Ease - Shop and apply for a loan online, by phone or face to face in a local branch, all with the confidence of knowing a knowledgeable home loan expert is available to guide you through the loan process, start to finish.

Simplified loan process - Get approved quickly and easily with a streamlined process that minimizes the paperwork whenever possible.

Widest selection of loans at low rates - No matter what your situation or credit history, choose from innovative loan programs that meet your particular needs.

Quality customer service and online accessibility - After your loan closes, you can continue to expect top-tier service and convenience. Manage your accounts online (including electronic payment options) or get prompt, courteous service from our experienced staff with just a simple toll-free phone call.

Fixed-rate mortgage - You pay the same interest rate and same monthly payment of principal and interest for the duration of the mortgage. The most common terms are 30 years and 15 years. Fixed-rate mortgages are best if you plan on being in your home forever.

Adjustable-rate mortgage (ARM) - The interest rate stays fixed for an initial interest rate period, which ranges from 1 to 7 years. Then the rate will adjust up or down over the life of the loan based on a specified index. An ARM is a good option if you believe interest rates will go down over the next few years or if you plan on staying in your home seven years or less.

Combination loan - A loan where you receive a first mortgage combined with a second mortgage. This option may help you avoid the costs of private mortgage insurance (PMI) and/or the higher rate of a jumbo loan with as little as 5% down. The most popular combinations are 80-15-5 (80% first, 15% second, 5%down), or 80-20 (80% first, 20% second, 0% down).

Income tax reduction - In the early years of a mortgage, most of your monthly payment covers interest on the mortgage. The mortgage interest and property taxes are deductible from your taxable income, lowering your overall tax bill.

Therefore, your after-tax cost of home ownership may be lower than renting. There are tax implications if you later sell the home at a profit. Consult your tax advisor for information.

Tax deductible borrowing power - As your home equity increases, you can borrow against it for almost any need with a home equity loan or line of credit.

Because your home equity loan or line of credit is backed by the equity in your home, you are able to deduct that interest from your taxable income. This could lower your final tax bill. Call a professional for complete details.

The amount of home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on three factors:

Your monthly payments as a percentage of income.

How much cash you have for the down payment and closing costs.

Your credit history

Getting prequalified for your mortgage is an important step before you shop for a home. Just how much home you can buy and makes applying for your mortgage easier. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.

In addition to the principal and interest payment on your mortgage loan, you may elect to pay additional funds each month in an impound/escrow account to pay for property taxes and homeowners insurance. With some mortgage programs, impounding for taxes and insurance may better your rate.

Having an impound/escrow account allows you to put aside a small portion each month to cover costs of insurance and property taxes. You send the additional funds each month when you pay your mortgage payment. The money is held in an impound/escrow account and makes the payments from the account when they are due.

Under current law, interest paid on loans secured by a primary residence may be tax deductible. Ask your tax advisor about your home and your personal tax situation to determine whether or not interest would be tax deductible. If you obtain a line of credit secured by your home, Bank of America will provide you with a 1098 form if interest is over $600 or an interest paid notice if interest is less than $600 each year.

Providing the information needed is complete, the typical loan closes in 20 - 25 days.

A lock period refers to the amount of time prior to closing that you can secure an interest rate on your loan. Lock periods range from 30 days to more than 90 days. Generally, the longer the period, the more you pay in points or interest.

A 15-year mortgage allows you to own your home in half the time of a conventional mortgage with a 30-year term. Although payments are higher with a 15-year mortgage, you'll save thousands of dollars in interest and build equity faster.