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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- 4,675,583 reviews on ConsumerAffairs are verified.
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Reviewed May 8, 2025
Hello Bank of America, I started an assumption loan in early January with Loan Processor Ty **. I sent everything she asked for weeks. She said it takes up to 90 days for approval. I checked on the loan Monday, May 5th and the file had been closed in March. I never received any warning by email or letter that the file would be closed by a deadline. She said we missed one email asking for a utility bill. She admitted having everything else she asked for. Please re-open the loan application process and speak with Ty ** about the way she treats clients. We sent the utility bill on Monday to her but, want a new Loan Processor. I believe I was treated unfairly by Ty **. Her communication was terrible.
Reviewed March 11, 2025
I applied for a HELOC and this bank was irresponsible on how it went about it. They hit me with a hard credit inquiry that tanked my credit rating 25 points- totally ridiculous. And to boot they are asking for crazy info- I NEVER USE THEM AGAIN.
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Reviewed Jan. 16, 2025
I had a very disappointing experience with Bank of America's loan process, specifically with Justin ** and Danny **. Initially, Mr. ** assured me that everything was in order after I submitted the required documents. I trusted his word and proceeded with escrow, only to be transferred to Mr. **, who asked for additional documents. Despite sending everything requested and being told that "everything looks good," my loan was ultimately declined during the final review.
This entire process was frustrating and stressful, especially since I was already in escrow. Clear communication and a thorough evaluation from the beginning could have prevented this situation. Thankfully, I was able to secure financing through another lender and successfully purchase my home, but this was a situation that could have been avoided with better professionalism and transparency from Bank of America's team.
I regret placing my trust in this process and giving positive feedback early on. My experience has taught me to prioritize transparency and accountability when choosing a lender. I hope Bank of America takes this as an opportunity to improve its communication and customer service practices to ensure that other clients do not face similar setbacks.
Reviewed Jan. 15, 2025
Bank of America was great for 28 yrs, I don’t even know my the transferred my loan to Shellpoint. Either you don’t care or didn’t know how back this company is. Check the reviews on the BBB site. I was thinking about banking with you, now it no way and will not recommend banking even though you're in walking distance.😒
Reviewed July 4, 2024
Total nightmare. I applied for a HELOC and uploaded tons of documents. Bank of America said they couldn't read some so they had to be uploaded again. Then they came back with a kind of credit with Umpqua had to be paid off with the funds. Fine. My purpose was to consolidate debt. Here the problems started. B of A and Umpqua could not work together to get the payoff. B of A insisted I had to get this. I tried and they wouldn't accept anything I sent them. The application was closed with no notice to me. None. When I checked on the status and said I could pay off the other line of credit they wouldn't accept the document. It came in too late for the loan processor because they are on East Coast time and I am on West Coast. Be warned West Coast people. B of A stops all business on East Coast time. Then the loan application was canceled with no notice to me. Two and a half wasted months with them. Will never bank with B of A.
Reviewed July 1, 2024
On July 1, I logged in to make my mortgage payment as I do every month. I make the payment, it shows as scheduled, and I instantly receive an email confirmation. Except that this time there is no way to just make a payment from my checking account. Instead there is some convoluted system using language that says nothing about a payment, just confusing language for the customer transferring to BOA. So, I try, and all that happens is something saying something is processing, but also something saying that nothing is scheduled, plus, no confirmation, no email saying any payment was made. So, I wait for a while for the typical email confirmation, but no confirmation ever comes. So after about half an hour I log back in to try to see any activity, and nothing shows, no activity on the account.
After searching the site all I can find is a place where it says the same thing, that nothing is scheduled, and that something is still processing. So I try again to make a payment, and again, all I see is the same confusing language about transferring, nothing about making any mortgage payment. Except that now it shows 2 processing, but still, nothing is scheduled.
Now I’m getting worried, all I can see is bounced check/payment/overdrawn checking account, all because of BOA’s messed up system and website! So I immediately call for support to get one of these “processing” cancelled, and all they can say is they have no way of doing it, hence no way of helping their customers! Unbelievable! I am VERY upset! I cannot believe that a company is so out of touch, so uncaring about serving their customers, that they are willing to leave them hanging, to suffer the consequences of BOA’s inept and messed up system! I am VERY DISGUSTED with their total lack of care for their customers, and that they simply cannot and will not make things right!
Reviewed June 13, 2024
Stay away!!!! They are dishonest!!!! They have no idea what they are doing!!!! They are proud of being no good ... LOOK AT THEIR REVIEWS EVERYWHERE. NOTHING BUT BAD STUFF ABOUT THEM. GO ELSEWHERE!!!!
Reviewed April 7, 2024
The loan application process was the Worst experience ever! Customer service is non-existent! Because of my 25 years+ of being a BA customer, including my current mortgages and other accounts I decided to apply for a new loan with BA. Only when I followed up with the loan officer time and time again she asked to submit documents. After 5 weeks of this pattern, I ended up submitting over 3 dozen documents. By then I had requested another update on the timeline for a DECISION of my loan application and no response! After following up one more time the loan officer got back to me asking yet for another document, and totally IGNORED my request! That was the last time I heard from them. One month later to this date I did not hear from Bank of America at all! I recommend doing your research and if you decide to move forward, be prepared to deal with this institution the same way I described above.
Reviewed April 5, 2024
Horrible bank. I'm did worked at one of their clients that have a mortgage through them. They will not release funding to rebuild the elderly disabled home after is got flooded out. They also won't pay contractors for work that was done either and dared the contractors to put a lien on the house.
Reviewed March 14, 2024
I do not recommend Bank of America home loans. I sent everything they asked me for to Mr. Ricardo ** 3 weeks ago. When I call he never answers. He is always outside his office. I called the supervisor and he never called me back. I feel like they are treating me like third class. Until now, they have not processed my request. It's a waste of time.
Sources
- NMLS Consumer Access, “ Bank of America .” Accessed July 19, 2022.
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed July 18, 2022.