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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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.

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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.

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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.

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User Reviews

Star Rating

3.8

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89 Reviews

Review Breakdown

5 grade

48%

4 grade

21%

3 grade

2 grade

1 grade

15%

Sentiment Criteria

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Quality

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Service

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Trustworthiness

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Giulia

I have always found myself well. They are clear in the explanations, available for appointments. I can also resolve many issues by phone or chat. They are quick in solutions. The rates applied are in line with those of other banks, but they are faster in solving problems.

1 week ago

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SebMassun Los Angeles, CA

Took forever to get the loan approved with the underwriter to the point that I wanted to strangle her but after that, there have been no problems at all. I bank with BofA and they just deduct from the account monthly, show full details to where the balances are with the escrow account, and have been pretty easy to reach when needed. Oh and I got a great rate from them which definitely helped.

1 month ago

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Erinmarie Xian Seffner, FL

We've had a mortgage with BOA for ~20 years and its really been easy to work with them. We've accidentally paid late 1 time (we left the State for Hurricane Irma #Floridalife and just simply forgot to pay the Mtg with all the craziness of packing and leaving - they were very accommodating and did not charge us a late fee under the circumstances. They even asked if we needed more time to make the payment so that was very nice. There really haven't been 'issues' at all but that was just one time that I had to call the Mtg dept and it was handled quickly and without hassle.

3 months ago

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Rick Froid Park Ridge, IL

Very happy with their personnel and the ease of reaching a real person to talk to without much waiting.

1 week ago

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Samf Tampa, FL

I got a great rate on my last mortgage. The mortgage broker was pleasant to work with.

1 week ago

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Bx Chick Yonkers, NY

Customer service is excellent. They have always been willing to assist with any mortgage questions. The rates are competitive to the other banks.

1 month ago

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Melanie Wible Cumming, GA

My family has had several mortgages serviced by Bank of America and I have been very pleased at how seamless the loan process was each time. The rates are low and I was even able to refinance to improve the interest rates. A win-win for me. Thank you.

4 months ago

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Jenni Zollinger Aiken, SC

Very pleased with Bank of America as my mortgage company. They offer competitive rates and customer service is always top notch. User friendly mobile banking makes payments easy as well as accessing account information.

4 months ago

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Yael Fort Myers, FL

I have had Bank of America for years and love their products and services! They offered me a great student account that I had until I was 24 years old. Bank of Americas mortgage options are top tier from HELOC to just your first time mortgage. When I needed some extra cash for some projects I chose them to get a second mortgage on a property I owned to do some investing in real estate in a booming area and for offered excellent rates. Their accounts definitely got me through my first job and saved me hundreds on monthly service fees. Certainly a great start big bank for teens and young adults - highly recommend banking with them for all your needs from checking, savings, mortgages and starter credit card options!

3 months ago

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murfday College Station, TX

We have our mortgage with Bank of America. I like that they have a calculator tool you can use to see how many months/years you can take off if you pay extra each month or one-time payments.

8 months ago

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Kaleb Herbert Gilbert, AZ

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.

3 years ago

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Shirley McClary for Robert McClary

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.

3 years ago

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Ashley Pleasant Grove, UT

When we bought our home in Las Vegas we secured our Mortgage rate through Bank of America. We did our research and compared with other Mortgage companies and they were able to give us the best rate for our home. It was a set rate that did not fluctuate and that was important to us with the unstable market at the time in the Las Vegas Area. We were very happy with the Mortgage Officer we worked with at the Charleston Branch in Summerlin.

2 years ago

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Cori Jacobsen Ollerton Alpine, UT

We have dealt with Bank of America for years. They are easy to work with and answered all my questions regarding home loans quickly. However, their wait times on the phone can be quite extensive. I used their "call back" service and within 30 minutes I received a call back from them. It was easy and I appreciated not having to wait on the phone. They offered many options for Home Loans. It is worth looking into.

