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Bank of America Mortgage Payment
|Bank of America Mortgage Payment is one that includes interest rate, principal amount, fees and charges. The main advantage of these mortgage payments is that these payments are tax deductible. Moreover BofA also keeps part of your mortgage payment in Escrow Account from where insurance and property taxes can be paid.
There are many kinds of loan program that have low monthly payment. For example, you can get a fixed-rate mortgage that offers you a stable payment option at an interest rate you can afford. But because of the economic ups and downs, many people are facing problems in making the regular monthly payments to the bank, which is causing a rise in the number of foreclosures these days. BofA is doing all sorts of efforts for its customers to get out of this problem. In one such program, the monthly housing payment including home loan, property tax and insurance has been given a slab and all of these are related to gross income and cannot be more than 34%.
This is one of the best efforts that are done by Bank of America to regularize the monthly mortgage payment. This mortgage modification program is targeted at Countrywide customers holding subprime adjustable rate mortgage (ARMs), subprime fixed rate loans and option ARMs. The program is expected to help 400,000 borrowers with modified rates and lower mortgage payments. For further help Bank of America mortgage payment center can also be contacted.
Bank of America Mortgage Payment Calculator
For every type of home loan, you can find a Bank of America mortgage calculator that helps you know in advance what your actual monthly payments would be like. Varied types of payment calculators are given in the website that broadly includes:
You can call 1-800-782-9022 to get personalized assistance for mortgage payment details.
- Down Payment Calculator - Check how much money you should put down to reach an affordable mortgage payment.
- Mortgage Payment Calculator - Check your monthly principal and interest payment by entering loan amount, interest rate and loan term.
- Mortgage Refinance Calculator - Check how much you can save by refinancing your mortgage loan with options to lower your rates and mortgage payments both.
- Home Equity Calculator - Check what you need to pay each month for a home equity loan or line of credit.
- Closing Costs Estimator - Get a quick estimate on how much you need to pay in order to close your mortgage account.
- Today's Rates - This tool allows you to compare current rates for different kinds of mortgage options made available by Bank of America in your area.
Bank of America Mortgage Payment Online
Mortgage payment now can also be done online if you have an online account with the bank. You can create online account through Bill Pay service in which automatic mode of making the monthly mortgage payments can be created under recurring payment plan.
A late fee will be charged if your payment fails to reach the bank on or before the due date. It is advisable for you to pay your mortgage well before the due date or at least one business day earlier. You can also make extra payments that will be applied to your principal and help you save on future interest charges and build home equity quickly. Bank of America offers you several options for safe and instant mortgage payment. These are:
- Automatic deduction from your checking and savings account whenever a payment is due
- Online payment through a secure website of your lender with an option to schedule your payments in advance
- Mailing your payment to the address given on the statement you receive every month
Bank of America Mortgage Payment Address
Bank of America mortgage payment address may vary depending upon your location in the country. Check your documents especially the mortgage statement you receive every month to find the address for making payment through ordinary mail.
4161 Piedmont Parkway
Greensboro, NC 27410
Bank of America Mortgage Payment Center
This web link can be checked to find out every information related to mortgage. Also check the mailing address, online payment mode and BofA mortgage calculator.
For a fixed-rate mortgage payment option call: 1-800-990-6248
Existing customers can use this helpline for assistance and also for paying mortgage by phone: 1-800-669-6607