Bank of America Mortgage

Bank of America Mortgage Reviews

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.

Pros
  • Competitive rates
  • 100% online application
  • Discounts and perks for current customers
  • Online and in-person loan specialists
Cons
  • Best rates available only to Preferred Rewards members
  • No rate check without a hard credit inquiry

Featured Reviews

Tenino, Washington
Verified purchase
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...

Read more

Fredericksburg, VA
Verified purchase
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 ...

Read more

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

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

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

Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

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

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.

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

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.

Shop with confidence

Compare with top companies

Bank of America Mortgage Reviews

Filter by Rating

  • (44)
  • (10)
  • (31)
  • (124)
  • (1,478)

Popular Mentions

    How do I know I can trust these reviews about Bank of America?
    • 4,606,585 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.
    Recent
    • Recent
    • Oldest
    • Most helpful

    A link has directed you to this review. Its location on this page may change next time you visit.

    How do I know I can trust these reviews about Bank of America?
    • 4,606,585 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.
    Page 1 Reviews 0 - 10
    Loan Process

    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.😒

    Thanks for your vote! Report
    Punctuality & SpeedOnline & AppLoan Process

    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.

    Thanks for your vote! Report

    Not sure how to choose?

    Get buying tips about Mortgage Lenders delivered to your inbox.

      By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

      Thanks for subscribing.

      You have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

      Customer ServiceStaff

      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!

      Thanks for your vote! Report

      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!!!!

      Thanks for your vote! Report
      Customer ServicePunctuality & SpeedStaffLoan Process

      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.

      Thanks for your vote! Report

      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.

      Thanks for your vote! Report
      Customer ServicePunctuality & SpeedStaffLoan Process

      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.

      Thanks for your vote! Report
      Customer ServiceStaffTransparency

      Reviewed Jan. 24, 2024

      We have been trying to establish if Bank of America is capable of helping us with the line of credit and they proved after 50 days of wait and 20-30 hours of our time loading all non-making sense documents that they are simply incompetent and that we could have had our answer within first 2 minutes with competent person. Apparently BoA does not have these kinds of people in their bank or I haven't met them yet.

      First of their officials that we tried to have appointment with was fired just before our appointment with him, so we were left out without any apology and without the meeting in the chaos of people waiting. However we were reassured that we can get the line of credit without any issues within 30-45 days and can simply apply online.

      After trying to apply online we got connected with Brenda ** who was "in charge" of our case. We had a very hard time to get in touch with Brenda or know what stage our request is at, as she was not giving us any updates and was frequently out of office. It took her 50 days to look at our deed and realized that she could not do a line of credit with our type of deed. That's the first document any knowledgable person would check like I experienced with other banks. The quality, knowledge and capabilities of Brenda and her team as a Bank of America representatives pushed me to take my affairs elsewhere. I will stay away from working with her and her team in BoA forever and will recommend that to anyone who asks me.

      Thanks for your vote! Report
      Customer ServiceLoan ProcessTransparency

      Reviewed Jan. 23, 2024

      Having been a BOA customer for 20+ years, my husband and I decided to do a HELOC through them to add a pool and make some other improvements to our home. Having good income, credit, and equity, we figured this would be a relatively seamless process. To begin, the communication is horrible. Once we applied online, we could not get a phone call, or a return phone call from a person. They assigned an advisor who tried one time to send a secure email through a program that could not be opened on our computer. I left several messages and emails asking what was in that secured email with no response. After 10 days, I finally got a callback and I found out it was asking for documents that I had already submitted during the initial application process and they were simply "missed." This 10 day delay ultimately allowed our application to expire and we were told we had to reapply- and have a second hard credit pull done.

      Speaking of documentation, the amount of documentation required for an equity line is insane. I'd send the 10 items in that was asked for, they'd "miss" 5 of them, and then ask for 5 more. This has now gone on for weeks with the second application. They have been asking for information on a second home we don't even own anymore, and as much as I continue to communicate this, our loan advisor can never remember any of the details relating to our application....we are simply another number. 9 weeks in total and we have not even made it to underwriting yet for an income review. I can't wait to see what happens next... If we weren't this deep in the process, with 2 hard credit pulls, I'd withdraw my application and go through our current mortgage company. Frustrated doesn't even begin to describe how I feel.

      Thanks for your vote! Report
      Customer Service

      Reviewed Nov. 22, 2023

      I had a first-time-ever appointment with Bank of America to buy a new home. The location was at Sawdust, The Woodlands, Tx. I met a bank agent, named Cristina **, asking for loan options. Some information was missing from my side, so I went out and got it. I called and sent emails, to follow-up the paperwork. Almost two weeks later she still not taking calls either replying emails. Lousy service!

      Thanks for your vote! Report

      Simplify your search

      Easily compare personalized rates.

      Loading more reviews...
      Sources
      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.