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Bank of America Mortgage review

Last updated:’s rating: 3.9 / 5.0


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

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 types Purchase, Refinance, Home Equity, HELOC, Jumbo, FHA, VA
Minimum credit 620
Other minimum credits Conventional: 620
Minimum down payment 5%
Origination fee Varies
Other fees Expect fees to include appraisal fees, title charges, closing fees and state taxes.

Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
Available States Available in all states


  • In-person accessibility
  • Lower than average interest rates
  • Alternative credit data accepted
  • Discounts for existing clients available


  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending
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.

What types of loans does Bank of America offer?

Bank of America offers several mortgage types, including:


Bank of America offers fixed-rate conventional mortgages with terms between 15 and 30 years. It also offers adjustable-rate mortgages with 10/1, 7/1 and 5/1 ARMS.


Designed for borrowers with low to moderate income, FHA loans are available with as little as 3.5% down to homebuyers who meet certain income requirements set out by the federal government.


VA loans are available with $0 down to qualifying military service members, veterans and certain military spouses.


A mortgage is considered jumbo if it’s too big to be bought out by Fannie Mae and Freddie Mac — which is most loans over $510,400 as of 2020. Bank of America offers jumbo loans of up to $2.5 million.

Other loan types

  • Refinance mortgage. If you currently have a mortgage and want to refinance it 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 the value of your home as needed, sort of like 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.

Bank of America fees

Bank of America says nothing about its fees online, but you can expect to cough up 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. This is based on your account balance at the time of application and your Preferred Rewards tier (Gold, Platinum or Platinum Honors).


To qualify for a mortgage with Bank of America, you’ll need a minimum credit score of Conventional: 620,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

Pros and cons


  • 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 Coast.
  • History of irresponsible mortgage lending. The bank has been fined for financial fraud in the past.
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How to get a home loan 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. Head to the Bank of America website. Hover over Home Loans, and press Mortgages.
  2. Click Get Started.
  3. You’ll be asked if you want to Buy a Home or Refinance Your Existing Home. For this example, let’s say you’re buying. Click Continue.
  4. Indicate whether you’re under contact for a property, or hoping to prequalify.
  5. Sign In if you’re a customer. Otherwise, click Continue.
  6. Enter your Personal, Contact and Citizenship details.
  7. Add your coapplicant’s information, if you have one.
  8. Type in the details about your new home, including the Address, Type of Property, Property Use (e.g. primary residence or vacation home), and Requested Closing Date.
  9. Outline your Assets, Income and Employment.
  10. Upload identifying and supporting documents.
  11. Submit your mortgage application. You’ll receive a Loan Estimate within three business days.

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 a number of 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 away 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

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Expert review

Katia Iervasi

Review by

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

Bank of America mortgages are for people who like the comfort of banking with a well-known bank. 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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