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Bank of America

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7.4

Overall Score

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LAST UPDATED: November 23rd, 2022

Bank of America is a multinational investment bank. 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.

Continue reading to learn more about this lender or jump down to read Bank of America Home Loans reviews.

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The Good

  • Origination Fee Discount
  • Affordable Loan Solution® Mortgage
  • Low Closing Costs
  • Bank of America Down Payment Center
  • First-Time Homebuyer Tools
  • Affordable Housing Assistance Programs
  • 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 to $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 three percent and mortgage insurance is not required.

Low Closing Costs

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

Bank of America Down Payment Center

If you are a modest-income or first-time homebuyer, Bank of America provides mortgage solutions through its Homeownership Commitment® program. This program can connect you with other community down payment programs, and qualified borrowers may even be eligible for up to $7,500 in closing cost assistance or up to $10,000 in down payment help.

Additional down payment options include visiting the Bank of America Real Estate Center® to search for specific homes that qualify for the America's Home Grant®. Or you can access a variety of homebuyer education tools that can provide you with more information on the homebuying process.

First-Time Homebuyer Tools

To help simplify the homebuying process, Bank of America provides various tools and resources for first-time homebuyers, including a five step guide to buying a home, the Bank of America First-Time Homebuyer Online Edu-Series, and various calculators.

Affordable Housing Assistance Programs

To help make homeownership a reality for more homebuyers, Bank of America provides various affordable housing assistance solutions, including the following:

  • America’s Home Grant® program — offers a lender credit up to $7,500 that can be put toward closing costs
  • Down Payment Grant program — offers a grant of up to 3% of the home purchase price, or up to $10,000 towards closing costs
  • Affordable Loan Solution® mortgage — a fixed rate mortgage loan with a down payment as low as 3%

You may not be eligible for certain solutions and programs, so it is important to speak with a Bank of America representative to see which solutions may best fit your needs.

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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Star Rating

3.8

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110 Reviews

Review Breakdown

5 grade

49%

4 grade

20%

3 grade

8%

2 grade

8%

1 grade

15%

Sentiment Criteria

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Service

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Claudia Ruiz Hialeah, FL

Bank of America It is a renowned bank and for the purchase of your house it is the best, super great and very low interest, easy to qualify for the loan and approval, super easy management, my husband and I did it personally and we did not have to pay no one for purchase and approval. I recommend this institution 100% safe.

1 week ago

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CEDRIC BEAVERS St Louis, MO

The BOA mortgage is a very good choice, its service is very professional and you will get a quick response. My experience with BOA is good overall and the application process is thorough at it's best. BOA interest rates are very competitive and attractive.

2 months ago

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John Lehman Tucson, AZ

I decided upon Bank of America in choosing a commercial bank's services, having also known both customers and personnel of the Bank. I maintained my association due to the Bank's progressiveness, particularly online for retail customers. This Bank reaches out in compliance and creates relationships through new services, encouraging and providing information and education. It's being allied to MerrillEdge brokerage is an even greater commitment to education and convenience for clientele.

3 months ago

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Jan Southern Houston, TX

I had my mortgage with Bank of America, and they made it very easy to refinance when rates were lowered. When it came time to pay off my mortgage, it was a simple process with no glitches.

2 months ago

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Bob Trammell Bakersfield, CA

I obtained my mortgage through a mortgage broker and was surprised (and suspicious) when the loan was assigned to Bank of America shortly after we moved in. The first thing they did was give me a lower interest rate because I already had a checking account there. The 1/4 percent wasn't a lot, but it was a nice surprise. When we sold the house, several years later they were extremely easy to work with. In the 10 years we dealt with them, we never had any problems. I would never hesitate to go with them again.

8 months ago

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Michelle Camara Austin, TX

My husband passed away the end of March and I asked for help. I was told I didn't have to worry about a mortgage payment until August and to just resume payments. Nothing to catch up on except the interest That helped take a lot of pressure off me during this horrible time.

