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.
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.
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
We never had a problem with them and paid off the mortgage when we sold the house.
Hidden fees and not so great customer service.
They are horrible, dont work with the customers. Make everything very difficult
Their idea of a modification is to add ten years to the mortgage. I will be 99 by then.
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.
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.
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.
They have found ways to reduce payments - and always have end of year tax figures early
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,
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!!!
Burocracy. They just think about money, not about people.
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!!!
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.