Bank of America Mortgage Review 2026
Bank of America mortgages make sense for homebuyers who can qualify for the company’s loans with the best-advertised rates and terms. This lender also stands out for publishing its current mortgage rates online and offering a fully digital process for customers who want the convenience of applying for and managing their mortgage online.
See how we reached our verdict below.
- Loan programs with low down payment requirements
- Eligible Bank of America customers get discounted rates and fees
- Choose from an online or in-person mortgage experience
- Best mortgage rates require 740 credit score
- No USDA loans
- Doesn’t publish minimum credit score online
Bank of America mortgage overview
Bank of America is a national bank that operates across the United States and in more than 35 additional countries around the world. The bank has more than 3,600 financial centers nationwide, meaning customers can get in-person mortgage help if they prefer.
- Areas of service: All 50 states, plus Washington, D.C.
- Digital service: Offers the Bank of America Digital Mortgage Experience®
- Headquarters: 100 N. Tryon St., Charlotte, NC 28255
- Website: BankofAmerica.com
Bank of America rates and fees
Rates
Bank of America publishes its available mortgage rates online, and updates this information regularly. The lender even has a rate chart that lets you see tailored rate estimates based on your loan amount, down payment and ZIP code. One thing of note: Bank of America states that its best rates and terms are only for borrowers with credit scores of at least 740.
Bank of America mortgage rates are lower than some lenders’ but higher than most national mortgage companies’ rates. This is based on the lender’s rate spread, which measures the difference between the average prime offer rate (APOR) — the lowest prime rate that banks offer private customers — and the average annual percentage rate (APR) that individual banks offer their customers in a given year. Higher rate spreads mean more expensive home loans, whereas a lower rate spread means a more affordable mortgage.
In 2024, Bank of America’s rate spread was 1.19 percentage points, according to data from the Home Mortgage Disclosure Act (HMDA). This rate spread was lower than other lenders, like Spring EQ, Mr. Cooper and AmeriSave Mortgage, but much higher than Chase Bank and Wells Fargo, among other lenders. Bank of America’s rate spread of 1.19 for 2024 was also lower than in 2023, when the lender featured a rate spread of 1.35.
Fees
Bank of America does not list specific closing costs and fees on its website, but it does offer a closing costs calculator to give you an idea of how much you’ll pay. This calculator lets you input the purchase price of a home, down payment amount, loan term, loan type and ZIP code to get an estimate that includes points and lender fees, third-party fees, estimated prepaid taxes and insurance and estimated escrow account funds.
Bank of America mortgage costs and origination fees fall in the middle of the pack compared with other lenders, according to 2024 HMDA figures. The chart below shows how the lender compares to five other popular mortgage companies in terms of loan costs.
| Mortgage lender | Total loan costs (2024) | Origination fees (2024) |
|---|---|---|
| Bank of America | $5,011 | $2,684 |
| Chase Bank | $5,080 | $2,600 |
| Navy Federal Credit Union | $3,165 | $795 |
| TD Bank | $2,709 | $822 |
| Caliber Home Loans | $7,725 | $3,775 |
| Rocket Mortgage | $7,562 | $4,416 |
Bank of America offers the Bank of America Preferred Rewards program. Members of this program can qualify for mortgage rate discounts and reduced origination fees. Total savings depend on the tier of membership that homebuyers qualify for within the program.
Separately, the lender’s America’s Home Grant® program gives homeowners a credit of up to $7,500 to cover non-recurring closing costs like title costs and recording fees.
A separate down payment grant program offers grant funds up to 3% of the purchase price (maximum of $10,000) for down payment assistance in select markets.
What types of mortgage loans does Bank of America offer?
Bank of America offers conventional home loans with a range of different terms, including 30-year and 15-year fixed-rate mortgages and adjustable-rate mortgages (ARMs). These loans are not part of a specific government program, and they can include conforming loans and nonconforming loans. Conforming loans come under maximum loan amounts that are set by the government.
Note that refinance loans, as well as cash-out refinance options, are available for conventional home loans through Bank of America.
Conventional loan qualification requirements
While Bank of America doesn’t disclose the exact requirements it imposes, typically lenders expect the following:
- Minimum credit score of 620
- Down payment of 5% or higher
- Typically requires debt-to-income (DTI) ratio of 36% or less
Bank of America’s FHA loans, which are backed by the Federal Housing Administration, feature low down payment requirements. However, maximum purchase limits for homes apply and vary by county. FHA refinance loans are also available through Bank of America.
