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Bank of America mortgage review

This lender offers low down payment loans, but customer reviews are negative.’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.


Loan products offeredConventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Minimum credit scoreConventional: 620
FHA: 600
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #399802

Bank of America requirements

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:

  • Pay stubs from the past 30 days
  • W-2s for the past two years
  • Bank statements for all financial accounts, including investments, for the past two months
  • Tax returns
  • A copy of the signed purchase and sales agreement
  • A profit/loss statement for the most recent quarter or year to date if you’re self-employed

Costs and fees

Bank of America says nothing about its fees online, but you can expect to pay these closing costs:

  • Appraisal fee
  • Credit report fee
  • Title insurance fee
  • Recording fee
  • Inspection fee
  • Origination fee

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).

How to apply for a mortgage with Bank of America

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:

  1. From the Bank of America mortgages website, select Get Started.
  2. You’ll be asked if you want to Buy a Home or Refinance Your Existing Home. For this example, choose I want to buy a home.
  3. Indicate whether you’re under contract for a property or hoping to prequalify.
  4. Sign in if you’re a customer. Otherwise, choose Continue to create an account.
  5. Step through personal questions about you and your current living situation.
  6. Enter the information about either the house you’re contracted to purchase or the area where you are looking for a house.
  7. Choose whether to allow BoA to enter your income information or to enter it manually.
  8. Enter information about your assets and answer regulatory questions.
  9. Agree to run your credit report and view the results.
  10. View your loan options and submit your application.

What types of mortgages can I get through Bank of America?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by Bank of America

You’ll also find the following more specialized products:

  • Mortgage refinance. If you already have a mortgage and want to refinance to get a better interest rate or different loan term, Bank of America can help.
  • Home equity loan. A home equity loan allows you to borrow a lump sum against the value of your home.
  • HELOC. A home equity line of credit (HELOC) allows you to draw from your home’s value as needed, similar to a credit card.
  • Affordable Loan Solution mortgage. Bank of America’s Affordable Loan Solution is available for as little is 3% down with no mortgage insurance to homebuyers who meet the income requirements.

How Bank of America’s mortgage products compare to other lenders

Bank of America’s mortgage offerings are what you’d expect from such a large national bank. The only government-backed loans it doesn’t originate are USDA loans, and it has a wide range of fixed-rate and adjustable-rate terms and options.

The lender also offers assistance programs, such as two grant programs, one to offer up to $7,500 to help cover closing costs and another that offers up to $10,000 to cover your 3% down payment. You may also qualify for a low down payment loan either through the Affordable Home Solution mortgage or the Freddie Mac Home Possible mortgage, both of which offer fixed-rate loans with only 3% down.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
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Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
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Bank of America reviews and complaints

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.

Pros and cons of Bank of America


  • Accessibility. Bank of America originates loans and has branches in all 50 states. If there’s no loan officer available at your branch, the bank has in-house video conferencing.
  • Low interest rates. Comparatively, Bank of America charges lower rates on the most popular mortgage products. You can get a custom rate online too.
  • Alternative credit data. For some loans, the lender will accept rent and utility statements.
  • Discounts for existing clients. Preferred Rewards clients may qualify for a $200 to $600 discount on their origination fees.


  • High volume of consumer complaints. Most of the complaints online point to customer service issues.
  • Less personalized approach. Bank of America has thousands of branches across the country, which makes it convenient but means you may not get the same level of customized care.
  • Limited coverage in the Midwest. Its physical presence is concentrated along the East and West Coasts.
  • History of irresponsible mortgage lending. The bank has been fined for past financial fraud.

What is Bank of America?

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.

Historical mortgage data for Bank of America

All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.

Loan typeApplications deniedLoans originated$ Amount (originated loans)

Frequently asked questions

Home loans ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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Read the full methodology of how we rate home loan providers.

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

Bank of America mortgages are for people who like the comfort of banking with a well-known institution. It offers the convenience of keeping your mortgage, bank accounts and investment accounts together at one institution. But if customer service and ethical banking practices are important to you, BoA has some pretty negative reviews and some concerning history with the Department of Justice.

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