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Bank of America Mortgage

Bank of America Mortgage
Overall Satisfaction Rating 1.83/5
  • 5 stars
    197
  • 4 stars
    169
  • 3 stars
    161
  • 2 stars
    172
  • 1 stars
    1462
Based on 2,161 ratings

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Bank of America offers mortgage loans nationwide and has lending specialists available online and at branch locations. If you’re searching for a mortgage loan, loan refinancing or a home equity loan, visit Bank of America’s website to apply.

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.

PROS

  • Loan specialists online or in-store
  • Multiple loan types available
  • Adjustable rates as low as 2.6%

CONS

  • Best rates only for top credit scores

Top Bank of America Mortgage Reviews We Found

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Rated with 5 stars
Verified Reviewer

For years I dissuaded my clients from using the big banks for home loans. I recently had a client who insisted upon using Bank of America. I was amazingly surprised. Brian ** - major, the loan officer with Bank of America in Rockwall, TX did a fantastic job. It was pain-free and the deal closed EARLY!

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Rated with 5 stars
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Verified Reviewer

I just recently bought a house under Bank of America home loan program. My loan officer was Kevin **.... the service Kevin and his team provided was excellent. Communication … was superb. I would recommend any of my friends Bank of America home loan especially Kevin ** and his team.

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    Are you this business?

    How does Bank of America Mortgage work?

    Bank of America Mortgage offers consumers mortgage loans, loan refinancing and home equity loans. Bank of America Mortgage handles:

    • Fixed-rate mortgages
    • Adjustable-rate mortgage
    • Jumbo loans
    • Affordable Loan Solution mortgages
    • FHA and VA loans

    To prequalify for a Bank of America mortgage, visit its website and fill out the prequalification application to see how much you’re eligible to borrow. If you’re already prequalified, 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

    Bank of America Mortgage rates and fees

    Bank of America mortgage rates vary depending on your overall creditworthiness, but annual percentage rates (APRs) start at around 3% for adjustable-rate mortgages, 3.25% for 15-year fixed mortgages and 4% for 30-year fixed mortgages.

    To find out what interest rate and APR you’re eligible for, contact a loan specialist or visit Bank of America’s website and fill out the loan application.

    Bank of America FAQ

    Is Bank of America good for mortgages?
    Many reviewers appreciate Bank of America’s mortgage options. The company offers multiple types of mortgages to fit homebuyer needs. The company also employs loan specialists who offer advice both online and at physical locations.
    What are the mortgage rates for Bank of America?
    Bank of America’s interest rates vary depending on market rates, your qualifications and the type of mortgage you’re applying for. Adjustable-rate mortgages start at around 2.6%.
    What credit score does Bank of America require for a mortgage?
    Bank of America doesn’t state a credit score requirement on its website, but you can consult a loan specialist to see whether you qualify based on your credit score.
    What are Bank of America Mortgage’s customer service hours?
    Bank of America Mortgage’s customer service hours are Monday through Friday, 8 a.m. to 9 p.m. EST.

    Is Bank of America Mortgage good?

    Bank of America Mortgage offers multiple types of mortgage loans as well as refinancing and home equity loans. If you’re searching for a lender with comprehensive online services and widespread branch locations, Bank of America Mortgage could be the right partner for your homebuying journey.

    Bank of America Mortgage Reviews

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    How do I know I can trust these reviews about Bank of America Mortgage?
    How do I know I can trust these reviews about Bank of America?
    • 2,354,742 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: June 4, 2020

    My loan officer Mark *** was extremely unorganized. I spoke with him at one point and he said I was approved for a certain amount by myself, then the next day when I spoke with him he told me something different. I then at that moment have to put my fiance on the loan with me. He said he would call him right away because I had explained to him that the home we wanted was needing us to get the approval letter fixed with my fiance's name on it, then they would sign a contract with us. Mind you this was a 830AM. While I was on the phone, my real estate lady said that someone put in a cash offer for the house and that they liked us more, but we had to get the approval fixed THAT DAY. Otherwise they would have took the other offer. I needed things done fairly quickly and I emailed/ called and no answer and my fiance didn't hear anything from him either yet.

    Time went on and we were running out of time. He would not call back, he would not email back. It got to the point where I had to call his supervisor and request that I get someone new. They first refused me someone new, then after it was 1PM now and I hadn't heard anything and neither my fiance. I called again and spoke to someone else, I asked for a new guy then they were going to give me a new guy but all of a sudden Mark was calling my fiance. After everything was said and done and fixed the approval letter. My real estate agent needed some paperwork from Mark. He did not send the correct paperwork at first. Then he send the correct paperwork but with the incorrect numbers on it. Not to also mention that he was quoting us at a crazy amount of money to pay him up front.

