Bank of America Mortgage Review 2023
Bank of America at a glance
Minimum credit score: Not disclosed.
Minimum down payment: 0% to 3%
Available loan products and programs: Conventional, FHA, VA, Jumbo, Home Equity
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.
Bank of America mortgage products
- Purchase mortgages with fixed 15- and 30-year loan terms are available with only a 3% down payment.
- Adjustable-rate loans (ARMs) are also an option and come with a 5-year initial fixed-rate period.
- Rate-and-term refinances can help homeowners save on their monthly mortgage payments or alter their loan term.
- Cash-out refinances are available for homeowners who wish to borrow against their home equity.
- 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.
- VA purchase loans, backed by the U.S. Department of Veterans Affairs (VA), offer veterans and their qualifying family members zero-down loans with competitive interest rates and no private mortgage insurance (PMI) requirement.
- VA Interest rate reduction refinance loans (IRRRLs) are available to military borrowers who wish to refinance an existing VA home loan.
- 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.
- 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.
Bank of America mortgage rates and fees
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.
|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
Bank of America’s application experience
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.
Bank of America’s customer service experience
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.
How does Bank of America compare to other lenders?
|Bank of America||Wells Fargo||Better Mortgage|
|Minimum credit score||Not disclosed||Not disclosed||620|
|Minimum down payment||0% to 3%||0% to 3%||0% to 3.5%|
|Loan products and programs|| |
How we rated Bank of America
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