Contributed by Andrew Leff, SVP
National Business Development Executive, Bank of America
Atlanta continues to attract thousands of new residents each year, fueling the demand for housing in both the city and the suburbs. In fact, Atlanta is one of the hottest markets in the country now. The Atlanta Case-Shiller Index illustrates that home prices in the area remain consistently on the rise compared to past years, and local data shows that inventory remains relatively tight. Many homebuyers, especially those in the suburbs, are turning to new construction to achieve their dream home in the right price range.
While the housing market remains strong, there is a natural concern among consumers about interest rates eventually increasing. However, it’s important to maintain a broad perspective and understand that previous generations of homebuyers purchased homes at significantly higher rates than what we enjoy today. To capitalize on this current low rate environment, Bank of America offers Edward Andrews Homes’ buyers the opportunity to lock in their interest rates for up to six months.
Traditionally, saving for a down payment has been the main challenge first-time homebuyers face. Luckily, today’s homebuyers who are concerned about affordability have numerous ways to access help. Similar to EA Homes’ One Step Ahead program, Bank of America has programs and resources available to help make your next home a reality. For example, our Down Payment Resource Center guides homebuyers to down payment and closing cost assistance programs in various regions to help the buyer find an affordable path toward homeownership. We also offer a low downpayment loan option that requires as little as three percent and no private mortgage insurance for qualified homebuyers.
Once they have completed a loan application, we know that today’s digital-centric consumers expect instantaneous information at the touch of their fingertips. Historically, waiting for updates on how your loan application is progressing was a major pain point, but Bank of America alleviates that stress with its Home Loan Navigator, an online portal providing mortgage applicants with real time status of their loan.
Bank of America has a wide range of loans suitable for various types of homebuyers – whether you are buying a home for the first-time, moving up to a bigger home, downsizing, or purchasing a second home. Contact new home specialist Sam Thompson or Bank of America Lending Officer Mike Rose for more information on financing.