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5.6
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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.
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.
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.
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.
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.
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.
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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