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Bank of America Mortgage

Bank of America Mortgage

 4.2/5 (1390 ratings)
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About Bank of America Mortgage

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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.

Overall Satisfaction Rating

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  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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

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.

Top Bank of America Mortgage Reviews

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Rated with 5 stars
Verified

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 ... the loan o...

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Rated with 5 stars
Verified

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...

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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?
  • 3,304,550 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.

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Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: April 29, 2021

Due to Covid it took many hours of extra work to get all the documentation that was needed to close escrow. Loan Originator Sylvia ** was extremely helpful and diligent about all details. Closing took a little longer than expected but went through without a problem.

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Rated with 1 star
Verified Reviewer
Original review: July 9, 2021

Go with another bank! I have been documented to debt for over 3 months while my house was being built. I have excellent credit with great income and very little debt. I have to give them documentation for every little transaction on my checking account. Example: They want copies of my check stubs for Payroll direct deposits. I was scheduled to close on July 7th, and called my loan officer Rex ** on July 2nd to ensure they have everything needed to close. He stated we are all ready. I drove back over 3 hours from vacation to closing and got a call an hour and a half prior to our close time, notifying me that Bank of America was not ready to close.

I called Megan ** (Rex manager), she said that she would have to get with her team to get this resolved. I called Megan again on July 8th, she said they are waiting for their appraiser to correct a minor error on the report, and that’s all they need to close. On July 9th, I received multiple notifications of other documents they need, which was sent to the prior. Still waiting for them to get their act together to close. Don’t have a date yet!

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    Rated with 1 star
    Verified Reviewer
    Original review: July 6, 2021

    Late in Fall 2020, I accepted a job in SE Iowa. The job required that I move from Denver. I contacted BOA mortgage and pre-qualified for a loan. Within two weeks, I had a contract on a house. My senior loan officer and his team realized that I was to begin my new job on Monday, January 18, 2021, so they, my realtor, my attorney, the closing company, and I all worked diligently to get everything in place.

    On Wednesday, January 13, 2021, as I was driving my fully-loaded rental truck out of Denver, I received a call from the senior loan officer. He sheepishly informed me that someone on his team had failed to file paperwork on time. Apparently, because of all the games that bankers played with mortgages prior to the housing bubble bust, laws were in place stating that all paperwork needed to be filed three business days prior to closing. He said the paperwork filing error meant I could not close on Friday, January 15, 2021 as scheduled. He went on to say that my closing would have to be pushed to Tuesday, January 18, 2021 because I wouldn’t be able to close on Saturday and Monday was a holiday. I was stunned.

    I pleaded with him to find a way to fix THEIR error. I explained that I had just moved out of my apartment in Denver, had started the 847-mile drive to my new home, and that I was to begin work on the day prior to the adjusting closing date. He asked me to put my concerns in writing so that he could see if there was a way to work things out. I put my concerns in writing. It was then that BOA began to ghost me and not respond to my communication attempts. (Note: They do know how to reach me each month with a mortgage payment reminder.)

    You can probably imagine how mortifying it was to call my new employer to request that I either be able to start on a later date or take unearned vacation time on my second day of employment in order to move into my home because BOA had screwed up my closing date. Then I got to be the person who showed up at their first day of employment in blue jeans because all of my professional attire was locked in the back of my moving van. Thank you for allowing me to make a fantastic first impression with my new employer, BOA.

    The story doesn’t end there. I received a satisfaction survey from BOA – which I absolutely completed. After receiving my survey, someone at the VP level in BOA left a voicemail message for me. He explained that he was concerned about my experience with BOA, wanted to discuss it with me, and wanted to make things right.

    I made numerous attempts to return his calls over the next few weeks. He never attempted to respond to any of my voicemail messages. While one of my stated concerns with his team was that they ghosted me rather than having a difficult conversation with me, the VP chose to engage in the exact same behavior. Weeks later, I received some modified paperwork from BOA, but without any letter or call of explanation. By comparing the original and new documents line-by-line, I was able to see that BOA had knocked off a few hundred dollars from my financial commitment, presumably as their attempt to “correct” their error.

