On top of the television promotions, Bank of America is definitely working hard through internet advertising as well.  Almost every single financial site I go to is littered with ads that have Bank of America in them somewhere.  I know they are paying a pretty penny to do this, but you have to spend money to make money, right?  I think it is great they Bank of America is finally using internet advertising as a way to generate traffic into their banks.

I know many people who have issues with Bank of America when it comes to banking, but there are few other national choices.  With so few choices, a good marketing plan can go a long way.  Obviously the public will not have access to how well this marketing plan is doing, but at least more eyes are seeing the positive side to Bank of America.  I just hope the banking giant can back it up by providing a good borrowing process.

If any of you have been through the borrowing process with Bank of America, I would like to hear about it.  Was it a good experience?  Did they work with you personally or were you just another number on the books?  The one knock that Bank of America has always had is the fact that they consider their customers numbers rather than people.  Has this changed?

Overall, I applaud Bank of America for putting forth the effort with their current marketing plan.  One thing is for sure, they will get more people in theirs doors.  The question that they must figure out is “how do we treat these people like actual people?”  Corporate America is too big into creating numbers rather than building relationships.  Maybe the current recession will change all of that!

The best home loans are greatly dependant on your needs.  Many “old school” home buyers will say that there is no way that you should do any type of adjustable rate or exotic mortgage.  The younger generation seems to be quite excited about these types of home loans.  Many young business professionals know they are not going to stay in a home for more than five years so it behooves them to get an ARM and just refinance the mortgage when need be; many times they are in and out of the house before the rate adjusts anyway.

This has come back to bite many home owners recently.  Many young professionals thought they would be promoted or would be making more money so it was not a big deal to have an adjusted rate.  Well, they did not think that the economy was going to turn south and they could actually lose their job.  Unfortunately, even if you are making less money, these home loans are going to reset when they were written to reset no matter what.  This is why some of the best home loans are not adjustable.

If you want to have complete security in knowing what your mortgage rate is going to be, it is wise to get a fixed rate mortgage.  Some people feel this is the best home loan no matter what the situation.  I would not agree with that, but I would agree that most home owners should get a fixed home loan if they do not have a great knowledge of finances and the housing market.  Many home owners just jump into ARMs or exotic mortgages because they see the initial rate is going to be low.  That is all fine and dandy, but what does it matter how low the rate is going to be if your home is going to decline 20% in value over the next six months.

Ultimately, the best home loans are ones that fit your exact needs.  You need to analyze your current situation and decide what you feel comfortable with.  If you want the security of knowing that you are going to get the same rate every month for the lifetime of your loan, a fixed rate mortgage is the best way to go.  If you are extremely savvy with your finances and you are confident that you are going to move out of the current home within five years, an adjustable rate mortgage may be your best home loan.