What happens during the Home Loan Process?
1. Application & Review 2. Approval 3. Closing 4. Servicing 5. First Payment
You are here.
Where do I find my year-end tax statement reflecting the qualifying interest paid on my mortgage?
Year-end Tax Form information can be found on bankofamerica.com. You will also receive a paper Tax Form by mail if you are not signed up for electronic-only
delivery. When the loan is paid off, the Tax Form statement may only be available via mail, and not online.
How do I elect paperless statement?
Enrolling in paperless statements is a convenient and secure way to receive your monthly and year end statements. You can set up paperless statements using the
Manage Your Paperless Setting in online banking.
What is my escrow payment?
An escrow account pays for your property taxes and insurance premiums on your behalf. These costs are in addition to what you pay in principal and interest as
part of your mortgage payment. An escrow account spreads these additional costs into planned monthly payments. The bank will pull the necessary funds from the
escrow account to pay property tax and insurance premiums as they come due.
When does Bank of America make payments from my escrow account?
When you have escrows set up with Bank of America, we will make the escrow payment for you. We’ll monitor your escrow account for tax installment and
insurance premium due dates and pay them when they become due.
Will my escrow payment change?
Your tax assessor may re-evaluate the value of your home and increase or decrease your property taxes and/or you may choose to change insurance carriers after
your loan closes. Bank of America will analyze the account at least annually, but it may be more often, to adjust your escrow payments in order to keep that account
properly funded. Be sure to review escrow statements and monthly statements for any payment changes related to escrow.
If at any time you receive a supplemental tax bill from your tax assessor, notify the bank immediately. A supplemental tax bill is not sent to Bank of America and is
your responsibility. Contact our Customer Service Department at 800.669.6607 to explore the options for paying supplemental tax bills.
Any adjustments made to your payments will be reflected on your statement. Check your statements to make sure you make the correct payment amount. If you
are enrolled in PayPlan, the payment amount will adjust as necessary and no action is needed by you. If you make payments a different way, you will need to adjust
the payment amount.
Who pays Insurance and Tax payments if I don’t have an escrow account?
If you do not have escrows set up, you will be responsible for making all payments for insurance and tax requirements.
Do I need to maintain flood and/or wind insurance?
If you’re in a mandatory flood zone, you’re required to maintain flood insurance. Wind insurance is required for all properties. Generally, this is included in the hazard
insurance policy, though it may be provided as a separate policy.
How do I know if I'm located in a flood/wind zone?
A Flood Certificate will be obtained at origination to determine if your property is in a mandatory flood zone. We will continue to monitor for flood zone changes
through the life of the loan. You will receive a notification if the classification changes.
If we receive a hazard policy that excludes wind, we will notify you via letter that the current policy doesn’t meet our requirements and request sufficient evidence
of coverage to avoid a lender placed policy.
How can I pay off my loan faster?
Making additional principal payments towards your loan will reduce both the outstanding balance owed and the amount of interest due, allowing you to potentially
pay your loan off sooner. You can use our amortization calculator, available in online banking, to see how additional payments will impact when your loan will be
paid off.
Congratulations! Thank you for choosing Bank of America.
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Visit bankofamerica.com for tools to manage your account.
1. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.
2. To avoid late payment fees, payments must be scheduled within your loan's monthly payment grace period and sufficient funds must be in your account at the time of the payment dra.
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