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Residential Mortgage

4/12/17 9:00 am EDT

Boston homeowners are increasingly investing in their homes, as 78 percent look for ways to make it more valuable, and 59 percent spend a lot of free time working on their home.

Still, fewer than one in four experienced buyers in the Boston area say a home’s true value is determined by how much it cost to purchase, according to the second annual Bank of America Homebuyer Insights Report. This is fewer than homeowners nationally (33 percent) and any of the 10 markets surveyed. more...

4/12/17 9:00 am EDT

For experienced buyers in the Charlotte metro area, their current home may be their forever home, according to the second annual Bank of America Homebuyer Insights Report. Seventy-nine percent of local homeowners say they could stay in their current home for the rest of their lives, higher than any of 10 markets surveyed. As such, these experienced buyers show clear sentimental ties to their property: nearly all are proud of owning their home (94 percent) and treasure the memories they have more...

4/12/17 9:00 am EDT

For experienced buyers in the Chicago metro area, homeownership has clear sentimental value, according to the second annual Bank of America Homebuyer Insights Report. Nearly all (97 percent) Chicago homeowners say they are proud of owning their home, higher than any of the 10 local markets surveyed. Additionally, 92 percent say they treasure the memories they have made in their home, and 79 percent say their home is an extension of their personality. more...

4/12/17 9:00 am EDT

When thinking about homeownership, experienced buyers in the Dallas-Fort Worth metro area overwhelmingly see its positive long-term impacts, according to the second annual Bank of America Homebuyer Insights Report. Compared to the national average (84 percent) and 10 markets surveyed, Dallas homeowners (90 percent) were most likely to say homeownership will have a positive impact on their long-term financial picture.

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4/12/17 9:00 am EDT

Denver-area homeowners see value in buying early, even if that means putting their dream home on hold for now, according to the second annual Bank of America Homebuyer Insights Report. Forty-six percent of experienced local buyers say their current home is a stepping stone to their forever home, which is more than the national average (36 percent) and any of the 10 local markets surveyed. When sharing advice on the homebuying experience, nearly one in three Denver owners say buy a home sooner more...

4/12/17 9:00 am EDT

Many aspiring buyers in the Houston metro area are looking to become solo homeowners, according to the second annual Bank of America Homebuyer Insights Report. Forty percent plan to buy their first home by themselves instead of with family or a spouse, which is more than those nationally (27 percent) and any of the 10 local markets surveyed.

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4/12/17 9:00 am EDT

First-time buyers in the Miami metro area place a significant emphasis on saving and see homeownership on the horizon, according to the second annual Bank of America Homebuyer Insights Report. Nearly three-quarters of aspiring buyers in the area cite saving for a home as a major priority, ahead of improving credit scores (71 percent) and saving for retirement (66 percent). This is more than the national average (45 percent) and higher than any of the 10 local markets surveyed. more...

4/12/17 9:00 am EDT

While they prepare for their first home purchase, many prospective buyers in the New York metro area are living with mom and dad, according to the second annual Bank of America Homebuyer Insights Report. One-third of aspiring buyers currently live with their parents, more than any of the 10 markets surveyed. Despite this, when thinking ahead to their first home, having the financial means (53 percent) outweighs wanting a place to call their own (38 percent) as their top influence to purchase. more...

4/12/17 9:00 am EDT

Experienced buyers in the Phoenix metro area are more likely to view their home as a financial asset rather than an element of their personality, according to the second annual Bank of America Homebuyer Insights Report. When asked how to best describe their current home, more local homeowners (49 percent) than those nationally (36 percent) and any of the 10 markets surveyed said a financial investment. Fewer than three in 10 said a reflection of their personality. more...

4/12/17 9:00 am EDT

For St. Louis-area homeowners, family plays a major role in the homebuying decision, according to the second annual Bank of America Homebuyer Insights Report. Compared to the national average (35 percent) and all other markets surveyed, St. Louis homeowners (51 percent) purchased their first home for familial reasons, including marriage and children. Additionally, 59 percent of experienced buyers in St. Louis associate homeownership as family, higher than any of the 10 local markets surveyed. more...

4/12/17 9:00 am EDT

Forward-thinking millennials are buying homes – and they are happy about it. While “dreamers” reported last year that they wanted to skip the starter home, Bank of America’s second annual Homebuyer Insights Report revealed that millennials who have taken the plunge into homeownership are buying the house they can afford now and looking ahead to their ideal home in the future. In fact, a large majority (68 percent) of millennial homeowners more...

10/20/16 10:00 am EDT

Bank of America, in partnership with Self-Help Ventures Fund and Freddie Mac (OTCQB: FMCC), announced the doubling of its annual commitment to its Affordable Loan Solution™ mortgage program from $500 million to $1 billion, ensuring continued support for an innovative mortgage program that has provided more than 90 percent of its recipients first-time homeownership financing.

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9/8/16 1:41 pm EDT

Bank of America has announced the launch of its new Real Estate Center, a comprehensive online education center for homebuyers and sellers that provides simple ways to transition from homebuying preparation to home shopping and purchasing.

