How do HSBC and Bank of America compare?
- Choose this lender for a wide variety of loan types
- Watch out for negative customer reviews
- A good option for borrowers with unique criteria
- Consider Bank of America if you value its nationwide footprint and like the idea of having your mortgage and banking under one roof.
- Choose something else if reputation and customer experience is your top priority.
Neither of these seems the right fit?
- Wide range of loans & terms
- Perks for HSBC customers available
- Special mortgage programs available
- Online account monitoring via dashboard
- Low interest rates
- Alternative credit data
- Discounts for existing clients
- Negative reviews
- Can't fully apply online
- High volume of consumer complaints
- Limited coverage in the Midwest
- History of irresponsible mortgage lending
- Less personalized approach
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 (BBB) since 1949, boasting an A+ rating for its operations after closing over 6,000 customer complaints over the last three years.
However, it falls short in the customer service department, earning slightly over a one-star rating from 475 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.3 rating based on 844 reviews as of August 2021. 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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