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Bank of America Mortgage Review 2022

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Bank of America is a national full-service bank based in Charlotte, N.C. The bank traces its origins through several previous financial institutions (including Charlotte-based Commercial National Bank, founded in 1874, as well as the Bank of Italy, which operated in San Francisco beginning in 1904), growing steadily through acquisitions throughout the 1900s. Today, Bank of America is the second-largest bank in the U.S., with more than $2.3 trillion in assets. Mortgages are available in all 50 states and Washington D.C.

Who is this lender for?
  • First-time homebuyers
  • Current Bank of America customers
  • Military servicemembers and veterans seeking a VA loan
  • Borrowers needing a jumbo loan
  • Doctors and medical professionals

8/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online: Yes
  2.   Product info online: Yes
  3.   Rates listed online: Yes
  4.   Helpful articles about mortgages and homebuying: Yes
  5.   Standard product offerings: Yes
  6.   Special programs: Yes
  7.   Info about how to qualify for products offered online: No
  8.  E-closing availability: No
  9.   Licensed in at least 35 states: Yes
  10.   After-hours and weekend access to loan officers: Yes

Bank of America pros and cons

Pros

  Multiple low down payment options. Bank of America offers Freddie Mac’s 3% down payment conventional loan, as well as its own Affordable Loan Solution mortgage with a 3% down payment. The bank also offers down payment grants and other assistance.

  Bank customers can get discounts. Depending on your Bank of America account balances, you may qualify for a discount on mortgage fees.

  Ability to book appointments with loan officers online. Bank of America makes it easy to book local loan officer appointments online, with a calendar tool letting you choose a date and time up to a year in advance. These appointments can be done in person or by phone.

Cons

  Loan officers not available in all states. While Bank of America originates mortgages nationwide, loan officers are not available on the ground in all states.

  USDA loans not available. Bank of America does not originate USDA loans; as such, those seeking residential purchases in rural areas would need to look elsewhere.

  Qualifying information not available. Bank of America publishes little information about how to qualify for its mortgages online, including not disclosing a minimum credit score. You’ll need to speak with a loan officer or fill out an application to find out if you’ll qualify.

Bank of America borrowing requirements

Minimum credit scoreNot disclosed
Minimum credit score 
  • Not disclosed
Minimum down payment 
  • 0% for VA loans
  • 3% for conventional loans
Available loan terms 
  • 15-, 20- and 30-year fixed rate
  • 5/6, 7/6 and 10/6 adjustable-rate mortgages
Available loan types 
  • Conventional
  • FHA
  • VA
  • Jumbo

Bank of America mortgage rates and fees

Bank of America publishes current mortgage rates online for its most common loan offerings, including fixed-rate loans with terms of 15, 20 and 30 years, and adjustable-rate loans with fixed periods of five, seven or 10 years. The bank does not disclose its lender fees online.

Bank of America mortgage products

Purchase

Bank of America offers conventional fixed-rate loans with terms of 15, 20 and 30 years. Adjustable-rate loans are also available as 5/6, 7/6 and 10/6 ARMs. This means the interest rate remains fixed for five, seven or 10 years, and then adjusts every six months.

Government loan programs available at Bank of America include FHA loans and VA loans. VA loans do not require a down payment.

Jumbo loans are also available, with either fixed or adjustable rates.

Refinance

Bank of America offers refinance loans to lower your interest rate and reduce your monthly payment, shorten your term or take cash out. Refinances, including cash-out refinances, are available with either fixed or adjustable rates.

Home equity

Bank of America offers home equity lines of credit (HELOCs) at variable rates. The bank does not charge an application fee, annual fee or closing costs, and customers can convert portions of the amount they spend to a fixed-rate loan.

Special programs

Bank of America’s Affordable Loan Solutions program offers mortgages with a 3% down payment and no mortgage insurance to borrowers who meet income limits.

The bank also has two down payment grant programs. The America’s Home Grant offers up to $7,500 as a lender credit, while the Down Payment Grant program offers 3% of the loan amount (up to $10,000) toward closing costs for people living in certain areas.

For doctors and medical professionals, Bank of America offers a loan program that allows new physicians and other eligible practitioners to buy a home up to 90 days before they begin work. These loans require a down payment of as little as 5% on loans up to $1 million, and 10% on loans up to $1.5 million.

How does Bank of America compare to other lenders?

Bank of AmericaWells FargoFlagstar Bank
Minimum credit score 
  • Not disclosed
  • Not disclosed
  • Not disclosed
Minimum down payment
  • 0% for VA loans
  • 3% for conventional loans
  • 0% for VA and USDA loans
  • 3% for conventional loans
  • 3.5% for FHA loans
  • 0% for VA and USDA loans
  • 3.5% for FHA loans
Loan products and types
  • Conventional
  • FHA
  • VA
  • Jumbo
  • HELOC
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • New construction
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Renovation
Special programs offered
  • Affordable Loan Solutions
  • Down payment grants
  • Doctor loans
  • NeighborhoodLIFT down payment forgivable loan
  • “Dream. Plan. Home.” closing cost grant
  • NeighborhoodLIFT down payment forgivable loan
  • “Dream. Plan. Home.” closing cost grant
Lender ReviewWells FargoFlagstar Bank

 

Today's Mortgage Rates

  • 5.95%
  • 5.76%
  • 3.31%
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