Bank of America Mortgage Reviews
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About Bank of America Mortgage
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.
- 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
Featured Reviews
Rates
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
| Year | Difference from national average |
|---|---|
| 2021 | -0.48% |
| 2020 | -0.22% |
| 2019 | -0.57% |
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
| Features | Availability |
|---|---|
| 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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| 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 |
Refinancing
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| 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% |
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.
Requirements
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 score | Min. down payment | Compare 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.
FAQ
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
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Reviewed Feb. 6, 2026
This is my loan Application Number (**) for HELOC. I applied since Dec 2025. I was submitted all documents requested by loan processor and underwritter review by Robert ** in FL. He got nothing done and poorly communication to the client. I had a bad experience working with him. I totally wasted my time. I will move out of this BOA to other banker. I will never recommend BOA to any of my friends or families moving forward.
Reviewed Feb. 6, 2026
Wish there was a negative rating on here. Went through the whole process, and finally received my HELOC loan. The problem is their follow-up after the loan. My loan officer, Antoine **, specifically told me I could call him if I need help in the future or if I had any additional questions. Well, I did and always received a response that he's on vacation and would call once he returned. Guess what didn't happen... Crickets. Then his supervisor, Danielle **, responded, giving me an incorrect number to customer service. Then, after calling and being on hold for 10-15 minutes of them trying to sell everything from hearing aids, to medication it finally just disconnects. Checked back in another month because I kept getting letters from BOA, and went through the same process. Antoine is on vacation, and Danielle piped in with her same lame excuse.
Found another customer service number on my own and was helped immediately. Long story short is once they get the loan, they're on vacation, or you get snotty, incorrect information from someone other than the loan officer who went through the process. Luckily, I did NOT send in the review after the transaction was done because I would have regretted it. Just know that once you receive your HELOC loan, the taillights are all you will see from these bank employees.
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Reviewed Jan. 13, 2026
My mortgage loan rep is horrible, Jay ** & his arrogance is very much a turn off, I have many choices for a mortgage and I choose not to use Bank of America, he has brought up issues with my credit report but yet will not share them with me, in some cases they are over 20 years old for a dispute, I have a fico score of 820, what a loser.
Reviewed Jan. 11, 2026
My daughter applied for a mortgage to buy me out and I put an offer on another house. I had to reschedule my closing 3 times, BofA was unresponsive for weeks at a time, then sent a list of new things to upload. They ignored our request to use our own closing attorney so now I have to pay him too. The closing costs were close to $19,000 on a $170,000 without escrow. I was shocked. We requested an advance copy of closing documents but we got a lady that drove up to our local bank and had us walk over to Jimmie John's to sign everything standing at the food counter. I'm wondering if they were even affiliated with BofA or was this an elaborate scam because the whole experience was so unprofessional. After the alleged closing I was told the money wouldn't be available for another week. Meanwhile I just signed my house away. I mean what the heck! Not to mention it has been 2 1/2 months since she applied for the loan and was pre-approved.
Reviewed Jan. 8, 2026
This review is for **. Extremely poor experience. Based on my personal experience, this consultant was unresponsive, disorganized, and showed a very limited understanding of the mortgage process. Communication was consistently delayed, timelines were missed, and everything was pushed to the last minute. In my opinion, this lack of professionalism directly caused me to lose the deal. There was no urgency, accountability, or proactive guidance at any point. If you value your time and don’t want to risk losing an opportunity, I strongly recommend choosing someone else. There are plenty of qualified mortgage consultants — based on my experience, this was not one of them.
Reviewed Dec. 18, 2025
0 rating. Worst experience ever. We were able to take a parallel path with another major bank, and they managed to close our loan in about 10 days. As of last Thursday, the title has officially been transferred to our name, and we are now proud homeowners. I had placed a great deal of trust in Bank of America, having banked with them since 2008. Unfortunately, this mortgage experience has been extremely disappointing. We incurred penalties and went through a very stressful process, which should not happen to any customer.
Based on what we experienced, I would strongly hesitate to recommend Bank of America for mortgage services to my friends and family. I sincerely hope that BOA’s senior management takes notice and holds those responsible — including Nathan and Donald — accountable for such negligence and lack of empathy. If there’s no intent or capability to close loans on time, please avoid making commitments to customers. Excuses like the government shutdown or minor documentation issues are not acceptable when customers’ lives and finances are at stake. While this experience has been challenging, it has taught us valuable lessons to carry forward. Thank you.
