Bank of America Mortgage

Bank of America Mortgage Reviews

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About Bank of America Mortgage Reviews

Headquartered in Charlotte, North Carolina, Bank of America is one of the largest banks in the U.S. and offers a range of banking products, such as checking and savings accounts and certificates of deposit (CDs). Customers can also use Bank of America for financing through various cash-back credit cards, personal loans and home and auto loans.

    Pros & Cons


    • Competitive rates
    • 100% online application
    • Discounts and perks for current customers
    • Online and in-person loan specialists


    • Best rates available only to Preferred Rewards members
    • No rate check without a hard credit inquiry

    Bottom Line

    Bank of America is one of the three largest banks in the U.S. It provides mortgage loans, loan refinancing and home equity loans for consumers in every state.

    Featured Reviews

    Tenino, Washington

    Bank of America is very easy to work with, both on our mortgage and our HELOC. … At one point our mortgage was going to go up because the escrow was getting low. We added some mon...

    Read full review
    Fredericksburg, VA

    It was a pleasure working with them. They are Nationwide, have lower rates and have applicable discounts. Very professional wonderful company. I recommend that all potential home ...

    Read full review


    Bank of America generally publishes starting mortgage rates for conventional loans on its website daily. For rates based on your individual situation, you can apply for preapproval on the company’s website or contact a loan officer for a customized quote.

    Over the past several years, Bank of America’s average rate on home purchase loans has been consistently lower than the national average. In 2021 according to Home Mortgage Disclosure Act data, its average rate of 2.59% was nearly half a percentage point lower than the national average of 3.07%.

    Bank of America average home purchase rate vs. national average

    YearDifference from national average
    2021 -0.48%
    2020 -0.22%
    2019 -0.57%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Mortgage rates change frequently and vary based on your loan term, credit history and mortgage type. Also, keep in mind the differences between an interest rate and an annual percentage rate (APR):

    • An interest rate is the cost of borrowing, expressed as an annual percentage of the total amount borrowed. It doesn’t include additional fees, like origination fees or discount points.
    • An APR includes these charges, so it tends to better reflect the total cost of the loan.

    With mortgage rates rising in 2022, adjustable-rate mortgages (ARMs) are becoming more popular among borrowers. This is because ARMs typically have lower starting rates than fixed-rate mortgages. An ARM might make sense if you plan to sell your home (or refinance) before the rate resets.

    Application process

    Bank of America offers an online application that lets you begin the mortgage process from anywhere. You can start the pre-qualification process by answering a few questions and authorizing a credit check.  Be prepared to provide information about your income and assets; Bank of America uses these details to estimate how much you can borrow.

    Once you’re pre-qualified, you can move forward with preapproval. For this, you need to upload financial documentation (like W-2s and bank statements) to Bank of America’s online Home Loan Navigator tool. Once the lender has all the necessary documents, you should receive a preapproval decision within 10 business days.

    Bank of America Mortgage application features

    Online application
    Mobile document upload
    Physical branches 37 states
    Publishes minimum rate on website
    Rate lock Varies by state (45 days for purchase; 60 days for refinance)
    Pre-qualification (no hard credit pull) X
    Certified approval letter

    Loan types

    Bank of America offers a variety of mortgage products online, including conventional loans and government-backed loans (like FHA and VA loans). You can also refinance your existing home loan with Bank of America. The company offers flexible loan terms, including 15-year, 20-year and 30-year fixed-rate options. It also offers ARM loans.

    In 2021, Bank of America ended up closing on around 58% of the home mortgage applications it received. A little more than 14% of applications were denied, and 2% of applicants had their preapproval denied.

    Loan applications for home purchases only by year

    Home purchase applications 79,480 79,812 112,411
    Home purchase loans closed 45,756 47,302 68,703
    Home purchase applications denied 11,476 11,161 12,615
    Home purchase preapprovals denied 1,650 1,258 1,630
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    In 2021, a majority of the mortgages Bank of America originated were for refinancing and cash-out refinances, while a bit over one-quarter were purchase loans. This isn’t unusual for 2021; 35.7% of reported U.S. mortgage loans were used for home purchases last year, while 37.9% were used for refinancing and 19.9% were for cash-out refinancing, according to 2021 Home Mortgage Disclosure Act (HMDA) data.

    Refinancing may be the right decision for you if rates have gone down or you want to tap into your home equity.

    Home purchase vs. refinance loans by year

    Home purchase loans 27.68% 26.51% 33.09%
    Refinance loans 43.25% 42.93% 28.48%
    Cash-out refinance 12.29% 11.63% 12.06%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    HELOC and home equity loans

    If you’re already a homeowner, you might be looking to cash in on the equity you’ve built in your current home with a second mortgage. You might consider taking out a HELOC from Bank of America. Bank of America home equity loans have no application fees, no closing costs and no annual fee. It takes about 15 minutes to apply online, according to the company.