FHA loan qualification requirements
While Bank of America does not disclose the exact requirements it follows, typically lenders expect the following:
- Minimum credit score of 580 with 3.5% down
- Down payment of 3.5% or higher
- Maximum loan amounts apply
Bank of America also offers VA loans that are partially guaranteed by the U.S. Department of Veterans Affairs. These loans offer up to 100% financing, and they have more flexible requirements for approval than some other types of home loans. Bank of America also offers VA refinance loans.
VA loan qualification requirements
While Bank of America does not disclose the exact requirements it follows, typically lenders expect the following:
- Minimum credit score of 620
- Must be an eligible veteran with a valid certificate of eligibility (COE)
- No down payment requirement for eligible borrowers
Jumbo loans are mortgages in amounts that exceed loan limits set by Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA). Anything above $806,500 throughout most of the country in 2025 is considered to be a jumbo loan. In some places with a higher cost of living the limit is as high as $1,209,750.
According to Bank of America, costs for obtaining and servicing a jumbo loan tend to be higher than mortgages for smaller amounts.
Jumbo loan qualification requirements
- Stricter underwriting rules apply
- Larger down payment than a standard mortgage
While Bank of America doesn’t offer a home equity loan, the lender does have a home equity line of credit (HELOC). This type of financing lets homeowners use the value of their property as collateral to secure a line of credit that homeowners can borrow from over and over again during the initial draw period (usually 10 years). A repayment period (usually 20 years) begins after that, during which the borrower makes payments toward principal and interest until the line of credit is repaid. HELOCs through Bank of America can offer variable or fixed interest rates, and moving from a variable rate to a fixed rate is possible with no fees.
Bank of America HELOCs also come with no application fees, no closing costs and no annual fee for qualified borrowers.
Home equity loan qualification requirements
- Typically requires loan-to-value (LTV) ratio of 85% or below, including primary mortgage and HELOC
- Other minimum requirements not disclosed
Bank of America mortgage qualifications
While Bank of America doesn’t disclose the exact guidelines it uses, typically lenders expect the following:
| Credit score minimum | Not published |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments
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| Down payment minimum |
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Don’t know your credit score? Get your free score on LendingTree Spring today.
National figures from the HMDA show the type of borrowers Bank of America was most likely to approve for a home loan in 2024:
- The average approved applicant through Bank of America had a loan-to-value (LTV) ratio of 58.8% across all loan types and 75% for purchase loans.
- Among approved borrowers, 48.6% had a debt-to-income (DTI) ratio below 40%, while 33.5% had a DTI above 43%.
- Bank of America approved 51% of mortgage applications for all types of loans in 2024, meaning it rejected 49% of applicants.
With these stats in mind, you can boost your approval odds for a Bank of America mortgage by doing the following:
- Improving your credit score to increase the loan options you’re eligible for
- Coming up with a larger down payment for your home
- Paying down other debts to get your DTI ratio below 40%
How to apply for a Bank of America mortgage
1. Choose your loan type
Head to the tab on Bank of America’s website that says “Home Loans,” then click on “Mortgage” or “Refinance” to see available loan options. You may want to consider a conventional mortgage if you have solid credit and a larger down payment. You can also look at home loans that are part of a government program if you believe you could qualify, including FHA loans and VA loans.
2. Get prequalified
Bank of America makes it easy to apply for mortgage prequalification online, over the phone or in person with a local lending specialist. You can do this online by heading to the “Home Loans” tab from the home page, then clicking on Get prequalified.
Getting prequalified can help you determine how much you can afford to borrow for a home based on your credit score, income and other factors. Bank of America also lets you get preapproved for a mortgage, which is a longer process that requires more documentation. Getting preapproved for a mortgage gets you a preapproval letter that’s good for 90 days.
3. Submit a loan application
You can move forward with a full mortgage application with Bank of America when you’re ready. This step also begins on the homepage when you click on the “Home Loans” tab, then on “Apply now.”
This move can help you lock in your mortgage rate as you move through the underwriting process for a home you plan to purchase. Bank of America lets applicants apply for a mortgage online, over the phone or in person with a lending specialist.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.
Is it safe to get prequalified with Bank of America?
It’s safe to get prequalified or preapproved for a mortgage with Bank of America, although both options require a credit check. Note that prequalification and preapproval help future homebuyers determine how much they will be able to borrow, which they can keep in mind as they shop for a property. Getting preapproved can even lead to having a preapproval letter in hand, which can be valuable when it comes to getting an accepted offer on a home.
