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finder.com’s rating: 3.9 / 5.0
★★★★★
As one of the largest banks in the US, Bank of America offers competitive mortgage rates and multiple loans — including a loan where you can put down as little as 3%. But its size can cause customer service hiccups.
Conventional: 620
FHA: 600
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 600 |
Minimum down payment (Conventional) | 3% |
State availability | Available in all states |
NMLS # | 399802 |
Bank of America is not currently available on Finder
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Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
Bank of America (BofA) mortgage offers competitive mortgage rates, a range of mortgage loans and branches across the country. With over $2 trillion in assets, a BofA mortgage might be best for people who like the comfort of banking with a well-known institution with deep pockets.
It also offers the convenience of keeping your mortgage, bank accounts and investment accounts together at one institution. While convenient, BofA’s large size could come at the cost of more personalized service you might find with smaller lenders.
And more importantly, if ethical banking practices are important to you, you’ll want to look elsewhere. BoA has an extremely high volume of complaints compared to other lenders, hundreds of negative customer service reviews and some concerning history with the Department of Justice.
To qualify for a mortgage with Bank of America, you’ll need a minimum credit score of 620 for Conventional mortgage loans or 600 for FHA loans and a maximum debt-to-income ratio of 43%.
The down payment depends on the loan type, but you can put down as little as 3% through the Affordable Loan Solution program.
You’ll need to provide:
Bank of America says nothing about its fees online, but you can expect to pay these closing costs:
These fees can be hefty. If you’re a Preferred Rewards customer, you may qualify for a $200 to $600 discount on your origination fee. The discount you get is based on the account balances of your Bank of America deposit and investment accounts at the time of application and your Preferred Rewards tier (Gold, Platinum or Platinum Honors).
You can apply for a mortgage in person, over the phone or online through the Bank of America Digital Mortgage Experience. The application takes around 30 minutes to complete.
To apply online:
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 1-star rating from 614 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.4 rating based on 1,257 reviews as of June 2022. 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 specifically for its mortgages.
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Bank of America is one of the country’s four biggest banks, offering mortgage products along with banking and investing accounts.
But it’s been involved in several scandals. In 2014, the bank was fined over $16 billion by the Justice Department for financial fraud, in large part because of how it handled mortgages. At the time, it was the largest settlement with a company in American history.
In a separate case, Bank of America was fined $1.27 billion for mortgage fraud, but the charge was thrown out after the bank appealed the ruling.
And in 2017, a judge fined Bank of America $45 million for it’s “heartless” treatment after it improperly foreclosed on a couple’s home and evicted them with only three days’ notice.
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
Loan type | Applications denied | Loans originated | $ Amount (originated loans) |
---|---|---|---|
Conventional | 154,413 | 211,424 | $84,542,020,000 |
FHA | 1,602 | 2,745 | $613,815,000 |
VA | 154 | 432 | $112,430,000 |
USDA | 0 | 0 | $0 |
Bank of America’s mortgage offers a wide range of loan products, including specialty loans and doctor loans, plus fee discounts and down payment and closing cost grants. It also has home equity loans and HELOCs. The only government-backed loans it doesn’t originate are USDA loans.
But thousands of negative customer reviews and complaints haunt BofA. If you prefer a lender with a history of happier customers, we suggest Guaranteed Rate, Draper & Kramer Mortgage or North American Savings Bank. These lenders offer a range of loan products and have overwhelmingly positive customer reviews.
Alternatively, if you want a fully digital mortgage process without any loan origination fees, consider Better or Beeline. Both offer online applications to fill out 24/7 for a fast preapproval decision on your loan — so you can start house shopping right away.
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Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
What other loan products does Bank of America offer?
In addition to mortgages, the bank offers credit cards, auto loans and small business loans.
Do I need to get a home appraisal?
Yes. The appraisal is a key part of your mortgage application. Bank of America will organize the appraisal via a third-party vendor.
How do I make additional payments to the principal of my loan?
When you make your monthly mortgage payment, you can pay a little extra and apply that amount to your principal. Before doing this, double-check that your loan carries no prepayment penalty.
What happens if I can’t make a mortgage payment?
Call Bank of America at 800-451-6262 as soon as possible to learn about your options. Agents are available from Monday to Thursday from 8 a.m. to 9 p.m. ET and Friday from 8 a.m. to 5 p.m. ET.
What housing assistance does Bank of America offer?
Bank of America has a few programs to help potential homebuyers. These include down payment and closing cost assistance programs, employer-assisted housing programs and mortgage credit certificates. To find out more, make an appointment with a loan specialist.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
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Bank of America is not currently available on Finder
Have you considered Figure?
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.