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Ally Bank
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Bank of America
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.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Loans offered
Conventional, jumbo, FHA, VA, refinancing and more
Min. credit score required
620 for conventional loans, 680 for jumbo loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
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.
Instant online rate quote, complete with monthly payments
Discounts for Preferred banking customers
Limited transparency around fees
No USDA loans
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.
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.
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.
- Reid Linker, Staff Engineer, Bankrate
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:
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.
Bank of America
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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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 |
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