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Bank of America Mortgage

Bank of America Mortgage
Overall Satisfaction Rating 3.46/5
  • 5 stars
    157
  • 4 stars
    160
  • 3 stars
    131
  • 2 stars
    52
  • 1 stars
    50
Based on 550 ratings submitted in the last year
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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

    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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        Page 1 Reviews 1 - 10
        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 4 stars
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        Verified Reviewer
        Original review: May 11, 2019

        I liked the fact that they have pay plans. We paid weekly on our home and they took the payment right out of our account. I didn't care for the fact that we had 3 month left to pay and they sold our mortgage.

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          Rated with 5 stars
          Verified Reviewer
          Original review: April 27, 2019

          They are very responsive. Send useful updates monthly and offer changes that may be helpful. Due to my circumstances I have not taken these suggestions, but had I been younger I would have. They post when our payment was received. They give alerts of an upcoming payment is due. Overall they are helpful.

          2 people found this review helpful
          Rated with 5 stars
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          Verified Reviewer
          Original review: April 7, 2019

          I just recently bought a house under Bank of America home loan program. My loan officer was Kevin **. I have to say that the service Kevin and his team provided was excellent. They were able to close my loan on time. Communication with anyone on the team was superb. In the end, the closing costs were very close to the estimated ones. There was no surprise at the end. Kevin also gave me very good interest rate. Loan review with Underwriters was a bit annoying and hectic but I guess it is the same across the board. Obviously, Kevin and his team helped me every step of the way. Communication with Kevin and loan processor, Karlee ** was very good. Anytime I would have question for them, I would just email them to give me a call at their earliest convenience. They would give me a call back promptly within an hour or 2 at most. I would recommend any of my friends Bank of America home loan especially Kevin ** and his team.

          3 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!!!

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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.

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          2 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!

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          Rated with 1 star
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          Verified Reviewer
          Original review: Jan. 2, 2020

          Many processes, not professional, too stubborn. BOA should close their service on mortgage, definitely. We and many of our friends got denied at BOA, and we got approved in any other banks. BOA staff do not know how to reply to clients' questions. Not professional at all. Avoid it!

          9 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: Dec. 26, 2019

          Paid off our VA mortgage 15 years ago. Yet, we constantly receive refinance emails (guaranteed!) from B of A. ALL their sites come up as "unsecured". Can't imagine doing any business that allows spam in their name, sends unsolicited emails, and does not provide basic on-line consumer security.

          3 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: Nov. 16, 2019

          The pre-approval process was fast and we got a good rate. We signed the home contract on 9/27 and I called my mortgage officer and he gave a closing date of 11/7!! The bank schedule the appraisal few days before the closing and of course, they didn't get the report on time. Interestingly, I called the loan processor a week before and she had no idea what is going on and when is the closing schedule or when the appraisal scheduled. She called me two days before and said that she didn't get the report but everything will be on time. Then the night before, she asked to extend to closing to 11/14! The night before she asked to extend to 11/15. Guess what? She never sent a clearness. She stopped answering phone or emails and I had to call a manager who finally sent clearness. Closing was rescheduled. So it was pushed to Monday 11/18.

          On Friday their system broke and they never sent the closing package to closing company. Of course they never communicated until I called in the afternoon and asked them to send email to explain. So we have to reschedule again. (Please note that I didn't mention all the failures. I just gave the outlines.) To summarize: lack of experience. Lack of interest in what they do. Lack of respect to customers and their time.

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          13 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

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