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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Bank of America Mortgage Review

Updated on:
Content was accurate at the time of publication.

Bank Of America

5 stars

  Minimum credit score: Not disclosed.

  Minimum down payment: 0% to 3%

  Available loan products and programs: Conventional, FHA, VA, Jumbo, Home Equity

  Our verdict: Bank of America is a good choice for homebuyers on the hunt for low down payment options and a potentially great choice for existing BoA banking customers, who will find seamless integration between their accounts and their loan — not to mention special deals on rates and fees.


  Multiple loan programs with 3% down payment options

  Banking customers can get discounts on mortgage fees and interest rates

  Robust tools make it easy to apply for, manage, track and pay your mortgage online

  In-person meetings with loan officers aren’t available in all states

  USDA loans not available

  Minimum credit score information isn’t published on the Bank of America website

Headquartered in Charlotte, N.C., Bank of America is the second-largest bank by assets in the U.S., with more than $2.3 trillion in assets. Mortgages are available in all 50 states and the District of Columbia.



  • FHA purchase loans, backed by the Federal Housing Administration (FHA), are available for borrowers who need more flexible requirements than conventional loans can offer.
  • FHA Streamline refinances allow borrowers with an existing FHA loan to refinance with less paperwork and hassle.


Home equity

  • Home equity lines of credit (HELOCs) with Bank of America offer homeowners a way to borrow against their equity and recieve cash. The company won’t charge application fees, annual fees or, in some cases, closing costs. Want to convert a variable-rate HELOC to a fixed rate? That, too, is offered with no fees.


  • Jumbo loans are available for home buyers shopping for high-value homes that would require mortgages exceeding conforming loan limits. You’ll have the option of a 15- or 30-year fixed-rate loan, or a variable-rate loan with a 5-year initial fixed period.

Special programs

  • Interest rate discounts. Bank of America offers interest rate discounts on a wide variety of loan types and qualifying is fairly easy. In some cases, it’s as simple as making your monthly payments automatic or being a Bank of America Preferred Rewards member.
  • Physician loans. Specifically designed for medical professionals, these loans require only 5% to 10% down and, in some cases, can exclude student loan debt from your mortgage qualification calculations. They also allow medical residents and fellows the ability to qualify with future income if they have a job lined up.

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Bank of America makes it simple to check home loan rates online. Enter a few details and get rates tailored to your desired loan amount and location in seconds. Just be sure to take the “monthly payment” estimate returned with a grain of salt — these estimates don’t include important factors like mortgage insurance or adjustments on an ARM interest rate.

Compared to other large national banks, Bank of America’s rates are reasonably competitive but not low, and on average came in around 0.41 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points over the APOR.


The average total cost of taking out a mortgage with Bank of America was $4,682 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That includes an average $2,325 in origination fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?
*Offers a closing costs calculator that allows you to estimate your lender fees

You can get prequalified, apply for a purchase mortgage or apply for a refinance online. Choose the device that suits you best — mobile, tablet or desktop — and get a result back in as little as one day. You’ll have the option to upload documents digitally and track the status of your application online.

Once your loan is approved, you can also review and sign closing documents on mobile or desktop. Don’t count on skipping all of the in-person elements of the closing process, however. You’ll still have to meet in person in order to sign the final paperwork.

How to boost your loan approval odds

Bank of America doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Bank of America approved customers who — on average — had a 62% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.

In that same year, Bank of America denied about 56% of its mortgage applications. That’s not higher than many other large, high-volume lenders. For comparison, some large lenders have denial rates in the low teens to mid-thirties.

Once you’ve signed on the dotted line, you’ll be able to manage payments online through the mobile app or in a browser.

You can contact customer service by making an appointment online, chatting with a representative online or calling (800) 669-6607 on a weekday between 8 a.m. and 9 p.m. EST. If your question is about an in-process application for a mortgage, you’ll enjoy extended phone service hours from 8 a.m. to 10 p.m. on weekdays, and 8 a.m. to 6:30 p.m. on Saturdays.

Bank of AmericaWells FargoBetter Mortgage
Lender rating
Minimum credit scoreNot disclosedNot disclosed620
Minimum down payment0% to 3%0% to 3%0% to 3.5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Home equity
  • Conventional
  • FHA
  • VA
  • Jumbo
  • USDA
  • Conventional
  • FHA
  • VA
  • Jumbo
Rate spread*0.41%0.28%0.14%

*Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) Bank of America offered to mortgage customers in 2022. The higher the number, the more expensive the loan.

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

Bank of America’s scorecard: 5/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

 = 0 points   ⭕ = 0.5 points     = 1 point

Today's Mortgage Rates

  • 6.65%
  • 6.18%
  • 7.43%
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