Requirements to obtain bank of America personal loans
Do you want to know the bank of america personal loans? What are your requirements? And if you qualify, do you want to know how to calculate the fee that you will have to pay?
All this and much more you are about to know below so that you can get your loan …
What are the bank of america personal loans
First of all you should know that as for the bank of america personal loans, the bank is not offering unsecured personal loans, but it can offer you other types of loans that may be adjusted to what you need, such as:
FHA bank of america loans
If you are thinking of buying a property, FHA loans allow you to access a down payment of between 3 and 3.5% on the total value of the property.
FHA loan requirements
To apply you must have a credit history score of 620.
You must take out Premium upfront insurance with coverage of 1.75% of the value of the loan.
You must have a Premium annual insurance whose rate is variable between 0.7 to 1.3% on the number of years of your mortgage.
The loan must be used for the purchase of your first home.
You must show that you have a job that has been in business for 3 years.
Bank of america home loans
When you apply for a home loan that Bank of America also offers you, you will complete the application and attach all the documentation that serves as support for your ability to pay the debt that you will generate, for which you must meet certain basic requirements to
Requirements
You must show that you have enough monthly income to be able to pay the loan.
In turn, to ensure that your payment capacity will be considered favorable, not only the payment of future loan installments but all your monthly expenses is evaluated, therefore it evaluates whether the loan installment added to monthly expenses they do not exceed 36% of your income, as this is the percentage that all lenders evaluate.
You must have a good score on your credit history, 620 at least.
If the down payment that you can present does not reach 20%, you will have to buy private mortgage insurance, for which the payment of your mortgage will increase.
Bank of america auto loans
You can request Bank of America auto loans online because there are no fees and in 60 seconds you will be able to know if your application was approved, unless the bank needs to know more details then it will send you an email when the decision has been made final.
Requirements
You must provide your personal data including name and surname and address.
You must provide your social security number.
You must be working and reporting that job.
You must provide your email address.
You must have US citizenship.
You may also need to submit your financial statements.
They can request your federal tax return.
Your proof of income.
Calculation of installment personal loans bank of america
To do the quota calculation bank of america personal loans follow these steps:
Then the site will ask you to indicate the objective of your application for the mortgage loan you want to obtain.
Then open the options I want and choose between: buy a house, reduce my monthly mortgage payment, pay my mortgage earlier, use the equity in my house for a major expense, consolidate debt or buy my first home.
Then choose the Mortgages, Refinance, or Home Equify tab.
If you choose Mortgages, you can schedule an appointment or speak with a loan officer by calling 800-763-4820.
Complete the Initial Payment field.
Next to Initial payment you will see another field to fill in with the postal code.
7.When completing the initial payment and your zip code, the site will show you the calculation with the 30-year fixed interest rate, the 15-year fixed interest rate and the variable interest rate ARM and the payment of the monthly fee according to the interest rate.
Bank of America in Spanish
Although you already know that bank of america personal loans when it comes to guaranteed loans, you will not get them in your bank, you also know that you can get other types of loans that may fit what you are looking for.
In fact, bank of america credit cards can replace a loan and even with the bank’s loyalty program known as America Cash Rewards you benefit from a 1% refund on your purchases.
With the Bank of America Cash Rewards program when you shop at grocery stores you receive a 2% refund of your purchases.
With the same program, when you buy gasoline, it reimburses you 3% on the first $ 2500 you spend combining the purchase with your gas expenses, in supermarkets and wholesale calculated per quarter.
You also get a reward bonus worth $ 200 in cash for your purchases of $ 500 that you make during the first 3 months of opening your account.
Bank of America also offers you online banking and mobile banking from where you can manage your accounts, pay and make transfers.
By managing your accounts you can make check deposits, check your balance, check the account statement, you can pay bills and you can transfer money between your accounts.
You can also set alerts via text message, email or receive automatic notifications.
From your home you can pay the bills you need with easy programming so that you can also make payments wherever you are, because if you are working in your office you can pay the bills from your office, because as long as you have an internet connection you can do it.
If your family or friends have their account at another bank, it doesn’t matter because you can exchange money with them using Zelle to make safe and fast transfers.