Bank of America’s customer service experience
Bank of America offers customer service for various types of home loans during typical business hours. The lender can be reached with the following contact information:
| Type of home loan | Phone number | Customer service hours |
|---|---|---|
| Existing mortgages | 800-669-6607 | Monday to Friday, from 8 a.m. to 9 p.m. ET |
| Existing home equity accounts | 800-934-5626 | Monday to Friday, from 8 a.m. to 9 p.m. ET |
| New mortgage applications | 800-270-5746 | Monday to Friday, from 8 a.m. to 10 p.m. ET Saturday, from 8:00 a.m. to 6:30 p.m. ET |
| New home equity applications | 800-779-3894 | Monday to Friday, from 8 a.m. to 10 p.m. ET Saturday, from 8 a.m. to 6:30 p.m. ET |
Bank of America doesn’t offer email customer support, but the lender does recommend customers contact the company via its Facebook, Instagram or X (Twitter) account.
Past customer reviews for Bank of America range from decent to relatively poor, as is the case with all large financial institutions. Bank of America has a rating of 1.3 out of 5 stars across more than 2,700 user reviews on Trustpilot, although this page asks customers to rate all of the bank’s products and services (not just mortgages).
How does Bank of America compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our Bank of America summary |
Expert review from LendingTree.
Read our Bank of America vs. Wells Fargo comparison |
Expert review from LendingTree.
Read our Bank of America vs. Chase comparison |
| Minimum credit score | Not specified | 620 | Not specified |
| Minimum down payment | 0% to 5% | 0% to 3.5% | 0% to 3.5% |
| Rate spread
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) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 1.19% | 0.05% | 0.11% |
| Loan products and programs |
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| Better for: | Bank of America can be a good option for borrowers with excellent credit (scores of 740 or above) who can qualify for a home loan with the best-advertised rates and terms. | Because Wells Fargo offers more competitive interest rates than Bank of America, it can be a better choice for homebuyers with great credit and strong financials | Chase offers several home loan options with low down payment requirements, making it a good choice for first-time homebuyers who can meet lender requirements for approval. |
Bank of America vs. Wells Fargo
Like Bank of America, Wells Fargo also offers a range of home loans for potential borrowers to choose from, including conventional loans, FHA loans, VA loans and jumbo loans. Wells Fargo offers several loan discounts, including a Homebuyer Access℠ grant worth up to $10,000, up to $5,000 toward closing costs and relationship mortgage discounts. National HDMA figures show that Wells Fargo offered lower average mortgage rates than Bank of America in 2024, so Wells Fargo could be a better fit for eligible borrowers who want the lowest rates possible.
Read more in our full Wells Fargo mortgage review.
Bank of America vs. Chase
Chase also offers a range of mortgage products to choose from, including conventional loans, FHA loans, VA loans, jumbo loans and a specialized Chase DreaMaker℠ mortgage. This lender offers several grants and discounts, including a Chase Homebuyer Grant worth up to $5,000 and up to $5,000 if your home doesn’t close on time. HDMA figures show that in 2024, Chase offered lower average mortgage rates than Bank of America. Chase also offers a range of mortgage options with low down payment requirements, which can make them better for first-time buyers.
Read more in our full Chase mortgage review.
How LendingTree rated Bank of America Mortgage
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:
✅ Publishes rates online
✅ Offers standard mortgage products
✅ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Bank of America mortgages feature a fully digital experience that allows applicants to complete the home loan process online from start to finish. A feature called Home Loan Navigator® lets applicants track their home loan process seamlessly and electronically sign documents. Bank of America customers can also track their mortgage repayment and loan details using the mobile app, which has a rating of 4.6 out of 5 stars on Google Play and 4.8 out of 5 stars in the App Store.
Bank of America is a legitimate financial institution that serves 69 million U.S. consumer and small business clients each year. The company boasts 3,800 financial centers and 15,000 ATMs across the country and manages $4 trillion in client funds across its wealth management business.
You can view more info about Bank of America’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Applying for a Bank of America mortgage results in a hard inquiry on your credit reports, and taking out a home loan can impact your credit in the short term. However, LendingTree data shows that credit scores typically rebound within a year and potentially sooner when the homeowner makes on-time payments on their mortgage.
While Bank of America is accredited by the Better Business Bureau (BBB) with an A+ rating, the company still receives its share of complaints. In fact, Bank of America has received a total of 7,552 complaints through the BBB in the last three years, with 2,513 complaints closed in the last 12 months, as of this writing.
Bank of America home loans can still be “good,” but you should shop around among mortgage lenders to make sure you’re getting the best deal.
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