    Both conventional and government-backed loans have their own sets of requirements to determine eligibility and how much you can borrow. Conventional loans typically require a higher credit score and down payment than you need for a government-backed mortgage.

    Bank of America doesn’t disclose many of its loan requirements. However, most lenders require a credit score of 620 to be eligible for a conventional loan. FHA loans require a credit score of at least 500 to 580, and jumbo loans typically require higher credit scores  — at least 680. The company does state that a conventional loan may require a 3% down payment, while VA loans have no down payment requirements.

    With respect to debt-to-income ratio, most lenders look for a ratio of 36% or lower for conventional loans. Although the company doesn’t disclose a maximum DTI ratio on VA loans, the Department of Veterans Affairs sets 41% as a benchmark.

    Bank of America does not currently offer USDA loans. For more information on USDA loans, read our guide for selecting the best USDA-approved lenders.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders

    Cost and fees

    Bank of America charges an origination fee, but this fee can vary. You can expect to pay between 0.5% and 1% of the loan amount in origination charges as part of your closing costs. In general, you should plan to spend between 3% and 5% of your loan amount in closing costs on top of your down payment.

    The company offers discounts on origination charges for certain customers. For example, members of the Preferred Rewards program may qualify for a discounted origination fee, depending on their program tier. Discounts range from $200 to $600.


    How does Bank of America Mortgage work?

    To pre-qualify for a Bank of America mortgage, visit its website and fill out the pre-qualification application to see how much you’re eligible to borrow. If you’re already pre-qualified, complete the loan application to pursue a Bank of America mortgage. Along with other financial documents, you need to provide:

    • Proof of income
    • Tax returns
    • Credit history
    Is Bank of America Mortgage legit?

    Bank of America Mortgage is a reputable lender that offers multiple types of mortgage loans, including refinance loans and HELOCs. If you’re searching for a lender with comprehensive online services and widespread branch locations, Bank of America Mortgage could be the right lender for you.

    Where is Bank of America Mortgage available?

    Bank of America mortgage loans are available in all 50 states. The company has over 4,000 across nearly 40 states.

    Bank of America Mortgage Reviews

    ConsumerAffairs has collected 2,899 reviews and 4,103 ratings.

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    Page 1 Reviews 0 - 10

    Reviewed Sept. 6, 2023

    I have been trying to reach a human in the Lien Release Dept. I was told they don't have phones. I was given a phone number to call but it doesn't take me to that Department. I had to result in contacting the CFPB to hopefully get some sort of resolution.

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    Reviewed Sept. 4, 2023

    BOA wasted our time & effort in trying to get a HELOC, by requesting hundreds of pages of documents sent to them, and many were irrelevant. Then they wanted more papers, and then still more. They were never satisfied. We Finally gave up, when we realized they never intended to give us a HELOC, in the first place. Being out of debt, with a good income, & 820 credit score didn't matter to them. Maybe they only want all your information. Don't let them waste your time, & steal your info.

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      Reviewed Aug. 5, 2023

      I applied for a home-equity line of credit in late January, and after 3 1/2 months of providing documentation, pay slips, explanations, tax returns, corporate information, and ALL of my personal information, …. I was told that my loan was denied! 3 1/2 months!!! Could somebody have made a decision earlier? They certainly dropped the ball and nobody was man or woman enough to apologize. They said they were trying, that was not true. They are liars, inexperienced, and even discriminatory. This happened at the Coral Gables, Florida branch. I actually worked at Nations Bank 30 years ago and I know the banking system well. What they did to me was outright harassing, and I am an educated professional with over 40 years experience. SHAME ON BOFA!

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      Reviewed June 25, 2023

      I applied for a HELOC on 5/12/2023 (application completed and email with facts sent to BOA Processing POC on this date). Processing did everything they could to get me to closing by 6/23/2023.. Underwriting, however did not do their job. I applied for a HELOC to use funds to purchase an investment property and I identified this in my application and my email dated 5/12/2023. I spent hours providing BOA all documents in a rush thinking that BOA would do their due diligence and preliminary review the documents. Underwriting came back 2 1/2 weeks ago and said BOA can only loan me ** not **K, no problem I said. Based on this requirement I sold stocks to make up the 20K difference, On Wed June 21, BOA asked for the following info: Outstanding loan info (provided already 5/24), proof property I previously owned had been sold 2 years ago (settlement sheet provided with BOA deposit of profit).