    Long story short. We went with a different bank that was way more organized and helpful and emails/calls me within about 5 minutes if I have a concern. BUT WAIT. THE STORY DOESN'T END THERE. After I told him that we were not going to use BOA for our loan and not use him for the loan officer. Then, he was emailing me like crazy fast. I was honest with him about how I felt about him and the experience and told him that my fiance and I went with a different lender and different bank. He said ok thanks. 2 WEEKS later he sent an email and called me asking if we were still in the market for a lender. I messaged him back and said my point exactly, you have documentation that I went with a new lender 2 weeks ago and now you are asking me if we are in the market for a new lender. EXTREMELY UNORGANIZED! In which at that point, I decided to write this review.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 19, 2020

    Doing refi with Bank of America was the worst decisions I’ve ever made. This loan officer Eddie ** never following up with you throughout this process, doesn’t know what they’re doing, don’t waste your time with this guy. After more than three months this guy will blames on everyone else except himself, I’ve never experienced this bad of a customer services. I had left a message to his manager but also no response, you would think Bank of America would care to know how their employees treated their customers. At this point it’s too late. I’ve moved on. Go with a local lender around your town for faster process and better customer services.

    4 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: April 30, 2020

      Worse customer service ever. Do yourself a favor a do not get a mortgage or refinance your existing mortgage with Bank of America. I wanted to refinance my mortgage with them. I thought it was gonna be a simple and straightforward process since I have perfect credit, 6 figure W2 income, and there is over 20% in equity in my home. I am also a Preferred Platinum Honors customer with Bank of America. Well, everything was fine until the appraisal report came out which came in like 30k below market value. According to Realtor.com, Zillow, Trulia and Redfin my property is worth from 375k to 390k. I also had my realtor run comps and he suggested the same value. Average price per square foot in the area is like $205 and the appraiser decided to use a comp which value was $168 per sq ft destroying the whole value of my property.

      I submitted sufficient evidence proving that the property that the appraiser selected was not relevant nor fair because my house is completely renovated and that comp was falling into pieces and the lending advisor (Andrew **) decided not only to not do anything about it but to also ignore my calls and emails. They also assigned a random lending advisor right after the appraisal who I had never spoken to and who won’t answer my calls or emails. Do yourself a favor and do not waste your time or money with these people. I immediately applied at a local credit union and I’m glad I did because they are giving me a 3.25% which is much lower than what Bank of America was offering me, much lower closing costs, appraisal came in 40k higher than Bank of America’s and a much better customer service and experience.

      9 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: April 24, 2020

      The BOA mortgage loan process is a long and tedious one. Including endless prying into your personal and financial life. But the worst part of my experience was being denied a loan right before closing due to being laid off. No matter how many times I explained I could afford the loan and offered to add on cosigners, the soulless nonpersonal behemoth that is BOA denied me. Just remember that large institutions like BOA do not care about you no matter your situation.

      9 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 14, 2020

      I asked for forbearance and they said that I would have to pay 3 months worth of payments at the end of three months, they are stupid if you lose your job then you don’t have 4000$ or more to make up payments. They are not doing their best to help customers out in these terrible times, and they are getting g relief from the government. Does the government ask them to pay back? They suck. I hate them.

      8 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 13, 2020

      If I could give BofA Mortgage 0 stars, I completely would. I was buying my first house and thought that going with BofA Mortgage would be very easy since I bank with BofA. I was absolutely wrong, especially because BofA Mortgage ISN'T EVEN PART OF BANK OF AMERICA (learned this later). Originally I had decided on another lender with lesser fees but I was told they could not give me a loan due to my limited credit history (I have a great score though). So I asked the lending officer at BofA if this was going to be an issue with them because I didn’t really have any time to waste since I’d already started the closing process. The woman told me it would be fine with the type of loan I was getting.

      Then, 10 days go by and after submitting all of my information for the loan application (which was asked for MULTIPLE TIMES???? They kept losing stuff???), the lending officer gets back to tell me underwriting says that my credit was an issue and we could explore other loan options. She outright LIED TO ME days prior. I also forgot to mention that she also locked in my rate when I SPECIFICALLY asked her not to because I wanted to let it float for something better. Once she did that, I couldn’t unlock it and was stuck. Anyways, I decided to leave ASAP when they were on the fence and went to a local mortgage lender and my experience was 1000000% better. Find someone who actually cares about your loan and avoid Bank of America Mortgage at all costs.

      6 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: March 24, 2020

      I'm the banking customer and contacted Jim ** for my new home mortgage needs who played irresponsibly on my closing. Jim had started not to respond my calls and message, so I drove to Limerick Financial Center then he conveyed message that he is busy with other client and call back. He asked me to work with the Bank underwriter on day closing. Underwriter missed few credits to applying to mortgage and then I’m ending up losing money in closing. My mortgage has to close on the day otherwise Builder warns me to lose incentives. Leading officer is also not able respond on-time, she called at the end of her business day when nothing can be done. She confirmed that She didn’t have all credit documentation to properly assign credit in closing doc. I’ve high frustration on closing when I didn’t get enough attention either from Mortgage officer or leading officer.

