Bank of America

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6.6

Overall Score

Bank of America

Bank of America charges 3 percent of the total loan amount for closing costs

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Bank of America was founded in 1948 and conducts business around the world. In terms of assets, it is the second-largest bank holding in the United States.

The Good

  • Competitive Interest Rates
  • Low Closing Costs
  • Highly-rated Mobile App

Competitive Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Bank of America, the interest rate comes out to be 4.50 percent, which is competitive within the industry.

Low Closing Costs

Bank of America charges closing costs of 3 percent of the total loan amount, which is fairly low when compared to closing costs charged by other top home loan companies.

Highly-Rated Mobile App

Bank of America offers a highly-rated mobile app that is compatible with Apple, Android, and Windows devices. Borrowers can use this app to view and manage their home loan, as well as access helpful tools and resources.

The Bad

  • Undisclosed Information

Undisclosed Information

Bank of America has not disclosed a minimum credit score requirement on its corporate website, making it difficult for potential borrowers to have an idea of whether or not they have a good chance of qualifying for a home loan. Additionally, it is unclear whether or not Bank of America frequently communicates with its customers throughout the loan process to ensure that they are kept up to date on the status of their loan.

The Bottom Line

Bank of America offers competitive interest rates, low closing costs, and a highly-rated mobile app. However, the company has not disclosed minimum credit score requirements or communication frequency information on its website.

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User Reviews

3.3

42 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

Sort by:
Mary Walker
July 17th, 2018 Georgetown, KY

They were great to work with. No problems.

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Shelene Cooley
July 11th, 2018 Gilbert, AZ

Supe reasy to apply. Customer service was good throughout the entire process. Never have had an issue. Very happy with the rate.

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Kaleb Herbert
July 9th, 2018 Gilbert, AZ DETAILS
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I have had a great experience with B of A. There customer service is helpful and knowledgeable. We have had our home loan with them for 12 years, and did a bond loan . Our interest has stayed very low this whole time. Grateful the loan officer new that would be the best option for us.

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Jess Root
July 9th, 2018 Gilbert, AZ

We had a home loan and home equity loan through Bank of America. The costs were reasonable and the timeline for closing was good. Using the online acct services and the mobile app make it easy to navigate.

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Robert Singleton
July 6th, 2018 Gilbert, AZ

BofA's customer service on home loan issues has been exemplary. The agents are helpful and informative and do what is necessary to answer questions I may have.

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Lori Lori
July 6th, 2018 Gilbert, AZ DETAILS
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The worst. Terrible experiences with a home loan. My mortgage loan was sold to B of A and I spent the next year on the phone with them because they constantly lost/missapplied/processed double payments each month. Also they don’t protect data very well and replace my debit card involuntarily at least every 14-18 months. Total nightmare.

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Eric Daniels
July 6th, 2018 Gilbert, AZ

Our Bank of America home loan was the easiest loan process of I have ever been through. We did a cash out refinance so we could do some home improvements and everything worked like clockwork. They even sent the notary to our home! Very convenient. We got a great rate and exactly what we needed without all the shenanigans.

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michelle l pierce
June 26th, 2018 Gilbert, AZ

Had a loan with them before, not great service, and hard to get the answers you need.

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Taylor Siren
June 21st, 2018 Gilbert, AZ

Bank of America provide easy access to loan money for your future dreams and plans.

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Elaine Seaton
June 8th, 2018 Stony Point, NC DETAILS
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I never had a problem with them. All my payments were on time and processed immediately. I was very happy with their service.

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Bell
June 4th, 2018 DETAILS
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Ease of paying online and an actual brick and mortar building for any questions

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MatthewMcGill
June 4th, 2018 DETAILS
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They are typical of any company. Friendly and good customer service.

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Fine quality
June 4th, 2018 DETAILS
Value for your money
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They did a very good job in all respects

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Patty Miles
May 25th, 2018 DETAILS
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They suck.. I have my banking needs with them so was excited when they bought my mortgage.. then they sold it before I even made my first payment so much for keeping your customers happy.

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Rickf
May 25th, 2018 DETAILS
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Very Reasonable rates and easy to work with on refinacing properties.

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Anonymous
May 25th, 2018 Santa Clara, CA DETAILS
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A good option for a bank. We belong to a credit union.

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Judith VeVerka
May 25th, 2018 Sharon, PA DETAILS
Value for your money
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I had my home mortgage through them. I was pleased with their service.

