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Rocket Mortgage vs. Bank of America
Compare the home loan options, fees and customer reviews of these two established lenders.
Bank of America is one of the largest banks in the US with over $2 trillion in assets. But Rocket Mortgage is the nation’s largest home mortgage lender, originating more than one million home loans in 2020 alone.
If you’re trying to decide between these two well-established lenders, we put them head to head so you can see which lender might be the better fit for you. And if neither feels right, we offer some comparable lenders as alternatives.
Rocket Mortgage’s efficient mortgage process, cheaper lender fees and stronger reviews put this lender on top.
When it comes to the number of loans originated, no other lender comes close to Rocket Mortgage. In 2020, it originated more than 1.1 million mortgages, more than double the second-largest lender. Rocket Mortgage isn’t perfect — no lender is. But when comparing Rocket Mortgage to Bank of America, we think Rocket Mortgage has the edge on three main factors:
- Streamlined application process. If you’re a self-service homebuyer who wants to complete the mortgage process online and entirely yourself, Rocket Mortgage’s online application walks you through the entire process, from preapproval to closing to managing your payments.
- More affordable fees. As of November 2021, Rocket Mortgage charges a flat processing and underwriting fee of $1,250. In comparison, Bank of America charges a flat origination fee of $1,365. It may not seem like a huge difference, but the total cost of a mortgage is an important factor when shopping around for a lender.
- Favorable customer reviews. Bank of America has its share of positive reviews on Zillow, but we can’t look past the sheer number of complaints it’s received over the years and its lengthy history of shady business practices. Rocket has fewer complaints, and its reviews skew more positively across the BBB, Trustpilot and Zillow.
Overview: Rocket Mortgage vs. Bank of America
|Get rates||See rates|
|At a quick glance||
|Loan products offered||Conventional, Jumbo, FHA, VA, Refinance||Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance|
|State availability||Available in all states||Available in all states|
|Min. credit score||620||620|
|More info||Read Review||Read Review|
Reviews for Rocket Mortgage are mostly positive
Rocket Mortgage has gathered numerous reviews over the years. And while its reviews vary between review sites, they consistently portray a positive customer experience.
As of January 2022, Rocket Mortgage holds an A+ rating with the BBB and has been accredited since 1986. The lender has a rating of 2.85 out of 5 stars based on more than 1,780 reviews and has closed more than 860 customer complaints in the last three years. Reviewers on Trustpilot give Rocket Mortgage a 4.0 out of 5 stars based on over 3,700 reviews.
Reviews on Zillow are overwhelmingly positive. Customers give Rocket Mortgage a 4.48 out of 5-star rating from almost 7,900 reviews. Satisfied customers frequently highlight the lender’s streamlined mortgage process, quality of service and helpful and knowledgeable loan team. Common complaints among dissatisfied customers had to do with slow closing times and below-market appraisals.
Reviews for Bank of America are mixed
Bank of America reviews are plentiful but vary drastically across the different review sites. For instance, on the BBB website, Bank of America is rated 1.06 out of 5 stars based on 540 customer reviews as of January 2022.
While it holds an A+ rating and has been accredited since 1949, the bank has closed well over 6,600 customer complaints in the last three years alone. This is a very high volume of complaints compared to other lenders.
This negative customer sentiment carries over to Trustpilot, where the bank earns a Trustscore of 1.4 out of 5 stars based on over 1,100 customer reviews. A majority of the reviews, 85%, deem the bank as “Bad.”
But on Zillow, customers paint a wildly different picture. With more than 12,000 reviews, customers give Bank of America 4.82 out of 5 stars.
Reviews on Trustpilot and the BBB don’t focus as much on its mortgage services as they do the bank’s overall business, whereas Zillow reviews relate specifically to its mortgages. Customer complaints largely focus on poor customer service, a lack of communication and high and excessive fees. Satisfied customers on Zillow praise individual Bank of America loan officers for their professionalism, responsiveness and reliability.
Aside from the many customer complaints, Bank of America also has a history of shady business practices. According to Good Jobs First’s violation tracker, Bank of America has paid almost $83 billion in fines since 2000, nearly $40 billion of which are from “mortgage abuses.”
Compare other options
Rocket Mortgage offers homebuyers a fully digital mortgage process, and Bank of America is an option for homebuyers interested in getting a mortgage from a traditional bank. But these two lenders won’t be right for everyone.
For starters, both these lenders charge an origination fee — Rocket Mortgage at $1,250 and Bank of America at $1,365. Both fees are fairly typical, but they’re no drop in the bucket.
Homebuyers wanting a similar online mortgage experience to Rocket Mortgage but with fewer fees should consider Better. Better is a highly rated digital lender available in most states across the country that doesn’t charge any lender fees. Its rates are competitive, and it offers a similar fully online mortgage process.
If you want to stick with a big bank like Bank of America but one that charges less in fees, consider U.S. Bank. It’s available nationwide, offers a similar lineup of home loan options and its lender fees are $770.
Alternatively, 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.
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