      After closing, BOA Center Manager Kelly ** convinced me that She is trying do something at her level. I reached out to BOA Vice President Mortgage, but they declined to do anything after the closing. Bank of America Mortgage division has not able to deliver the Quality service and I ended up in lost credit and got sleepless nights during closing.

      Please stay away from Bank Mortgage because I don't want you to suffer like me. Lending officer was available only after the bank's hours and nothing can be done other than accepting as is and complete the closing. BEWARE of pathetic customer service from Bank of America Associates and Limerick Banking Center. STAY AWAY!!!

      5 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: March 13, 2020

      This is my first time purchasing a home. My situation may be a little more unique than others because I purchased a new build, and BofA was the builder's preferred lender, so I do believe that with pressure from the builder, I was finally able to get the loan closed. I can't really know for sure, but I did hear from one of the sales agents that another unit couldn't close so they had to use their back up lender. So I do not believe having the builder breathing down BofA's necks increased my chances of the mortgage being approved, but it definitely hastened the process. I have to say, throughout the whole process, my Loan person, ANA from the Riverside branch was FANTASTIC.

      I was originally told that escrow would be 25 days (by the sales agent). I was thrilled to hear this, and planned accordingly, but later learned how incredibly NOT realistic it was, especially given how large BofA is. I have trouble relenting control at times, and wanted to be involved in much of the process, and ensure we could close by the 25th day so I could avoid being homeless... but alas, that did not happen. Ana never gave me a clear closing date, but I think that was strategic in not wanting to set up unrealistic expectations (unlike the sales agent). Thankfully, I was able to extend my lease by another 30 days, giving myself and BofA plenty of cushion.

      With more time and realizing I was driving not just myself but everyone crazy with my control-freak ways, I eventually had to relent and give the reins to Ana, and just trust in the process (very hard to do because I tend to have neurotic tendencies and think of worst possible scenarios - I mean, I read this website religiously and even resorted to believing that I would get denied). However, once I just went with the process rather than fighting against it, we eventually closed (not without some hiccups). Escrow ended up being closer to 45 days than 25 days. I now have the keys to a beautiful new home. I owe a lot of it to Ana who was an ardent advocate on my behalf, and especially when the underwriter pushed back on a couple of issues. She is wonderful, and I would recommend her to anyone looking to purchase their new home/refi, etc. with BofA.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 24, 2020

      I feel sorry for anyone who loses a loved one or has someone in terminal care that has a mortgage with B of A. I kept sending in payments but never saw a bill. They refuse to honor court orders while continuing to charge late fees. I submitted the correct paperwork to FOUR different addresses and fax numbers they gave me. Yes, a different customer service person every time said, "Oh that's not the right" number or address.

      I finally had to get an attorney to go head to head with their legal department just to get them to put me on as a conservator for my dad. They refused to return any late fees for the 8 months they were sending the bill to the wrong address. And then they told me they couldn't reverse them without speaking to my father! The point of the court for assigning a conservatory is to be able to speak for those who can not. They seem to think it is ok to charge my father fees simply because he can not ask them to reverse them. Wrong, immoral, and unethical! Beware of these vultures. When you do get someone on the phone, expect to waste an hour and get nowhere.

      4 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 18, 2020

      This has been the worst experience EVER with BOA. I closed with BOA on 11/15 & they have YET to pay my mortgage insurance. I have had to pay it even though it is paid through escrow. Can you believe that they mailed the check to the WRONG address. Supposedly, they “corrected” the issue and sent it via FedEx overnight on 02/06/2020. It’s 02/18/2020 and still NO payment has been received. A manager from BOA actually called ME and told me to call my insurance company and request a refund. I’m so glad that I didn’t because I probably would have been laughed at over the phone.

      This is the WORST mortgage company that I have ever experienced. I’m actually on hold now and the customer service representative wants me to call my insurance company and give them a NEW tracking number and have them reroute the check. Gurl bye, no ma’am that is NOT my job. She said that she’s at a call center and they can’t call out. Are you freaking kidding me? So, there are NO phones in the building in which one can dial out? How ridiculous is that? Now, I’m being transferred to her supervisor by the name of “Brooklyn.” I’m sure this will go very well. Anyhoo, if possible DON’T deal with BOA. If negative 0s existed, they would have several. I hate them!

      5 people found this review helpful
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      Bank of America Mortgage Company Information

      Company Name:
      Bank of America
      Company Type:
      Public
      Ticker Symbol:
      BAC
      Year Founded:
      1992
      Address:
      100 North Tryon St
      City:
      Charlotte
      State/Province:
      NC
      Postal Code:
      28255
      Country:
      United States
      Phone:
      (800) 432-1000
      Website:
      www.bankofamerica.com