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Bank of America Mortgage Review 2024

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At a glance

Bank of America

Editor's take

Bank of America is the second-largest bank in the U.S. While it specializes in banking and investment services, it’s also a major player in mortgages, coming in as the fifth-largest lender in dollar volume in 2022. You’ll find the standard suite of loan options here, as well as a very flexible no-down payment mortgage (eligible borrowers only) that doesn’t require a minimum credit score, private mortgage insurance (PMI) or closing costs.

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4.2
Rating: 4.2 stars out of 5
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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

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Min. credit score required

620 for conventional loans, 680 for jumbo loans

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Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Bank of America overview

Bank of America’s home loan products include mortgages, refinance loans and home equity lines of credit (HELOCs). The bank offers both preapprovals and prequalifications, with “rapid preapproval” available to online applicants. The bank’s Preferred Rewards program offers a $200 discount on mortgage fees. To qualify, you need to have at least $20,000 on deposit with the bank.

Pros and cons of Bank of America

Pros

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    Instant online rate quote, complete with monthly payments

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    Discounts for Preferred banking customers

Cons

  • Limited transparency around fees

  • No USDA loans

How Bankrate scored Bank of America

  • Affordability: Bank of America shares current mortgage offers upfront online, so you won’t need to provide contact info or get in touch in order to make some general comparisons. The bank’s rates are competitive against Bankrate’s averages (as of this review), but you’ll also pay some fees you might be able to avoid if working with another lender.
  • Availability: Bank of America’s mortgages are available to borrowers nationwide.
  • Borrower experience: Bank of America’s extensive footprint translates to a relatively standardized lending process, regardless of which branch you visit or loan officer you work with.

Affordability: 6.8/10

Bank of America displays mortgage rates on its website, updating them daily. It is less forthcoming regarding fees, however, which add to your closing costs. To learn these details, you’ll need to consult with a loan officer to get a loan estimate.

Availability: 10/10

Bank of America provides conventional, FHA and VA loans; it doesn’t offer USDA loans, which are for borrowers in rural areas within certain income ranges. In addition, the bank offers jumbo loans for buyers purchasing in higher-priced markets. For a conventional loan, you’ll need a minimum credit score of 620, and might be able to get away with as little as 3 percent or 5 percent down, depending on loan program. In 2022, the bank introduced a special no-down payment mortgage for borrowers in Black and Latino communities. (The bank determines eligibility for this program based on income and location, however, not ethnicity or race.) For homeowners, Bank of America can also help with refinancing or tapping home equity for cash.

Borrower experience: 8.5/10

Bank of America is the second-largest bank in the U.S., though when it comes to mortgages, it doesn’t top some of the other big banks in terms of loan volume. The bank is accredited by the Better Business Bureau with an A- rating, but a one out of five stars from customers on the site. In 2023, J.D. Power ranked the bank above average for customer satisfaction in mortgage origination.

As far as experience, Bank of America offers an online application with both prequalification and preapproval. You’ll find helpful educational tools on the bank’s website, and its app allows applicants and mortgage holders to learn about loan options, get prequalified, apply for and lock in a loan, make loan payments (and set up autopay) and a variety of other loan servicing options. The bank also supports e-signature and electronic document services. It has 3,900 branches.

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Bankrate staff insights

"Since I had an account with Bank of America with a certain balance, I was offered a much better rate and reduced (zero) closing costs/fees."

- Reid Linker, Staff Engineer, Bankrate

How to apply for a mortgage with Bank of America

You can apply for a mortgage with Bank of America in person at a branch location, online or by phone at 866-466-0979. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Bank of America

Bank of America offers both rate-and-term and cash-out refinancing options. You can view current refinance rates on the bank’s website. Although the rates advertised include points, they don’t account for any lender fees. The application process for a refinance with the bank is similar to the process of applying for a purchase loan.

Compare mortgage lenders

Bank of America

Rating: 4.2 stars out of 5
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4.2

Bankrate Score
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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 680 for jumbo loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Bank of America customer ratings and reviews

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