion fees, or inactivity fees. Borrowers are able to lock in fixed rates, at no additional fee, an advantage which borrowers are taking as rates rise.

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