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HSBC Bank vs. Bank of America mortgages

Is HSBC Bank or Bank of America better for your next home loan?

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Fact checked

How do HSBC and Bank of America Mortgage compare?

HSBC logo
Bank of America Mortgage logo
  • Choose this lender for a wide variety of loan types
  • Watch out for negative customer reviews
  • A good option for borrowers with unique criteria
  • Choose this lender for low interest rates
  • Watch out for bad customer reviews
  • A good option for borrowers without much credit history

Loans offered

  • Purchase
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Purchase
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Available in all states

Available in all states

Pros

  • Wide range of loans & terms
  • Perks for HSBC customers available
  • Special mortgage programs available
  • Online account monitoring via dashboard
  • In-person accessibility
  • Lower than average interest rates
  • Alternative credit data accepted
  • Discounts for existing clients available

Cons

  • Negative reviews
  • Can't fully apply online
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending

Customer reviews

In general, online reviews are worrisome. HSBC customers complain of miscommunications from the provider that resulted in payment mixups and refinancing issues. Some borrowers report HSBC claiming payments weren’t made on customer home loans for years. HSBC Bank overall garners a low 2 out of 10 on Trustpilot based on 46 reviews. It doesn’t do much better with the Better Business Bureau, which gives it a D rating. If you pursue a home loan with this provider, make sure to keep careful documentation of your payments, confirming they’re processed in a reasonable time, over the course of your loan.
Bank of America has been accredited with the Better Business Bureau since 1949, and boasts an A+ rating for its operations and interaction. It falls short in the customer service department, though. As of August 2019, the BBB recorded 5,561 complaints, and Bank of America has earned a one-star rating from 280 customer reviews. It's a similar story on TrustPilot, where the bank has a 3.9/10 rating based on 61 reviews. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received. It's worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.

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