How to Pay Your Bank of America Mortgage
Where to send your Bank of America mortgage payment
Bank of America accepts mortgage payments through several channels, and the method you choose affects when the payment posts to your account. The most common routes are online through your Bank of America account, by phone, by mail, or through automatic withdrawal from a checking or savings account.
If you have a Bank of America checking or savings account, you can log into Online Banking and make a one-time payment or set up recurring payments without leaving the site. Payments made online typically post within one to two business days. If you do not have a Bank of America account, you can still pay by phone at 1-800-669-6607 (the number is on your mortgage statement), though a representative will need to verify your loan information before processing the payment.
Mailing a check is slower but remains an option. Your mortgage statement lists the mailing address for payments. Mail typically takes five to seven business days to arrive, so send it at least ten days before your due date to avoid a late fee. Automatic withdrawal from any bank account (not just Bank of America) is the most reliable method because the payment leaves your account on a date you choose and posts predictably.
Key Takeaways
- Online payments through Bank of America Online Banking post within one to two business days and are the fastest method if you have a Bank of America account.
- Automatic withdrawal from any bank account ensures your payment posts on time and removes the risk of forgetting to pay.
- Mailed checks take five to seven business days to arrive, so send them at least ten days before your due date to avoid late fees.
- Late payments reported to credit bureaus after 30 days and trigger a fee; the fee amount depends on your loan terms.
- If you cannot pay on time, contact Bank of America before the due date to discuss options like forbearance or loan modification.
Setting up automatic payments from your bank account
Automatic withdrawal is the most hands-off method and works even if you do not bank with Bank of America. To set it up, you will need your mortgage loan number (on your statement), your bank's routing number, and your checking or savings account number. Bank of America can pull this information from you over the phone or you can enter it online if you have an account with them.
Once enrolled, the payment leaves your account on the date you specify each month—usually the due date or a few days before. This method eliminates the risk of a late payment caused by mail delays or forgotten deadlines. If you need to change the payment amount or date, you can adjust it through your Bank of America account or by calling the mortgage payment line. Canceling automatic payments requires the same contact method.
One caution: if your account does not have enough funds on the scheduled withdrawal date, the payment will fail and you may face an overdraft fee from your bank plus a late fee from Bank of America. To avoid this, keep a buffer in your account or schedule the withdrawal a few days after you receive income.
What happens if your payment is late
Bank of America reports payments to credit bureaus once they are 30 days past due. A single late payment can lower your credit score by 100 points or more, depending on your current score and credit history. The damage lingers on your credit report for seven years, even after you catch up on the payment.
Late fees are assessed according to your loan agreement. Most mortgages charge a fee equal to 4 or 5 percent of your monthly payment if you are 15 days late, though the exact percentage varies by loan. If you are 30 days late, Bank of America may begin foreclosure proceedings, though most lenders will work with you before reaching that point.
If you miss a payment, contact Bank of America immediately—do not wait for a notice. Explain your situation and ask about options. Many borrowers are unaware that Bank of America offers forbearance (a temporary pause or reduction in payments) or loan modification (a permanent change to your loan terms) if you are facing hardship. These options require paperwork and approval, but they can prevent late fees and credit damage if you act before the payment is 30 days overdue.
Understanding your mortgage statement and due date
Your Bank of America mortgage statement lists your due date, the amount due, and the address where payments should be mailed. The due date is typically the first of the month, though some loans have different dates. The amount due includes principal, interest, property taxes, homeowners insurance, and mortgage insurance (if applicable)—all bundled into one payment.
The statement also shows your loan balance, interest rate, and how much of your payment goes toward principal versus interest. Early in the loan, most of your payment covers interest; later, more goes toward principal. If you do not receive a statement by email or mail, you can view it anytime through Online Banking or by calling 1-800-669-6607.
If your due date falls on a weekend or holiday, Bank of America typically extends the deadline to the next business day. However, do not rely on this—pay on or before the stated due date to be safe. Some online payment systems allow you to schedule a payment for a future date, which is useful if you want to pay early or ensure the payment posts by a specific day.
Paying extra toward principal
If you want to pay down your mortgage faster, you can send extra money toward principal. Bank of America will apply the extra amount to reduce your loan balance rather than crediting it toward future payments. This shortens the life of your loan and reduces the total interest you pay over time.
To make an extra payment, you can send a separate check with a note specifying that it should go toward principal, or you can make an additional online payment and note the purpose. Some borrowers make one extra payment per year; others add a small amount to each monthly payment. Even an extra $50 or $100 per month can save tens of thousands in interest over a 30-year loan.
Before making extra payments, confirm that your loan has no prepayment penalty. Most mortgages do not, but some older loans do. If your loan has a penalty, paying extra may cost you more than it saves. You can find this information in your original loan documents or by calling Bank of America.
Payment options if you are facing hardship
If you cannot make your full payment, Bank of America offers several options before you fall behind. Forbearance temporarily reduces or pauses your payment for three to six months while you stabilize your finances. The missed or reduced payments are added to the end of your loan, so you are not forgiven the amount—you pay it later. Forbearance does not damage your credit if you stay current after it ends.
Loan modification permanently changes your loan terms—extending the loan period, lowering the interest rate, or adding missed payments to the balance. Modification takes longer to process than forbearance (often 30 to 60 days) but provides lasting relief. You will need to document your hardship with pay stubs, tax returns, and a letter explaining your situation.
To explore these options, call Bank of America's Loss Mitigation department at 1-888-474-0404 before you miss a payment. The earlier you reach out, the more options are available. If you are already behind, the same number can discuss catching up or modifying your loan. Do not ignore the problem—lenders are required to work with you before starting foreclosure, but only if you initiate contact.
Frequently Asked Questions
Can I pay my Bank of America mortgage with a credit card?
Bank of America does not accept credit card payments directly for mortgages. However, you can use a third-party payment processor like Plastiq or a cash advance from your credit card to fund a bank transfer, though these methods charge fees that usually outweigh any rewards you might earn.
What time of day do online payments post?
Online payments typically post within one to two business days, but the exact timing depends on when Bank of America processes them. Payments made early in the day are more likely to post the same day, while those made after business hours may post the next day. Do not assume same-day posting; plan for two business days to be safe.
What if I pay too much by accident?
If you overpay, Bank of America will credit the extra amount toward your next payment or hold it as a credit on your account. You can request a refund of the overage, though processing may take several weeks. To avoid confusion, contact Bank of America to confirm how the extra amount was applied.
Can I change my payment due date?
Bank of America allows you to change your due date once per year through Online Banking or by calling 1-800-669-6607. The new date takes effect on your next billing cycle. Changing your due date does not affect your interest or loan terms—it simply shifts when your payment is due each month.
What should I do if my payment fails?
If automatic withdrawal fails due to insufficient funds, Bank of America will send you a notice. Make the payment immediately by another method to avoid a late fee. Contact your bank to understand why the withdrawal failed (overdraft, account closure, incorrect routing number) and fix the issue before the next scheduled payment.