Bank of America Mortgage Review 2025

Bank of America is the second-biggest bank in the U.S. in terms of total assets. It operates about 3,800 bank branches and serves around 69 million customers. When it comes to mortgages, Bank of America is the third-largest lender in the country. In 2023, the bank originated 92,000 loans worth around $28 billion. Bank of America’s home loan products include mortgages, refinance loans and home equity lines of credit (HELOCs).

Pros and cons of Bank of America

Affordability: 5/5

Bank of America scores a perfect 5 out of 5 stars for affordability due to its down payment assistance options, competitive interest rates and closing costs calculator.

• Interest rates: Bank of America’s mortgage rates were slightly below Bankrate’s national averages at the time of this writing.
• Down payment: Bank of America’s Affordable Loan Solution program lets buyers put down just 3 percent. Borrowers with limited savings can also take advantage of the bank’s grant programs to help cover a down payment. In addition, the bank offers conventional loans that require 3 percent down, FHA loans that require 3.5 percent down, and VA loans that require zero percent down.
• Fees: Bank of America charges an origination fee, according to the bank's closing costs calculator.
• Closing costs: Bank of America’s closing costs calculator takes the guesswork out of determining the funds you’ll need on closing day.

Availability: 5/5

Because of its variety of mortgage products and large network of physical locations, Bank of America earned 5 out of 5 stars for availability. 

• Home loans offered: While Bank of America doesn’t offer USDA loans, it does offer just about every other kind of mortgage, including conventional, FHA and VA loans, plus mortgages designed for medical professionals. You can get a fixed-rate or adjustable-rate mortgage as well.
• Footprint: Bank of America is licensed to lend in all 50 states.
• Where to find: In addition to a sophisticated online portal, you can schedule an appointment to speak with a loan officer at one of Bank of America’s branch locations or contact the lender by phone.

Borrower experience: 4.5/5

Bank of America’s online application process, rate transparency and extended customer service hours on Saturdays contribute positively to its score in this category. However, its lack of transparency around credit score criteria and rate lock timelines earned it 4.5 out of 5 stars for borrower experience.

• Application and preapproval process: If you’re already a Bank of America customer, it’s easy to apply. You’ll be able to automatically fill in some of the details on the application by logging into your online banking account. 
• Transparency: Bank of America shares its rates online, and the company’s closing cost calculator makes it easy to estimate the upfront fees you’ll need to cover. However, the bank’s website doesn’t share credit score requirements or how long rate locks last.
• Customer service: In addition to offering a large branch network, you can reach a lending specialist with Bank of America Monday through Friday between 8 a.m. and 10 p.m. ET and Saturday between 8 a.m. and 6:30 p.m. ET. The number to call is 866-466-0979.

Bank of America scored well above the industry average in J.D. Power’s most recent mortgage origination satisfaction study for 2024. The bank is accredited by the Better Business Bureau and holds an “A” rating from the organization. However, Trustpilot gives the bank a “Bad” rating based on over 2,000 customer reviews.

Bank of America in the news

The Consumer Financial Protection Bureau (CFPB) fined the bank $12 million in November 2023 for falsifying mortgage applicant data. In July 2023, the CFPB ordered the bank to pay more than $100 million in consumer damages and $150 million in fines for withholding credit card rewards and opening fake accounts.

America’s Home Grant program

Depending on where you live, you may be able to qualify for up to $7,500 of grant money to cover non-recurring closing costs such as title insurance and recording fees. The bank’s website gives a state-by-state breakdown of eligible towns.

Down Payment Grant program

This program also disperses grant funds that do not need to be repaid, but these funds must go toward a down payment. Eligible applicants can receive 3 percent of the home's purchase price or up to $10,000 in assistance. Like Bank of America's Home Grant program, only borrowers in certain states and towns qualify.

Bank of America offers 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.

If you’re interested in seeing how much you might be able to afford, you can prequalify online at Bank of America’s website. To move forward with a formal application, you can apply in person at a branch location, continue online or call 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 home appraisal. (If you’re refinancing, you might or might not need an appraisal.)