2 years ago

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seanth57 Columbus, GA

I’m very happy with trustworthiness of the bank. They have always taken care of me. I would definitely recommend them to others people.

4 months ago

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adrian avram Tampa, FL

my experience with banking home loan service average --products offer limited no effort to offer unique attractive credit or new customer incentives

4 months ago

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Stephanie Orem, UT

Our current mortgage is through Bank of America. We shopped around quite extensively and they were the ones that could offer us the best rates around. The whole process was great. If you are looking for a good experience and low rates go check them out.

2 years ago

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Dean Ogden, UT

Our mortgage rate through Bank of America was .5% lower than other mortgage places we looked into. Not only was our rate lower but we have been completely happy with every aspect of dealing with Bank of America. Night and day difference from our previous mortgage provider.

2 years ago

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Jennifer Ogden, UT

After having a mortgage through a below average mortgage provider, Bank of America was everything we needed and more. The process of obtaining the loan was simple and all of the fees completely made sense due to the helpfulness of the mortgage loan officer. We have now been with them many years and I have always been completely happy.

2 years ago

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Eric Daniels 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.

3 years ago

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Larry Hawker 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.

3 years ago

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Anthony Sgambati Rocklin, CA

We have our home loan through B of A. For something this important, you have to work with a company you trust. Bank of America has been amazing throughout the whole process. Professional, helpful, and supportive.

2 years ago

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Kristie Sgambati Rocklin, CA

We attained a home loan with Bank of America and have been very happy with their services. When we have to work with customer service, they are respectful and efficient at solving and issues or concerns we have.

2 years ago

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Benjamin Taliulu 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.

3 years ago

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Bella Houtz 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.

3 years ago

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Elaine S. Stony Point, NC

I never had a problem with them. All my payments were on time and processed immediately. I was very happy with their service.

3 years ago

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Scott Messina

The whole loan process was very easy from start to finish. I got a great fixed rate, and their online services are top notch

3 years ago

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Susan Weaver

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.

3 years ago

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Alan lozoya Ontario, CA

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.

3 years ago

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rene ulloa

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,

3 years ago

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Ann Bailey Lehi, UT

We have had a Mortgage through Bank of America for many years. We have always been pleased with their customer Service. We are happy to stay with them.

2 years ago

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Derek Scoville 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.

3 years ago

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Leslie 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.

3 years ago

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Thomas Hullinger Pleasant Grove, UT

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.

3 years ago

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Jess Root 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.

3 years ago

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LSitze Round Rock, TX

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.

3 years ago

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Carl Doan Murrieta, CA

Easy to use and friendly branches and representatives. Website is simple to use and the mortgage is very hands off.

1 year ago

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L Gilbert, AZ

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.

3 years ago

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Virginia Midvale, UT

They made it possible to lower the interest rate without paying a bunch of closing costs to refinance.

3 years ago

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Mary W.

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

3 years ago

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Anonymous 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!!!

4 years ago

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Charles Finn Oceanside, CA

Customer for 30+ years, mortgage, credit card, savings, checking. Had a home disaster and needed an equity loan and they turned me down flat. Trouble is they insisted I apply for five times more money than I wanted. I went to my credit union and was approved same day.

4 years ago

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Shauna Craig Pleasant Grove, UT

We had a home mortgage with Bank of America and never experienced any problems or issues. Payments were promptly credited and our account was always accurate.

2 years ago

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Shawn American Fork, UT

We like Bank of America. It’s a well-known name and very trustworthy. Any payments we made and had any questions on were always answered to our satisfaction.

2 years ago

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Rachel Spielberger Mesa, AZ

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.

2 years ago

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Rischelle Mikkelson American Fork, UT

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.

2 years ago

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Shane Rodney 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.

3 years ago

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Shelene Cooley Gilbert, AZ

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

3 years ago

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Robert Singleton 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.

3 years ago

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Noureddine Lalami Brentwood, CA

The process was quick and with little problems.

3 months ago

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