“The Bank of America Real Estate Center is built to be intuitive, putting critical information at both prospective buyers’ and existing homeowners’ fingertips and helping them stay connected with experts every step of the way,” said D. Steve Boland, Bank of more...

7/22/16 11:00 am EDT

Retired U.S. Army Sergeant and medic Seth Musikant received keys to a renovated mortgage-free home in this Rochester suburb today, becoming the latest recipient of a home donated by Bank of America through the Military Warriors Support Foundation (MWSF).

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6/20/16 9:00 am EDT

Continuing to hone the high-touch and high-tech approach consumers want when it comes to the mortgage process, Bank of America has launched Home Loan Navigator™, an online tool to keep applicants connected to the status of their loan, anytime. Accessed through the security of the Bank of America Online Banking home page, Home Loan Navigator is an online portal designed to help make the loan process easier and more transparent. more...

5/4/16 9:00 am EDT

Bank of America announced today that it has begun an initiative to enhance the accessibility of its online mortgage documents for visually impaired customers. The bank worked with Jessie Lorenz, a visually impaired customer, on the project.

Bank of America will continue to use Web Content Accessibility Guidelines (WCAG) 2.0 Level AA as the standard for ensuring that the content, features and services of its web pages and documents for mortgage holders are accessible to all site users, including more...

4/6/16 9:00 am EDT

As peak homebuying season begins, Atlanta metro area homebuyers are optimistic about saving and purchasing a home, according to the inaugural Bank of America Homebuyer Insights Report, released today. Compared to the national average (50 percent), far fewer Atlanta buyers (30 percent) believe it will take a long time save enough money for a down payment. In fact, 54 percent of buyers plan to make their down payment with savings specifically set aside for a home purchase. more...

4/6/16 9:00 am EDT

As peak homebuying season begins, 47 percent of first-time homebuyers in the Boston metro area think money spent on rent would be better spent toward a mortgage, according to the inaugural Bank of America Homebuyer Insights Report, released today. However, first-time Boston buyers have not purchased a home yet because they are waiting for a life stage event (27 percent), such as marriage or having children. This is higher than the national average of 16 percent, and more than any other market more...

4/6/16 9:00 am EDT

As peak homebuying season begins, Chicago metro area homebuyers are looking for more space (42 percent) and a home in the suburbs (67 percent), according to the inaugural Bank of America Homebuyer Insights Report, released today. More Chicago area buyers are interested in a suburban home than homebuyers nationally (54 percent) and any other market surveyed. more...

4/6/16 9:00 am EDT

As peak homebuying season begins, buyers in Dallas-Fort Worth are confident in their ability to purchase a home they want, according to the inaugural Bank of America Homebuyer Insights Report, released today. Nearly two-thirds of Dallas buyers say they have decided to purchase a home for financial reasons, such as holding a steady job with a steady income and having saved enough money. Additionally, more buyers in Dallas (88 percent) will be shopping for a single-family home than in any other more...

4/6/16 9:00 am EDT

As peak homebuying season begins, Denver metro area homebuyers are seeking a home for practical reasons, as the majority (58 percent) see homeownership as a financial investment, according to the inaugural Bank of America Homebuyer Insights Report, released today. As such, more than half are buying for the first time because they believe their money would be better spent on a mortgage than rent, compared to 37 percent of homebuyers nationally who say the same. more...

4/6/16 9:00 am EDT

As peak homebuying season begins, 43 percent of first-time buyers in the Los Angeles metro area are planning to purchase a home by themselves, according to the inaugural Bank of America Homebuyer Insights Report, released today. This is higher than the national average of 30 percent, and more than any other local market surveyed. This means that fewer buyers in the Los Angeles area are planning to buy their first home with a spouse or partner than those nationally (42 percent vs. 58 percent). more...

4/6/16 9:00 am EDT

As peak homebuying season begins, 54 percent of New York metro area homebuyers say they expect some kind of assistance from their parents when buying a home, ranging from financial support to assistance moving in, according to the inaugural Bank of America Homebuyer Insights Report, released today. That is far more than the national average of 40 percent, and any other market surveyed. This is especially true for millennial New Yorkers, as 72 expect parental support when purchasing a home. more...

4/6/16 9:00 am EDT

As peak homebuying season begins, more San Francisco Bay Area first-time buyers are motivated by emotional factors (76 percent) than financial factors (66 percent) when making the decision to buy a home, according to the inaugural Bank of America Homebuyer Insights Report, released today. Specifically, 51 percent say they want a place to call their own, 49 percent cite owning a home as something they have always wanted to do, and 27 percent want a place to put roots down. more...

4/6/16 9:00 am EDT

As peak homebuying season begins, more Seattle metro area first-time buyers are motivated by emotional factors (78 percent) than financial factors (69 percent) when making the decision to buy a home, according to the inaugural Bank of America Homebuyer Insights Report, released today. This is higher than any other local market surveyed. Specifically, 58 percent want a place to call their own, 54 percent cite owning a home as something they have always wanted to do, and 31 percent want a place more...