4 months ago

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Tara Gillispie Hurricane, WV

I received a letter from Bank of America offering their mortgage loan specialists and I decided I would look j to them. I’m so glad I did. I got the best offers around from Them.

4 months ago

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Judy Fred Wakefield, RI

What a great experience. Bank of America is trusted for a reason. They quote you a rate and that is the rate you get! They made it so easy to securely transfer my personal data. Everything was fully explained, all my questions answered. The loan specialist that assisted me was fantastic. I couldn't be happier. RECOMMENDED.

7 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!

1 year ago

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Lily Jameson Columbia, SC

Very poor customer service. After waiting on hold forever, one agent will tell you one thing, you act on that info, and then you find out from another agent that the info was incorrect. "Sorry that they gave you the wrong information, but that is not our policy." So then what? There's no accountability on their part. So in order to feel comfortable with the answer I received, I learned to ask three times to make sure I was not being misled. I think it's a waste of time to have to do that, but that's the only way I can trust Bank of America.

4 months ago

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Brian Meekhof Stanwood, WA

I was rudely turned down for a mortgage without them really looking into everything involved. Would not recommend

1 week 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.

4 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.

4 years ago

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Prayer Partner Jacksonville, FL

Nobody likes to look at a 30 year mortgage but most of us do. Bank of America has great customer service and made it a little easier to understand things like interest rates, when to refinance, and how to save time off the mortgage. Thanks, Bank of America. Who knew I could pay a payment plus the next principal amount to watch the years drop off faster than one ever expected. What a wonderful loan secret!!!

1 year 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.

1 year 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.

3 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.

3 years ago

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You Columbus, OH

They really have an excellent staff to help you understand any and all questions. Stellar customer service

3 months ago

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Bradly Wolkis Phoenix, AZ

We were gravely impacted by covid. The bank was great in giving us the opportunity to modify our mortgage, made our monthly payments less which allows us to stay in our family home of 25+ years.

8 months ago

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Wendy Shaw Queens, NY

My my experience with Bank of America was easy and efficient. With a selection of multiple fixed rate mortgages, variable rate mortgages, jumbo mortgages and the Affordable Loan solution mortage there's something for everybody. Not to mention they were always professional, friendly and available for me with any questions I had.

8 months ago

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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 year 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 year ago

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Melanie Sanders 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.

1 year 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.

3 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.

3 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.

3 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.

4 years ago

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Ur Fort Lauderdale, FL

From start to finish Bank of America was courteous and professional with excellent customer service

3 months 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.

4 years ago

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Party0f7 Macomb, MI

For the most part, Bank of America has been a good mortgage company for my house; however, my father and I have the same first and last names (with different middle names) and although we live in different cities, there have been a few instances where our account information has been sent to the wrong person’s account. This has caused a lot of headache and frustration in terms of billing.

1 year 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.

1 year 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.

1 year 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.

4 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.

4 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.

4 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.

4 years ago

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Jesse Prince Tulsa, OK

Bank of America is great I never had any issues with them. I like the website it makes it very easy to pay or get in touch with customer service.

6 months 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.

4 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

4 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.

4 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.

4 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,

4 years ago

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Rick Froid Park Ridge, IL

Great company ! Use them for both banking & mortgage. Very happy with their personnel and the ease of reaching a real person to talk to without much waiting.

1 year ago

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DealStar South Jordan, UT

As a licensed Realtor during the financial crash of 1997ish, I interacted with Bank of America on a frequent basis in attempts to help my clients not lose their homes. Bank of America foreclosed and sold properties that were already under contract and in escrow. If I could choose less than one star I would. The truth is, I don't generally write reviews unless I have something positive to say. But this one leaves a bad taste in my mouth to the point that I am compelled to leave a very negative review. Not only do I NOT recommend Bank of America for mortgages, I strongly urge everyone I know to avoid them for ANY banking services at all costs. I have both personal and professional experiences with this bank, and in every instance I was tremendously disappointed and left feeling angry, hurt, and frankly, feeling expletive words that will never be allowed on this review.

1 year 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.

3 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.

4 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.

4 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.

4 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.

4 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.

4 years ago