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.

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. 

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User Reviews

Star Rating

3.7
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73 Reviews

Review Breakdown

5 star
44%
4 star
21%
3 star
10%
2 star
8%
1 star
18%

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LSitze

May 3rd, 2018 Round Rock, TX DETAILS arrow_drop_down
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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 arrow_drop_down
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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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Susan Weaver

May 2nd, 2018 DETAILS arrow_drop_down
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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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Scott Messina

May 2nd, 2018 DETAILS arrow_drop_down
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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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James Moe

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

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Kevin Regan

April 25th, 2018 DETAILS arrow_drop_down
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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.

April 25th, 2018 DETAILS arrow_drop_down
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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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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 arrow_drop_down
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Excellent customer service! Love BofA! Great company

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Alan lozoya

February 12th, 2018 Ontario, CA DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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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Donald Hughes

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

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Patty Cruz

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

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Dan J.

February 5th, 2018 Sorrento, FL DETAILS arrow_drop_down
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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 for Robert McClary

February 5th, 2018 DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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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rene ulloa

January 15th, 2018 DETAILS arrow_drop_down
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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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George Vanek

September 12th, 2017 Sherman Oaks, CA

They did not do what I requested several times and we did not get along very well. It seems that no one cares there. The manager dressed like a hoodlum, did not look or act professional. I will NEVER use B of A again!!!

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Charles Finn

August 14th, 2017 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.