      On 6/21, BOA denied my application because BOA does not do HELOC for investment property. Why did BOA not tell me this 1 month ago? Why did they tell me they could only lend **K? I had an approval letter from another bank dated 12 May and they guaranteed me they could get me to closing early by 12 June. If BOA underwriting had done their job, and reviewed the documents thoroughly I could have used the other bank and still made the 30 June settlement. I have been a preferred customer for 27 years. Based on BOA's requirements, purchased flood insurance for the property, sold stocks and will now lose my 5K deposit on the property because underwriting did not do their job. BOA underwriting is very incompetent.

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      Reviewed May 25, 2023

      X2 Modification, Improperly crediting processing monthly payments. Took 6 weeks payment. Went into unapplied. Refuse to fix errors override, reverse credit. Not disclosing balance on escrow. Each month escrow statements miss payments.

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      Reviewed April 19, 2023

      I wish I could say my experience was good but it was not. I started the process March 8, 2023. Told the loan agent I had a hard close date of April 21st - today is April 17th and I was out in a loan I didn't qualify for - when I asked to expedite the application on 4/13 because I was one week away from needing to close was told I wasn't the their only customer. I was told my closing costs were going to $1900 and budgeted around it. On April 17th at 10:21 PM I received an email stating was told I needed $6608.00 liquid assets in my account the next morning as the VP told his team not to review my file until the entire $6608 was in my account.

      It's now April 18 and it looks like I will lose my home. I've been living in the same home for 2 years - it shouldn't have taken this long. I honestly believe because I made such a stink they could care less if I lose the home I've been living in and attempting to buy. Some would say even dragging their feet. Please don't use Bank of America if you're on a deadline and live in Dallas Texas. They don't give two ** what happens the VP said they have other customers.

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      Reviewed March 13, 2023

      Applying for a HELOC was supposed to be simple and fast. (They said.) Instead it took weeks to compile the needed information, they kept on asking for more, and then they used a outmoded formula to calculate your income which came out to be $8000 less than my actual monthly income. When questioned "how'd you get to their figure" they used a formula that to have equaled my monthly income I would have had to have a $3,600,000 "nest egg" to qualify for a $100.000 home equity loan, on a home "they say" has currently $300,000 in equity!!! Absolutely Absurd and Not Worth Your While!!!

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      Reviewed Feb. 16, 2023

      My husband and I applied for A HELOC loan in the late part of October. It is now February going on March. Every other day they need something else, or they can't use this or they need signatures over and over again. Started with one really nice person and he left now. I'm with someone that clearly has an attitude problem. Her manager assured me that we just needed to send one more item. Sent it. Guess what? Now there are three more items. Sent that and guess what? It needs to be sent in different. OMG this place is a joke. Thank God it's only a HELOC and not a first mortgage or we would have lost any home we tried to purchase. They need to get their act together. Even the in house mortgage broker said they are a joke. I would never begin a mortgage with them again.

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      Reviewed Jan. 29, 2023

      Been with BOA for over 20 years and recently had a problem with my escrow on my loan, tried calling the 800 number and what a joke, took me over an hour to get a person 'cause whoever they transferred me to kept saying, "Sorry you need ** department," and brought me back to the phone tree. I finally got to talk to someone even thought they were not in the Escrow Department. Took my information about my problem and said they would do one thing to fix the posting but did the total opposite and totally messed up my payment postings on my loan. I couldn't talk to anyone again so I messaged them via online banking, took days for them to answer and still didn't help me with my problem. I messaged about 6 times but took them two months to fix the posting on my loan and I still think it is incorrect. I am refinancing/closing in a couple weeks to payoff my 3 loans with them. No longer want them anymore!!! Take my advice, DO NOT OPEN any type of account with BOA.

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      Reviewed Dec. 13, 2022

      Do NOT use Bank of America for your home loan. Incompetent, dishonest, ageist, and nefarious are just a few of the adjectives that come to mind when thinking of my family's experience with Bank of America. My parents, both in their 70s, and I attempted to apply for a new home loan. For three months we were given the run around, lied to, kept in the dark, and given incorrect information. Bank of America cost us thousands of dollars and a mountain of undue stress. When concerns were brought to the attention of the Vice President, my parents were patronized and dismissed.

      Banker locked us in to an interest rate that he couldn't honor, so Bank of America attempted to string us along until the contract expired. Once we were told we would be denied, we found another mortgage company that closed for us in two weeks. We were then sent a letter with an explanation of denial that was blatantly dishonest. Worst experience I've ever had with a financial institution. I've since closed all of my Bank of America accounts and refuse to do business with them ever again. When I went in, to a different location, to close my account, a banker couldn't even bother talking to me and told me to call the number on the back of my card. If you want to buy a home, avoid Bank of America at all costs!

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
        1. NMLS Consumer Access, “Bank of America.” Accessed July 19, 2022.
        2. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed July 18, 2022.