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Virginia
May 7th, 2018 Midvale, UT DETAILS
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They made it possible to lower the interest rate without paying a bunch of closing costs to refinance.

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Lisa Sitze
May 3rd, 2018 Round Rock, TX DETAILS
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Though they may not be the best back around, I have been with them for almost 20 years and have had few issues that couldn't be resolved with a quick phone call.

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Robert Woodside
May 2nd, 2018 Paige, TX DETAILS
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Payments went up when B of A took over the mortgage. Poor communication, very "bound" by company policies and procedures.

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Scott Messina
May 2nd, 2018 DETAILS
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The whole loan process was very easy from start to finish. I got a great fixed rate, and their online services are top notch

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Susan Weaver
May 2nd, 2018 DETAILS
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They are fairly good when it comes to home loans. When we finished paying of the home loan, however it took them 2 months to get our paperwork to us.

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Kevin Regan
April 25th, 2018 DETAILS
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We had negotiated a payment plan with a previous lender and Bank of America bought the company and informed us they would not honor the negotiated plans then foreclosing on our home

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Mary W. Llewellyn
April 25th, 2018 DETAILS
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well bank services wasn't that great they charge you to pay your home loan with them even at the bank walmart rates were cheaper

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James Moe
April 25th, 2018 DETAILS
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Terrible service, unreasonable repayment demands, lawsuits for late payments.

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Larry Hawker
April 24th, 2018 Las Vegas, NV

Bank of America is a large bank with plenty of resources. They try to be good at customer service but have a hard time with their own bureaucracy. Not a customer friendly bank. I have had a mortgage with them where the first payment was not credited right. It took nearly 3 years to resolve.

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Jazmin
February 22nd, 2018 Killeen, TX DETAILS
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Excellent customer service! Love BofA! Great company

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Alan lozoya
February 12th, 2018 Ontario, CA DETAILS
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I had a home loan through them. This was in 2012 when the housing market was still trying to recover ftom the housing crunch. I got behind on my payments and tryed to use the goverment programs to reaferm my lian and help get caught up. Even though i qualified for the federal housing assistance program the loan office at Bank Of America stonwalled my aplication, list my aplication, drug their feet and did everything possible to fight me keeping my house. In the end they forclosed on my home and i lost everything.

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Dave Johnson
February 12th, 2018 Mullin, TX DETAILS
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I had a lot of problems with them. Constantly had issues with them placing their insurance on my property when I had insurance and had probvided proof of coverage

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Eugenia Marcus
February 5th, 2018 DETAILS
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We never had a problem with them and paid off the mortgage when we sold the house.

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Patty Cruz
February 5th, 2018 North Fort Myers, FL DETAILS
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They are horrible, dont work with the customers. Make everything very difficult

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Donald Hughes
February 5th, 2018 DETAILS
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Hidden fees and not so great customer service.

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Dan J.
February 5th, 2018 Sorrento, FL DETAILS
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Their idea of a modification is to add ten years to the mortgage. I will be 99 by then.

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Shirley McClary
February 5th, 2018 DETAILS
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All my accounts are with them including my investments with Meryl Lynch through Bank of America. Ease of finding banks in most area in state and out of state including overseas. I found it handy when I traveled overseas to find one there. When I have a question the ease of a phone call to customer service.

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Susan Krupp
January 26th, 2018 DETAILS
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They were the cause of me losing my house. Very poor management and service and they give you the run around until its to late to do anything about it. I had to sell my home because of them.

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Howard Mackert
January 22nd, 2018 DETAILS
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They suck.. I have my banking needs with them so was excited when they bought my mortgage.. then they sold it before I even made my first payment so much for keeping your customers happy.

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Rick Galliher
January 15th, 2018 DETAILS
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They have found ways to reduce payments - and always have end of year tax figures early

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rene ulloa
January 15th, 2018 DETAILS
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We have never had any issue with them. I would like to explore refinancing the loan to lower the payment since my dad will be retiring soon,

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Anonymous
September 14th, 2017 Preston, ID

They lost VERY important documents and tried to make me start my process over. VERY distrusting people. Every time I would call with a problem all I ever got was the "run around". Transferred over and over again and never did get the problem taken care of. Lucky for me I sold my house and that was the end of that!!!

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J Pena
September 12th, 2017 Lexington, KY

Burocracy. They just think about money, not about people.

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