In addition, the company introduced the Bank of America Home Loan Guide as part of the new Bank of America Home Loans website (bankofamerica.com/homeloans).

The unique interactive guide is designed to provide prospective homebuyers and existing homeowners looking to refinance with a personalized simulation of the home loan process. It helps consumers understand the criteria that drive lenders’ decisions, steps they can take to be more successful in the search for the appropriate home loan, and how a home loan fits into their budget and total financial picture.

By explaining key data inputs, highlighting “rules of thumb” and tips with each step, and providing context around the results, the easy-to-use guide gives consumers relevant, personalized information that helps them to understand their options and make informed decisions.

“Purchasing a home is one of the biggest decisions an individual makes, and we take seriously our responsibility to educate customers and arm them with the information they need to make smart decisions,” said Desoer. “Especially in this environment, it’s important that consumers understand the true, comprehensive costs of homeownership so they can buy a home and enjoy it with confidence.”

Bank of America Home Loans also introduced Flat Fee Mortgage Plus through the 6,100 Bank of America banking centers. A new mortgage product, Flat Fee Mortgage Plus has no application fee and one single closing fee that represents the lender and other fees required for third-party services. The product features a close-on-time guarantee and best value guarantee. The Flat Fee Mortgage Plus will be available through additional channels in the future. HOPE Homeowner Program