Expanded Home Loan Resources on the Internet From BankAmerica Corporation at http://bankamerica.com/

Business Wire, Oct 23, 1995

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 23, 1995--In the market for a home loan? Confused by all the language? Need to know how much of a home you can afford? Don't understand how an adjustable-rate mortgage works? Need to know whether you should refinance at today's rates?

A number of resources are now available on the Internet from BankAmerica Corporation to help you find answers to these and other questions. In the At Home section of BofA's newly expanded and enhanced site on the World Wide Web, you'll find not only a wide variety of information to work through the homebuying process and to help choose the right home loan, you can now use BofA's Web site to check out current BofA home loan rates and to complete an online application for a BofA home loan (latest edition of Netscape Web browser required).

Another novel feature of BofA's Web site is that if you're actively shopping for a home, you can use the At Home section in the BofA site as a starting point in your search. Real estate brokerage firms active in all 50 states have agreed to swap hyperlinks with BankAmerica, meaning that BofA's Web site includes links to their home pages to connect you with their sales listings. They in turn provide a link back to BankAmerica's site from their site for home financing information. These links are accessible by clicking on the Net.cetera path in the At Home section, which, as its name suggests, points you to something on the World Wide Web outside the bank's own Web site.

A number of tools are available to help you in the home loan decision-making process. For example, a special calculator allows you to determine the price of the home you can afford given your monthly income and the funds you have available for a down payment, assuming a given interest rate. You can run "what-if" calculations to determine whether a fixed- or adjustable-rate home loan is right for you, or to see the effect of changing interest rates on your home purchase decision. You'll also find a calculator which allows you to compute the monthly payment on a loan of a given dollar amount, interest rate, and term.

Included on the site are extensive descriptions of fixed-, initial fixed-, and adjustable-rate loans, with a series of questions to help you determine which loan type is right for you. A section on adjustable-rate mortgages provides background on how these loans work, as well as historical information on several indexes in common use on ARM loans.

There's also a glossary of home loan terms, information on closing costs, tips on how to evaluate the condition of a home and how to evaluate schools, and a list of the criteria lenders use to make decisions on home loans. Several checklists are available which you can use to organize your search for a home and for home financing, and even in preparing for a move.

To reach the home loan information at the BofA Web site, point your Web browser to BofA's home page at http://www.bankamerica.com/. Click on the Personal Finance path on the home page, then on At Home.

BankAmerica's newly-launched second-generation site on the World Wide Web incorporates an entirely new "look and feel," secure interactivity, easy navigation, and richer functionality -- including a new feature called "Build Your Own Bank," through which Net browsers can personalize their return visits to the site and automatically receive information relevant to their specific financial objectives.

BankAmerica Corporation originates home loans through the branches of its retail banking subsidiaries in ten Western states. In addition, BankAmerica Mortgage, a division of Bank of America, FSB, originates home loans through retail loan offices in ten states, through a wholesale lending operation which serves mortgage broker customers in 40 states and the District of Columbia, and through specialized loan origination units serving the realty, builder, and corporate relocation markets from coast to coast.

BankAmerica Corporation ranks among the top ten home loan originators in the United States, according to leading industry publications. It is the home loan market share leader in California, its home state, and is one of the leading adjustable-rate mortgage (ARM) lenders nationwide. -0-

NOTE TO WRITERS AND EDITORS: for more comprehensive information on the newly-launched second-generation BankAmerica site on the World Wide Web, refer to the BankAmerica Corporation release on this topic which moved on Business Wire (reference number 0910021) Thursday morning, October 19.

CONTACT: Bank of America

Richard Beebe, 415/953-2760

E-mail: richard.beebe@bankamerica.com