    Don’t apply for a mortgage from BOA. I have preferred-customer status with them, which is why I sought my mortgage loan from them, and they still chose to treat me incredibly poorly. In case anyone from BOA ever reads this post, I do want to share that the only person on their mortgage team who I do not hold accountable is the low-level staffer who made the error. People make mistakes. How we respond to our mistakes says a great deal about us. The management team in BOA mortgage showed their complete lack of character in how they chose not to respond to their mistake.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 7, 2021

    We have been attempting to reach Stephanie ** at 1-800-943-2975 for 5 days now. She hasn't returned our phone calls or emails. Her voicemail said call back if she doesn't answer. We did and some very nice reps answered the phone, but weren't really helpful. On the 5th day we asked for her manager and she never answered or returned our calls. I'm the listing agent for the house for sale and will never accept an offer from a buyer who has this bank as their lender.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 3, 2021

    Bank of America is less than sub-par. I've had my 30-yr mortgage with them for 17 years now and it recently went from forbearance because of COVID to a modification (basically just moving the Apr-Oct 2020 pmts to the end of the period). However, their internal systems can't seem to show the payments applied correctly. I keep getting called incessantly by their reps to collect “unpaid” statements, except when I point out the letters they sent me where everything is perfect, they apologize lamely but fail to fix the error(s). They've even recently reported the supposed missed payments to the credit agencies which have caused my credit ratings to drop 100 points. They are an awful servicer and not competitive on initial rates. Avoid them unless you have some connection with an internal banker and they are your last resort.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 15, 2020

    It has been a painful past couple months in trying to reach out to BoA mortgage customer service department to retrieve the additional monthly payment that was deducted via auto-pay from my BoA checking account after I had refinanced with a new lender. It's been approx 3 months of trying to reach BoA customer service and getting various answers regarding where and how the funds are being returned and still no clear answer. I have refinanced with other lenders and had much better experience with them in such scenarios.

    16 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Oct. 10, 2020

    Lender - If the call is dropped and you have my call information then return the call. At least pretend to want to help an already existing bank customer. Note that folks always remember poor customer service. I may not have millions at your institute but what I do have can always be moved to a place that values their customers.

    14 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 30, 2020

    I have a mortgage with BoA and I recently took advantage of the postponement program they were offering to people who are having a hard time during this pandemic. 3 months of payments postponed which was great, but do not do this. They sent me a letter stating my three months were up and if I needed any more assistance. With some good luck, I was able to secure a new job and didn't need assistance anymore.

    The letter said, "if you don't need any more assistance, please start making payments by August 15th to bring your account current." Made my payment on August 4th, they debited it from my BoA checking account without delay. Made another payment in September and they still haven't applied both payments to my account. I've called multiple times and I get the same answer. My customer relations manager at BoA, Robert ** told me there is a system issue and that's why the funds haven't applied. He admitted this on the phone to me with all the other representatives.

    I was supposed to have a nice big wedding this year, but that got cancelled because of covid. Did a small ceremony at home. Trying to buy a home with my wife and the new mortgage company says the system says I'm late on my payments. I am not! I have the statements showing I paid. BoA wouldn't even issue a letter stating my account is current. The manager declined because they don't want to admit fault.

    Now in order to get the house of our dreams, I have to be excluded from the loan and my father in law has to co sign for us to get this house. Absolutely ridiculous! This is the type of service a big corporation gives its loyal customers. They can't even fix this mess in a timely manner and they don't have the decency to admit it in writing because they know they will be sued. Do not use them. I am leaving them as soon as I can get out of this loan.

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

    We were with B of A for some time and asked for refinance at the much lower rates many were refinancing on. They started the process. Week after week we checked back they said our lower rate was almost finished, come to find out, they sold our mortgage out of state, to a lender with high rate and didn't let you use your house equity to upgrade the home. Terrible experience.

    9 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Aug. 29, 2020

    CITI electronic payment not applied -BofA could't find $$$. I made an electronic bill payment to my Bank Of America account from CITI bill pay. CITI removed the dollars from my account when they had a clear receipt that BofA cleared the funds. I entered my checking on the BofA account code. The BofA never applied the payment to my account. I called Bank Of America and they said that they don't know where the dollars went. They claimed that they did not receive the funds. They couldn't find any payment. Neither bank could tell me what happened to the payment. Bank Of America was useless in resolving my issue. I had to wait for 1.5 hrs for the mortgage to answer the call. And all that they could is...that they don't know what happened to the funds. Very frustrating bank.

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 20, 2020

    We have never been able to qualify for a business loan despite having a credit score over 770. They have discriminated against us because our Real estate investments are in the inner city. The bank only approves us for high-interest credit cards in our personal names and not our business name.

    6 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
    Website:
    www.bankofamerica.com