Bank of America
At Bank of America, we're committed to making sure you know where you stand with your home equity line of credit every step of the way. Our experienced mortgage specialists will be there to help from application to closing. We're focused on creating real, meaningful connections with individuals, businesses and communities to help them connect with what matters most. Every day, we're proud to partner with our customers, bringing them our skills and expertise, to help make their financial lives better. To speak with a mortgage specialist, call 1-800-509-7942. Hours of operation for our call center: M-F 8 a.m.-10 p.m. Eastern, Sat 8 a.m.-6:30 p.m. Eastern Bank of America, N.A. Member FDIC. Equal Housing Lender © 2016 Bank of America Corporation. All rights reserved. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
The entire experience was wonderful. Dan was upfront and honest. Very professional and always available even evenings and weekends
The BOA mortgage loan process is a long and tedious one. Including endless prying into your personal and financial life. But the worst part of my experience was being denied a loan right before closing due to being laid off. No matter how many times I explained I could afford the loan and offered to add on cosigners, the soulless non personal behemoth that is BOA denied me. Just remember that large institutions like BOA do not care about you no matter your situation.
I spoke with a nice lady who asked me a couple of questions, said that she needed to transfer me to HELIC person and then received a dial tone. I now understand why you have 15 reviews with 1 star.
I attempted to obtain a mortgage in Louisville, Kentucky. The loan officer didn't seem to pay close attention to anything I was telling her because we she would often repeat the same questions and comments days or weeks after going over it. Everything was going well, and I was preapproved and was told to submit a non-refundable deposit. An appraisal was conducted and closing date set. At the very last minute, I was given what sounded like a made up reason for denying the loan. We discussed it and the loan officer told me her underwriter made the decision but that I could not speak directly to this person. I started to lose faith in Bank of America so despite losing the deposit, I considered it perhaps for the best I would not receive the loan from this company. However, when I received the "Notice of Action Taken" in the mail, an entirely different reason for denying the loan was stated, one that was never discussed previously and that did not apply to the circumstances. It seemed that Bank of America made up an "official" reason to put on the required Notice of Action Taken because the stated reason was unbelievable. By the time I received the Notice of Action Taken with the fraudulent reason, the loan was already killed. I am glad I did not go with Bank of America though I find these procedures to be reprehensible.
I am appalled at how unprofessional, disorganized and disrespectful BofA has been. They dug a whole for themselves during the recession and we have to pay for digging them out. The loan officer was disorganized, lost track of document and forgot crucial information. This all happened two months after my mom’s death and the last thing they asked for was a copy of her death certificate which should have been addressed day one of the loan approval process. I am enraged about their insensitivity and lack of professionalism. It’s like there customers aren’t even human beings. They have interrogated me to the point of getting into very private matters.
The modern Bank of America was launched in 1998 and is a major financial institution that offers bank accounts, credit cards and various loans, including mortgages. The company works with roughly 67 million customers, ranging from big corporations to individual consumers. Bank of America is headquartered in Charlotte, N.C., and provides its services throughout the nation and in more than 35 countries across Europe, Africa and beyond. In 2017, the bank’s mortgage volume was $68 billion.
Bank of America has mortgage loan officers available in 42 states, listed below, and Washington, D.C.
Regardless of whether you’re near a branch, you have several options for communicating with Bank of America during the mortgage application process. The lender has a customer service phone line (866-466-0979) staffed Monday through Saturday, an online chat function and an option for having a lending specialist contact you. You can also schedule an appointment to meet with a specialist at one of Bank of America’s physical locations.
Bank of America has several special tools offered online, including a real estate center that can help borrowers shop for homes.
The company’s website doesn’t offer a specific minimum credit score to qualify for its mortgages, and there was no lender representative available to confirm this (and other) information about its services. However, the site does state that a “good” score of 670 or higher may provide borrowers a better chance of qualifying for a mortgage.
After you apply for a mortgage with Bank of America, an underwriter will look over your entire application, along with all supporting documents that are included. The underwriter will consider everything from the value of the new home to your overall credit history (such as your debt-to-income ratio and whether you pay your bills on time), which will help determine your ability to repay the loan down the line.
Bank of America has several different types of home loans from which to choose, depending on what you are looking for.
Bank of America offers the ability to pre-qualify if you want to see your options without applying for a loan right away. Fill in your basic contact information and loan details on the website, and you will instantly see rates and payment options, along with loan advice from a specialist and a possible pre-qualification letter. If you choose to proceed with a loan application, this is what you’ll experience:
Throughout the application process, you can utilize the Bank of America Digital Mortgage Experience to track the status of your loan, update information as required and stay in touch with your loan specialist.
Bank of America’s website doesn’t specify whether you work with several loan specialists or if one is designated for your case. However, loan specialists can help with any questions you might have regarding required documents or the status of your application. Even if you file your application online, you can contact a loan specialist directly. You can find the number for a loan specialist directly on the Bank of America Digital Mortgage Experience dashboard or mobile app.
While applying for a home loan with Bank of America may be the right option for some borrowers, it may not be best for you. Here’s what to factor in as you begin your search for a lender.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.