Paying your mortgage is a critical financial responsibility, and for Bank of America customers, there are a variety of convenient ways to ensure your payments are made on time. Whether you prefer the ease of online banking, the personal touch of a phone call, or the traditional method of mail, Bank of America offers options to suit your needs. This comprehensive guide will walk you through each step, helping you understand how to manage your mortgage payments efficiently.
Ready to take control of your mortgage payments? Let's dive in!
Navigating Your Bank of America Mortgage Payments: A Step-by-Step Guide
Step 1: Understand Your Mortgage Statement and Due Date
Before you make any payment, it's crucial to know the details of your loan. Have you reviewed your latest mortgage statement? This document is your financial compass, providing essential information like your loan number, payment due date, and the total amount due.
Sub-heading: Locating Key Information
- Loan Number: This unique identifier is essential for all your transactions with Bank of America regarding your mortgage. You'll find it prominently displayed on your statement.
- Payment Due Date: Mark this date on your calendar! Bank of America typically offers a grace period (often 15 days) after your due date before late fees are assessed, but it's always best to pay on or before the due date to avoid any penalties and maintain a good credit history.
- Amount Due: This is the total monthly payment required, which often includes principal, interest, taxes, and insurance (PITI) if you have an escrow account.
Step 2: Choose Your Preferred Payment Method
Bank of America provides several ways to pay your mortgage, offering flexibility and convenience. Consider which method best fits your lifestyle and financial habits.
Sub-heading: Online Payment Options (Recommended for Ease and Speed)
- Bank of America Online Banking (PayPlan or One-Time Payment):
- Enroll in PayPlan (Automatic Payments): This is by far the most convenient option for consistent, on-time payments. PayPlan automatically debits your checking or savings account (from Bank of America or another financial institution) on your chosen date. It even adjusts for any changes in your contractual payment.
- Log In: Go to the Bank of America website (
bankofamerica.com - Navigate to Mortgage: On your "Accounts Overview" page, locate and select your Mortgage account.
- Enroll in PayPlan: On the "Account Details" page, look for the "Enroll in PayPlan" option and follow the on-screen instructions. You can set your desired draft date and even schedule additional principal payments. Note: If your PayPlan is set to draft more than once a month, you'll need to contact Bank of America to make changes.
- Log In: Go to the Bank of America website (
- Make a One-Time Payment via "Pay & Transfers": If you prefer to make manual payments or need to make an extra payment, the "Pay & Transfers" tab is your go-to.
- Log In: Access your Online Banking account.
- Select "Pay & Transfers": Click on this tab.
- Choose "Pay Bills": Select the option to pay bills.
- Select Payee and Account: Your mortgage should be a listed payee. Choose your mortgage and the account you wish to pay from. If your mortgage isn't listed, you may need to add it as a payee first.
- Enter Amount and Date: Input the payment amount and the desired delivery date.
- Confirm: Review the details and confirm your payment.
- Enroll in PayPlan (Automatic Payments): This is by far the most convenient option for consistent, on-time payments. PayPlan automatically debits your checking or savings account (from Bank of America or another financial institution) on your chosen date. It even adjusts for any changes in your contractual payment.
- Bank of America Mobile App: The mobile app offers the same great functionality as online banking, allowing you to manage your mortgage on the go.
- Download and Log In: Ensure you have the latest Bank of America Mobile Banking app downloaded and log in with your credentials.
- Access Mortgage Account: Navigate to your mortgage account from the accounts overview.
- Use PayPlan or Make a One-Time Payment: The steps are very similar to online banking for setting up PayPlan or making a single payment. You can also use Erica, your virtual financial assistant, by typing or speaking commands like "Pay my mortgage" to be guided through the process.
Sub-heading: Payment by Phone
- Automated Phone Service: Bank of America offers a 24/7 automated phone service for mortgage payments. This is a convenient option if you don't have internet access or prefer to use the phone.
- Call 800-669-6607 (for existing mortgages). You will need your loan number and the routing and account number of the checking or savings account you wish to use for the payment. Follow the voice prompts.
- Speaking with a Representative: If you have questions or need assistance, you can speak with a customer service representative.
- Call 800-669-6607 during business hours (Monday-Friday, 8 a.m. - 9 p.m. ET). Be prepared with your account information.
Sub-heading: Payment by Mail
For those who prefer traditional methods, paying by mail is always an option.
- Prepare Your Payment:
- Make your check or money order payable to Bank of America, N.A.
- Crucially, write your loan number on the check or money order. This ensures your payment is correctly applied.
- Include your payment coupon from your monthly mortgage statement. Do not staple your check to the coupon.
- Do not send cash or include any correspondence other than your payment.
- Use blue or black ink.
- Mailing Address:
- The correct mailing address for mortgage payments should be on your statement. A general mailing address for correspondence is: Bank of America PO Box 25118 Tampa, FL 33622-5118
- However, always confirm the specific payment mailing address on your most recent mortgage statement to avoid delays.