Reviewed Dec. 11, 2025
I am writing this review not because I was denied the BOA HELOC, I am writing to save other people the same aggravation that I went through. A grueling 6 week process of generating more and more paperwork. Paperwork that was already sent had to be sent again. Paperwork that I had the local branch send, was received by the Loan Processors unreadable or missing pages. Agonizing requests were made to have individuals send personalized letters regarding my pension that was payable as long as I live, after adequte payments showing years of payment history in specific terms. I think the most frustrating part of the loan request was I explained beforehand what I was trying to accomplish in clear terms. I also expressed that I was not in a 42% debt to income qualification category.
The processor, Lisa **, advised me with the loan they would get me down to 42%. For 6 weeks phone calls, text messages, emails, and snail mail went back and forth. My invested time was somewhere around 6-8 hours getting copies, making copies and sending them from my scanner in view that the fax machine at one of the Bank of America branches did not seem to work correctly. During all this back and forth a phone call existed from a customer service manager making sure everything was ok because they did not like the tone of the review they asked. All said, I was denied and according to the BOA Underwriters my debt to income was at 91% - totally and ridiculously untrue.
The truth of the matter is BOA did not want to approve the loan for other reasons. We had high credit scores and over 300K in equity to borrow 100K. They led me along this long, dark and narrow path for 6 weeks and rather than call me directly to tell me I was denied, I found out through a recording when I called and asked to speak to my Loan Processor, Lisa Lasalle. My point to this review is as follows:
1) Don't apply unless you have a solid credit score (which we did)
2) Be ready to have a debt to income of 42%
3) Be ready to fax, scan or email, approximately 30 to 40 papers and a complete year's tax return. BOA loves paperwork and duplicate paperwork.
4) Be ready to have employment checked long before the loan hits the underwriters. Employment was checked on day 3 or 4 of the long and winding road process
5) Be ready to have every single piece of paperwork scanned or faxed and send all pages of a document. Even if the last page is blank or has an advertisement.
6) Be ready to meet date deadlines even though their end of the processing may be slow, you have to meet deadlines or the loan is canceled.
7) Be ready to get a whole lot of fluff from the customer service individual with the silver tongue that wants to make sure you're happy with the processor that's handling your loan. She makes it all sound so pretty until the bell rings and then you never hear from her again.
8) Be ready to set aside at least 4 hours or more of disseminating paperwork that you put away and thought you never would need. If there's one piece of paperwork you don't have, you're out of luck. BOA is paperwork crazy. They love paper. The more the merrier.
9) Bottom line - be ready for a denial if you don't meet the strictest most undefined qualifications there is. In other words, a complete waste of time. Go elsewhere!
Reviewed Dec. 10, 2025
I'd give zero stars if that was on option! After weeks of run around and placing blame on everyone except himself, Michael **, finally let us know that our loan would not be approved due to a minor reason (that another lender DID approve!). He also promised grants to help with closing costs, but then suddenly we wouldn't qualify, forgot to include money from the seller on the documents, complained about our inability to answer him IMMEDIATELY when he called or emailed (couldn't because of work), and then proceeded to wait until the last minute for things he needed to do. I would not recommend BOA to ANYONE for a mortgage, loan, or banking based on this experience alone. Stick with a local, personal bank or credit union, or someone your realtor knows.
Reviewed Nov. 21, 2025
Bank of America is absolutely horrible. I applied for a HELOC and was declined. I gave them all the documents they required within 5 business days. The worst people their are the underwriters. They don't care the I've been a loyal customer since 1993. I will not try to get a HELOC or any other product with them ever again. The only reason I don't take my money from them and cancel all my accounts is because I have joint accounts there with my mother.
Reviewed Sept. 30, 2025
Bank of America recently purchased my mortgage. I have no idea why they did. They have made paying my mortgage nearly impossible. I have spent hours trying to pay it, with the bank erecting a series of obstacles. They send the payment document two or three days ahead of its due date through the mail. Their 800 customer service line seems to be unstaffed - I spent about an hour waiting, with no estimate of time or option to receive a call. There is no chat service to offer to pay on their website. The only way to get chat is to download the application. Unlike the rest of the world, they do not allow you to sign up for the online application, um, online. You have to submit a request to have a password sent to you. Or mailed to you. Through the mail. Seriously. With a promise to send a password within 14 business days.
I then went to a Bank of America office and waited through the customer service line. The teller, of course, could not help me. But I could wait for a loan specialist. Who also could not help me, but suggested: have you tried calling our 800 number? They seem to have just cut all customer service support. They may purchase mortgages from other banks because they can process them more cheaply. Why bother paying customer service? Ridiculous and frustrating. Why would a bank make paying them so arduous?
Sources
- NMLS Consumer Access, “ Bank of America .” Accessed July 19, 2022.
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed July 18, 2022.