Just as the traditional spring home buying season kicks into high gear, Bank of America Home Loans is unveiling an enhanced online home loan guide that will educate consumers about the home buying process by using customized tools on budgeting, affordability and choosing the right kind of loan. "As part of our commitment to create more transparency and clarity in the lending process, Bank of America is proud to provide interactive tools designed to empower homebuyers to make decisions that are right for them," said Todd Dal Porto, Bank of America Home Loans Enterprise Sales executive.
The enhanced online home loan guide is now accessible at www.bankofamerica.com/myhome. Since the Bank of America Home Loan Guide was introduced in April 2009, more than 500,000 consumers have used it to gain insights into the home loan process and determine what they can comfortably afford. The revised site includes interactive tools and calculators, the ability to save worksheets and information for use at a later date and a new local mortgage loan officer finder.
"This new site offers clear, objective information that will allow homebuyers to navigate the home buying process with confidence," said Dal Porto. The new site encourages homebuyers to follow Bank of America's six steps to understanding the home loan process, including:
►Seeing if homeownership is right for you.
►Setting a budget.
►Understanding how your credit score affects you.
►Saving for a home.
►Choosing the right loan.
►Understanding and completing the loan process.
Expanded Clarity Commitment
One example of Bank of America's commitment to transparency throughout every step of the home loan process is Clarity Commitment, an easy-to-understand, one-page summary of the key terms of a homebuyer's loan. Since April 2009, more than 1.18 million consumers have received a first mortgage Clarity Commitment.
As a result of suggestions from both Bank of America associates and its customers, Clarity Commitment's format and order has been changed to now complement the newly revised U.S. Department of Housing & Urban Development's (HUD) Good Faith Estimate (GFE). The Clarity Commitment provided initially will now include the interest rate lock expiration date and information about closing costs.
Clarity Commitment is now available for most Bank of America home loans, including home equity loans, reverse mortgages, and mortgage modifications completed through the federal government's Home Affordable Modification Program. Bank of America is also providing credit card customers with tools that respond to their needs for simplicity and transparency. In December, Bank of America mailed a Credit Card Clarity Commitment--a one-page summary of each customer's card rate, fees and payment information--to 40 million consumer credit card customers.
For more information, visit www.bankofamerica.com.