Bank of America has announced the launch of its online Home Loan Planner, an interactive tool created to help customers better understand the home loan process. An integral part of the company’s Home Loan Guide, the Planner outlines the various stages of the home loan process for loan applicants. The Home Loan Planner enables customers to track their loan progress, review documents, contacts and “to-do’s.” It also provides important tips to help consumers navigate the home financing process.
“Customer research has consistently shown that people want consumer education tools that provide clear, easy-to-understand information about the home buying experience,” said Matt Vernon, Bank of America’s Home Loans Sales executive. “The Home Loan Planner is a step‐by‐step guide to getting a home loan, educating customers on what happens during mortgage processing. With this interactive tool, we expect to improve our customers’ loan experience by setting their expectations and helping them understand next steps."
The Home Loan Planner highlights four key steps for customers:
►Step 1: Submitting application and documents.
►Step 2: Processing the application.
►Step 3: Finalizing the application.
►Step 4: Closing and managing the home loan.
“Real estate agents will also see the value of this tool,” said Vernon. “It helps keep the customer on track with their responsibilities, which include collecting and sending necessary documents in a timely manner to keep the process moving forward. Ultimately, the Planner provides clarity about the responsibilities of the customer and the bank in the mortgage process.”
Customers can view the Home Loan Planner directly at bankofamerica.com/planner or through Bank of America’s Home Loan Guide, an online educational tool to assist consumers considering a home purchase. The Home Loan Guide and Planner are also available in Spanish at bankofamerica.com/guiadehipotecas.