Bank of America Mortgage

Bank of America Mortgage

 4.0/5 (766 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.

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    • 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

    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

    Bank of America is very easy to work with, both on our mortgage and our HELOC. … At one point our mortgage was going to go up because the escrow was getting low. We added some mon...

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    Rated with 5 stars

    It was a pleasure working with them. They are Nationwide, have lower rates and have applicable discounts. Very professional wonderful company. I recommend that all potential home ...

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    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

    YearDifference from national average
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    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

    Online application
    Mobile document upload
    Physical branches37 states
    Publishes minimum rate on website
    Rate lockVaries 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

    Home purchase applications79,48079,812112,411
    Home purchase loans closed45,75647,30268,703
    Home purchase applications denied11,47611,16112,615
    Home purchase preapprovals denied1,6501,2581,630
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    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

    Home purchase loans27.68%26.51%33.09%
    Refinance loans43.25%42.93%28.48%
    Cash-out refinance12.29%11.63%12.06%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    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.


    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 scoreMin. down paymentCompare with other lenders
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet 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.


    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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    • 4,213,724 reviews on ConsumerAffairs are verified.
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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: March 13, 2023

    Applying for a HELOC was supposed to be simple and fast. (They said.) Instead it took weeks to compile the needed information, they kept on asking for more, and then they used a outmoded formula to calculate your income which came out to be $8000 less than my actual monthly income. When questioned "how'd you get to their figure" they used a formula that to have equaled my monthly income I would have had to have a $3,600,000 "nest egg" to qualify for a $100.000 home equity loan, on a home "they say" has currently $300,000 in equity!!! Absolutely Absurd and Not Worth Your While!!!

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    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 16, 2023

    My husband and I applied for A HELOC loan in the late part of October. It is now February going on March. Every other day they need something else, or they can't use this or they need signatures over and over again. Started with one really nice person and he left now. I'm with someone that clearly has an attitude problem. Her manager assured me that we just needed to send one more item. Sent it. Guess what? Now there are three more items. Sent that and guess what? It needs to be sent in different. OMG this place is a joke. Thank God it's only a HELOC and not a first mortgage or we would have lost any home we tried to purchase. They need to get their act together. Even the in house mortgage broker said they are a joke. I would never begin a mortgage with them again.

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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 29, 2023

      Been with BOA for over 20 years and recently had a problem with my escrow on my loan, tried calling the 800 number and what a joke, took me over an hour to get a person 'cause whoever they transferred me to kept saying, "Sorry you need ** department," and brought me back to the phone tree. I finally got to talk to someone even thought they were not in the Escrow Department. Took my information about my problem and said they would do one thing to fix the posting but did the total opposite and totally messed up my payment postings on my loan. I couldn't talk to anyone again so I messaged them via online banking, took days for them to answer and still didn't help me with my problem. I messaged about 6 times but took them two months to fix the posting on my loan and I still think it is incorrect. I am refinancing/closing in a couple weeks to payoff my 3 loans with them. No longer want them anymore!!! Take my advice, DO NOT OPEN any type of account with BOA.

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      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 13, 2022

      Do NOT use Bank of America for your home loan. Incompetent, dishonest, ageist, and nefarious are just a few of the adjectives that come to mind when thinking of my family's experience with Bank of America. My parents, both in their 70s, and I attempted to apply for a new home loan. For three months we were given the run around, lied to, kept in the dark, and given incorrect information. Bank of America cost us thousands of dollars and a mountain of undue stress. When concerns were brought to the attention of the Vice President, my parents were patronized and dismissed.

      Banker locked us in to an interest rate that he couldn't honor, so Bank of America attempted to string us along until the contract expired. Once we were told we would be denied, we found another mortgage company that closed for us in two weeks. We were then sent a letter with an explanation of denial that was blatantly dishonest. Worst experience I've ever had with a financial institution. I've since closed all of my Bank of America accounts and refuse to do business with them ever again. When I went in, to a different location, to close my account, a banker couldn't even bother talking to me and told me to call the number on the back of my card. If you want to buy a home, avoid Bank of America at all costs!

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      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 24, 2022

      Paid off my mortgage. Bank of America in its grand wisdom decided it would be a grand idea to send the lien release to the wrong county. I called them up and asked them to send it to the correct county. So they sent a copy of the one they sent to the wrong county to my county. The problem is the copy has the wrong county's book number, page number and instrument number on it. My county has no record of my property with the incorrect book/page and instrument number. Several phone calls about the issue has yielded the wrong result. If they don't get it right next week I will be getting an attorney to force them to do the job right.

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      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 14, 2022

      I went through a divorce recently and assumed my home loan to remove my ex. I will now have zero access to the loan details via online banking "forever". So basically, if you ever assume a loan at BofA, be prepared to forever lose access to the details. No recourse with any support team, no ability to send feedback to them. Just forever blocked unless I want to refinance. I now have to wait in line for 30-60 minutes to call their customer service team any time I have a question about my account or want to see any detail about it - payments, balances, etc. If this sounds too crazy to be true, or that my situation is some type of strange edge case, be sure to know that it is not. I really can't believe that this is their policy.

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 27, 2021

      My sister received an approval to purchase a home in July after months of repeated documents with various errors and weeks of bogus disclosures the home sell fell apart in October. She couldn't get a closing date every date was postponed to a later date until the seller pulled out of the deal and I lost $500.00. The primary person assigned to my loan wasn't available most of the time and when she was there was repeated emails asking for documents that already had been submitted. In October I was told the process was being reviewed in its entirety again. Stay away first time home buyers. They will make what should be a a joyous occasion a huge disappointment.

      15 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 9, 2021

      Have been with BOA for 4 years and very poor service. Even a small bank has better website than BOA as you can never understand how the payment gets posted as there is no before and after balance for you to track. Poor Customer service and I really don't know how they are in this business.

      7 people found this review helpful
      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!

      15 people found this review helpful
      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.

      18 people found this review helpful

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
        1. NMLS Consumer Access, “Bank of America.” Accessed July 19, 2022.
        2. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed July 18, 2022.