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Bank of America Mortgage

Bank of America Mortgage
Overall Satisfaction Rating 4.15/5
  • 5 stars
    355
  • 4 stars
    369
  • 3 stars
    108
  • 2 stars
    18
  • 1 stars
    35
Based on 885 ratings submitted in the last year

This company is not yet accredited. 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.

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?
    • 2,437,374 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: 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.

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    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.

    3 people found this review helpful

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      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.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Aug. 16, 2020

      My first mistake was refinancing with BOA. My original loan was with them in 2013, as well as a previous refinance in 2018. In 2018, they had issues with remembering basic requests that I had. This time around in August 2020, they failed miserably to pay attention to detail. With COVID, most of the communication during the process is either by phone, or via their chat thread in the BOA site itself. I had to resend the same information multiple times.

      The biggest failure was with the title. During three separate phone calls and two threads, I especially mentioned that I was to be solely on the title and all docs. I had assumed they prepared the final docs correctly. I made the mistake of taking the final loan disclosure (6 pages) sent as doctrine. I should have asked to review the entire packet. The best advise I can give is to specially document your requests in the thread, and to insist that the final loan docs be reviewed prior to signing. I am so irritated that just in spite, after the refinance is finalized next week, I am going to refinance again just to get away from BOA.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 23, 2020

      I was told my mortgage could go on forbearance for 3 months during the pandemic... Not only NOT TRUE but I was put into credit for nonpayment. I spoke to Melinda **, Denise **, Calvin **, William **, Dominick, Shawna **. A Shanika ** Never answers her phone or call me back. Actually a Supervisor named Melinda ** told you, "Do NOT have to call anymore. We will take care of it," that was July 3 in June. Bank of America hot my credit again, Also as I was calling and getting nowhere, they hit me with a $17.50 charge twice sending someone to my home to make sure it was in good condition since I did not make my payments. I was on the phone with the managers & supervisors above since end of March.. Now I have been on hold for an hr and sent to the wrong dept. 3xs trying to get the $35.00 taken off...NIGHTMARE!

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 15, 2020

      If I could give it negative stars I would. Most onerous, inefficient, confusing process imaginable. It took over 50+ emails & communications back and forth over a period of more than 85 days -- to refinance a mortgage that was ALREADY held at Bank of America. Underwriter would demand a piece of documentation at 4:30 pm and threaten that if it wasn't uploaded by the next morning, our loan would be cancelled. This happened at least 20 times. Even after closing (signed docs, transferred funds), Bank of America continued to demand additional documentation before finalizing the mortgage - with our funds in hand! Representative & manager were completely useless. They were just playing telephone with the underwriter.

      None of the requests were collated or organized and many of the requests did not align with what was being requested via the web portal. So we ended up having to upload many things twice because it was requested via the web portal but then the underwriter would claim it wasn't uploaded because their interface didn't show them what was uploaded in the portal and the underwriter would request it again. I will NEVER use Bank of America mortgage again. I don't care if they offer a full % off the going rates.

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

      Currently with Bank of America, some of the problems I have had with them are they wouldn't allow me to purchase my own home owners insurance, or well they would let me purchase it, they just wouldn't accept it as the policy and they refused to work with my insurance agent to figure it, so they could sell me their own double the cost insurance. Lots of fun they are.... Now trying to refi the loan and the loan officer offered one rate during the whole process and then when we accept the offer she says the rates suddenly went up, even though the fed has lowered rates daily during the virus and they aren't going up anywhere else but Bank of America.... I asked where I could review the rates for refi and they will not explain or allow the consumer to see the rates and they make them up based on what the cost of their new boat will be.... I would NOT choose bank of america, I chose a local bank and they sold the mortgage to bank of america....

      4 people found this review helpful
      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.

      9 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.

      6 people found this review helpful
      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.

      14 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