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Wells Fargo vs. Bank of America mortgages

Both are big names in the banking industry, but we take a look at how their home loan programs, fees and requirements stack up.

How do Wells Fargo and Bank of America compare?

Wells Fargo logo
Bank of America logo
  • Choose this lender for down payments as low as 3%
  • Watch out for hidden fees and scandals
  • A good option for borrowers who want to automate their payments
  • 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.

Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • HELOC
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • HELOC
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 600

Conventional: 620

States available

Available in all states

Available in all states

Pros

  • Low down payment
  • Use gift funds
  • Easy application process
  • Accessibility
  • Low interest rates
  • Alternative credit data
  • Discounts for existing clients

Cons

  • Fees
  • Slow customer service
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending
  • Less personalized approach

Customer reviews

Reviews for this lender are mixed, but trend toward negative. First-time homebuyers recommend Wells Fargo for its thorough guidance through the home loan process. Other borrowers praise its mortgage specialists for their professionalism and helpful advice over the phone. Of the complaints, the most frequent was of customer service's slow response time and the excessive documents needed to assess loan applications. As of September 2019, Trustpilot gives Wells Fargo a rating of 1.5 out of 5 stars based on 157 ratings. The Better Business Bureau doesn’t give Wells Fargo a rating, but it gets a customer score on the site of 1 out of 5 stars based on 442 reviews, and the BBB has recorded over 1,000 complaints closed in the last year alone.
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.

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
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
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