In an effort to further educate consumers about the home buying process, Calabasas, California-based Bank of America Home Loans has unveiled an enhanced online home loan guide that includes customized tools on budgeting, affordability, and choosing the right kind of loan.

“As part of our commitment to create more transparency and clarity in the lending process, Bank of America is proud to provide interactive tools designed to empower homebuyers to make decisions that are right for them,” said Todd Dal Porto, Bank of America Home Loans enterprise sales executive.

The Bank of America home loan guide was originally introduced in April 2009. So far, more than 500,000 consumers have used this tool to gain insights into the home loan process and determine what they can comfortably afford.

The enhanced site includes interactive tools and calculators, the ability to save worksheets and information for use at a later date, and a new local mortgage loan officer finder. In addition the site encourages members to follow Bank of America’s six steps to understanding the loan process, including:

• Seeing if homeownership is right for you
• Setting a budget
• Understanding how your credit score affects you
• Saving for a home
• Choosing the right loan
• Understanding and completing the loan process

“This new site offers clear, objective information that will allow homebuyers to navigate the home buying process with confidence,” Dal Porto said.

In addition to enhancing its home loan guide, Bank of America has expanded its Clarity Commitment. According to the bank, this easy-to-understand, one-page summary of the key terms of a homebuyer’s loan has been given to more than 1.18 million homeowners since April 2009.

As a result of suggestions from both Bank of America associates and its customers, both the format and order of the Clarity Commitment have been changed to complement the newly-revised HUD Good Faith Estimate. This updated document now includes the interest rate lock expiration date and information about closing costs.