Sub-heading: Payment in Person
While less common for regular mortgage payments, you can sometimes make a payment at a Bank of America financial center.
- Visit a Financial Center: Use the Bank of America ATM & Financial Center Locator to find a branch near you.
- Speak with a Teller: Inform the teller you wish to make a mortgage payment. Have your loan number ready. They can assist you with processing the payment.
- Note: While feasible, this might not be the most efficient method for routine payments due to potential wait times.
Step 3: Verify Your Payment and Keep Records
Once you've made your payment, it's essential to verify that it was received and correctly applied.
Sub-heading: Confirmation and Record-Keeping
- Online Banking/Mobile App: Payments made online or through the app will usually show as "pending" almost immediately and be reflected in your account activity within one to two business days. You'll often receive an email confirmation as well.
- Phone Payments: If you pay by phone, request a confirmation number.
- Mail Payments: Keep a copy of your check or money order and note the date you mailed it.
- Monthly Statements: Always review your monthly mortgage statements to ensure payments are applied correctly and your balance is accurate.
- Payment Application: Bank of America generally applies payments first to your contractual payment due. If you pay more than your contractual payment, the excess may be applied to the next contractual payment or directly to the principal, depending on the amount and your specific instructions (if provided via "Pay & Transfers"). If you have an escrow account or outstanding fees, portions of your payment may also be applied to those.
Step 4: What to Do if You Face Payment Challenges
Life happens, and sometimes making a mortgage payment on time can be a challenge. Bank of America offers assistance if you're struggling.
Sub-heading: Seeking Assistance
- Contact Bank of America Early: If you anticipate difficulty making a payment, do not wait. Contact Bank of America's Home Loan Assistance team as soon as possible.
- You can call 800-669-6607 (Mortgage Customer Service) or 800-934-5626 (Home Equity Customer Service).
- You can also inquire about forbearance assistance online.
- Explore Options: Bank of America may offer various options, such as:
- Forbearance: Temporarily lowering or suspending payments for a set period during a temporary financial hardship (e.g., loss of income due to medical illness, unemployment).
- Loan Modification: Changing the terms of your loan to make payments more manageable if you're facing an ongoing hardship.
- Repayment Plans: If you've missed a payment or two, they may work with you on a plan to catch up.
- Understand Late Fees and Grace Periods: Most Bank of America mortgages have a 15-day grace period. If your payment is received within this period, you typically won't incur a late fee. However, a late fee (often 4-5% of the overdue amount) will be assessed if the payment is received after the grace period. Late payments can also negatively impact your credit score if reported to credit bureaus (typically after 30 days past due).
10 Related FAQ Questions
Here are some frequently asked questions about paying your Bank of America mortgage:
How to set up automatic mortgage payments with Bank of America?
You can set up automatic payments (PayPlan) by logging into Bank of America Online Banking, selecting your mortgage account, and then choosing "Enroll in PayPlan." Follow the prompts to set your draft date and account.
How to make a one-time mortgage payment online with Bank of America?
Log into Bank of America Online Banking, go to the "Pay & Transfers" tab, select "Pay Bills," choose your mortgage payee, enter the amount and date, and confirm the payment.
How to find my Bank of America mortgage loan number?
Your mortgage loan number is clearly displayed on your monthly mortgage statement. You can also find it by logging into Bank of America Online Banking or the mobile app and viewing your mortgage account details.
How to contact Bank of America mortgage customer service?
For existing mortgages, you can call Bank of America at 800-669-6607 (Monday-Friday, 8 a.m. - 9 p.m. ET).
How to pay my Bank of America mortgage by mail?
Make a check or money order payable to "Bank of America, N.A.," write your loan number on it, include your payment coupon from your statement, and mail it to the payment address provided on your statement.
How to pay extra on my Bank of America mortgage principal?
When making an online payment via "Pay & Transfers," you often have the option to specify how you want any additional funds applied (e.g., to principal). For PayPlan, you can also adjust to pay more towards your principal balance.
How to check my Bank of America mortgage payment history?
You can view your mortgage payment history and how payments were applied by logging into Bank of America Online Banking or the mobile app and accessing your mortgage account details. It will also be on your monthly statements.
How to know my Bank of America mortgage grace period?
Most Bank of America mortgages have a 15-day grace period after your due date. Check your Promissory Note or contact Bank of America customer service to confirm your specific grace period.
How to change the due date of my Bank of America mortgage payment?
Changing your mortgage due date typically requires contacting Bank of America directly. It may not always be possible or might involve specific conditions. Call their mortgage customer service to discuss options.
How to get help if I'm struggling to pay my Bank of America mortgage?
If you're facing financial hardship, contact Bank of America's Home Loan Assistance team as soon as possible at 800-669-6607. They can discuss potential options like forbearance or loan modification.
