Bank of America Offering Discount on Mortgage Origination Fees for Preferred Rewards Members

Bank of America logoBuying a home comes with a handful of expenses, from the down payment to lender fees associated with a new mortgage loan. When all costs are combined, homeowners in the process of buying or refinancing can be out of pocket a pretty penny. To help quell these expenses, some financial institutions provide discounts or other savings programs specific to homeowners and their unique financing needs.

The Offer

Currently, Bank of America is offering up to $600 off the mortgage loan origination fee for homeowners who are also part of the Preferred Rewards program through the bank. The discounted origination fee is available for both refinance and purchase transactions, and the total amount offered is based on the rewards tier the customer falls into.

Gold Preferred Rewards members, those who have an average of $20,000 in qualifying Bank of America accounts, qualify for a $200 origination fee discount. Platinum Preferred Rewards members, those who have an average balance between $20,001 and $50,000, qualify for a $400 discount. Platinum Honors Preferred Rewards members, those who have $50,001 or more on average in qualified accounts qualify for a $600 discount on origination fees.

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The origination fee discount is available to customers who are enrolled or eligible to enroll in the Preferred Rewards program at the time an application is submitted. The total amount applied as a discount cannot exceed the total origination fee. All borrowers listed on a Bank of America mortgage application, for either a refinance or a purchase transaction, must qualify based on credit history, score, income, and home value criteria. Applications for a Bank of America mortgage may be submitted online, at a branch location, or over the phone.

About Bank of America

As one of the leading financial institutions in the United States, Bank of America serves nearly 50 million consumers and small businesses throughout the world. The bank offers access to more than 4,500 financial centers, 16,000 ATMs, and free digital banking. In addition to home loan products, Bank of America offers investment and insurance advice, deposit accounts like savings and checking options, personal and auto loans, and credit cards.

Contact Information

Current or prospective homeowners interested in the Preferred Rewards program and applicable discounts with Bank of America may gather more information by visiting a financial center in person, contacting a customer service representative at 1-888-888-7937, or by visiting Bank of America online.

Posted on January 9, 2018 by in Mortgages,

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04/08/2018