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Bank of America Mortgage Account |
Bank of America Mortgage Account is a savings account set up specifically to make monthly payments after your request for a home mortgage is sanctioned by the bank. The monthly mortgage payment consists of four components, namely principal, interest, taxes and insurance. These components are often referred to as PITI collectively. The first two components are paid directly to the lender while the payment made against property taxes and homeowner's insurance are collected by a third party.
It is often required to open an escrow account in order to help you make your mortgage payments in monthly installments. The escrow account becomes necessary when you need a mortgage loan to buy a home. The account which is managed by a third party is used to hold the mortgage fund until the deal is finalized between the buyer and the seller. Once the deal is signed, the money kept in the account is handed over to the seller in lieu of the title to the property sold. The home buyer gets the title and legal ownership of the home with an obligation to repay the loan amount through monthly mortgage payments.
Bank of America Mortgage Account Online
A home mortgage account can be set up with Bank of America in order to pay your bills pertaining to property taxes and homeowner's insurance conveniently. The bank allows you to open a savings account meant specifically for this purpose. In this way, you have the fund ready when the time comes to clear the dues which usually happens once or twice in a year. To open an account with the bank you need to visit its website and filled in an application form available online.
Bank of America mortgage account online lets you access services like checking balance or transferring funds with the click of a mouse. The account helps you manage your finances anytime anywhere and also allows you to pay most of your bills online. Just log in to your mortgage account by entering the special access code and start doing all your banking activity at your own convenience. For more info visit Bank of America website or call at the numbers provided here.
Bank of America Account Info Phone Number: 1.800.622.8731
Bank of America Mortgage Customer Service: 800-285-6000
Bank of America Mortgage Account Help: 800-792-0808
Website: www.bankofamerica.com
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