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Service and Support

Our commitment to responsible lending means we have the solutions you need to be confident at every stage of homeownership. At Bank of America Home Loans, we’re here to help you understand all your options, so you have the support you need to be a successful homeowner.

Steps for successful homeownership

There are many things you can do to uphold your responsibilities as a successful homeowner. Follow these concrete steps for managing your home loan:

Make your home loan payment on time
You worked hard to buy your home and you don’t want to jeopardize it. To ensure you keep your home, the single most important thing you can do is make your payment on time every month. Late payments can damage your credit rating, and non-payment could lead to more serious consequences—even foreclosure. The good news is you have a variety of options available to make paying your home loan more convenient:

  • Automatic deduction: One of the easiest ways to ensure your payment arrives on time is to have the amount automatically deducted from your checking or savings account each month. It’s easy to set up, you won’t have to remember to make a payment, and your payments will always be on time.
  • Online payments: If you like to manually make payments, you can do so online through our secure Web site. See the Home loan customer service section to make or set up online payments. You can also schedule payments in advance, and have payments deducted from your checking or savings account.
  • Mailing payments: Of course, you can still pay your bill the more traditional way, by receiving your monthly statement in the mail and then sending in a payment each month.

Avoid late payments
Make sure your lender receives your payment on or before the due date. It’s important to understand that that the day you mail or bring in your payment may not be the same day the money is applied to your account, so plan ahead to ensure your payment is received at least one business day before it’s due. If your payment is late, you’ll be charged a late fee, which can add up over time. Late payments could also adversely affect your credit rating, so make sure you pay on time.

Make payments early
To avoid late payment penalties, consider paying early—there are no penalties for doing so. You might also consider making extra payments to pay down your home loan more quickly. This allows you to save on future interest charges and build up the equity in your home faster. Consult your financial or tax advisor to determine if this is a good strategy for you.

Check your documents
Always check your loan documents and monthly mortgage statements for errors and omissions. Confirm that the contact information is correct, and that your monthly statements are accurate. If you have any questions or find any errors or discrepancies with your Bank of America Home Loan, please call us at 1.800.669.6607.

Be sure to budget for taxes and insurance
Many home loans require you to pay your property tax and homeowners insurance along with your monthly mortgage payment, which your lender then sets aside in what’s called an escrow (or impound) account. Your lender then makes these payments when they’re due. If your home loan isn’t set up with an escrow account for such payments, you’ll need to make these payments on your own, so be sure you budget for these amounts every month and make sure you pay on time. Contact your lender if you’re unsure how your taxes and insurance are being handled. Also note that in some states, you may receive a supplemental tax bill after your loan has closed, based on a re-assessed home value established from the sales price of the home, which may increase your total monthly payments.