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Bank of America

Bank of America Logo

6.7

Overall Score

Bank of America

Bank of America offers an Affordable Loan Solution® mortgage requiring only 3% down

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In terms of assets, Bank of America is the second-largest bank holding in the United States. Its services include checking and savings account management, credit cards, auto loans, investing, and home loans.

Bank of America's home loan options include mortgage loans (fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, and VA loans), mortgage refinancing, and home equity loans. 

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8.4

Overall
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Bank of America Logo Bank of America ›

6.7

Overall
Score

The Good

  • Origination Fee Discount
  • Affordable Loan Solution® Mortgage
  • Low Closing Costs
  • Highly-Rated Mobile App

Origination Fee Discount

Clients who are enrolled in or are eligible to enroll in Bank of America's Preferred Rewards program at the time they apply for a new purchase or refinance loan can get a discount on their origination fee. The discount ranges from $200-$600 depending on the rewards tier. 

Affordable Loan Solution® Mortgage 

Bank of America offers a special mortgage for qualified homebuyers with modest incomes who are unable to make a large down payment. The company offers a competitive fixed-rate loan with a down payment as low as 3% and mortgage insurance is not required. 

Low Closing Costs

Bank of America charges closing costs of 3-4 percent of the total loan amount, which is fairly low when compared to closing costs charged by other 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 web site, 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. 

The Bottom Line

Bank of America offers competitive interest rates, low closing costs, and a highly-rated mobile app. Additionally, customers who are enrolled in the company's Preferred Rewards program can benefit from the origination fee discount with a home loans purchase. Our consumer review ratings are mixed, but most customers have positive customer service experiences to report. 

View Top Home Loans Companies 

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User Reviews

3.5

53 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

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Rachel Spielberger
November 19th, 2018 Mesa, AZ DETAILS
Value for your money
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Company trustworthiness

They are always friendly, I have not had any problems with this bank yet. it is easy to get any problems fixed, or take out any loans if need be.

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Rischelle Mikkelson
November 14th, 2018 American Fork, UT DETAILS
Value for your money
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Company trustworthiness

Our mortgage was sold to Bank of America. I was able to quickly set up auto pay which was important to me. The transition was seem less.

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Melanie E
September 17th, 2018 Draper, UT

I have had a home loan for 13 years with B of A. They are professional and easy to work with.

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Benjamin Taliulu
September 14th, 2018 Salt Lake City, UT

I was a paying customer for years, had my mortgage and a personal credit card through them. Never late and always paid in full. I ended up being late one time and was charged a late fee. When I called customer service they didn’t seem to care my past history with them was excellent. They would not take the late charge off. After arguing with the rep for 5min I gave up, paid my bill in full and closed my account. Have not been a customer since.

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Derek Scoville
August 30th, 2018 Pleasant Grove, UT

My mortgage was sold to Bank of America. As soon as they got my loan, I got an email from them welcoming me, and giving instructions on how to set up online payments, etc. It didn't feel like I was just another customer.

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Leslie
August 29th, 2018 West Jordan, UT

Bank of America have me an excellent rate and I’ve always received good service from them. Their website is easy to navigate and I’ve never had any problems.

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Thomas Hullinger
August 24th, 2018 Pleasant Grove, UT DETAILS
Value for your money
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Great bank, with everything one needs to do with banking. They have easy to use features, but do not have a very good presence where I live. Home mortgages seem to be their specialty and they do a very good job at it.

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Bella Houtz
August 21st, 2018 South Jordan, UT

I bank with Bank of America. The first couple mortgages I did I used mortgage companies. The last one I saw a sign in the bank and I talk to them. It was a great experience there a very personable I answered all my questions life. I would strongly recommend them.

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Cheryl Linden
August 1st, 2018 Cave Creek, AZ

lots of fees; easy accessibility; plenty of atms

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Mary Walker
July 23rd, 2018 Georgetown, KY DETAILS
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They were great to work with. No problems.

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Shane Rodney
July 19th, 2018 Mesa, AZ

Super easy process to apply and get qualified. Nice to have access to all account information is a super easy to use online platform.

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Sharon Reed
July 19th, 2018 Gilbert, AZ

Great easy online payment options. Easy working to set up the loan.

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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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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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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Company trustworthiness

They did a very good job in all respects

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Patty Miles
May 25th, 2018 DETAILS
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

Very Reasonable rates and easy to work with on refinacing properties.

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Anonymous
May 25th, 2018 Santa Clara, CA DETAILS
Value for your money
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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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Company trustworthiness

I had my home mortgage through them. I was pleased with their service.

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Virginia
May 7th, 2018 Midvale, UT DETAILS
Value for your money
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Company trustworthiness

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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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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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Company trustworthiness

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
Value for your money
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Excellent customer service! Love BofA! Great company

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Alan lozoya
February 12th, 2018 Ontario, CA DETAILS
Value for your money
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Company trustworthiness

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
Value for your money
Quality of product or service
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Company trustworthiness

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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