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Bank of America

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6.1

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

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3.8

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111 Reviews

Review Breakdown

5 grade

50%

4 grade

20%

3 grade

8%

2 grade

8%

1 grade

14%

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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.

6 years 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.

2 years ago Edited January 14, 2022

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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.

5 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!!!

6 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.

6 years ago

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Megan Weidle Akron, OH

I couldn't have had a worse experience if I deliberately tried to take out a mortgage from an opossum. The lender, Brian b, couldn't calculate anything to save his life and ended up messing up so bad that when we made an offer on a house he messaged us to tell us he did all the calculations wrong and we no longer qualified. Despite us asking him to verify things repeatedly, he didn't do his job and offered no help. DON'T USE BANK IF AMERICA. and if you do and get unfortunately paired with Bryan, get out of that trap asap.

2 years ago

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Patty Miles

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.

5 years ago

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Kevin Regan

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

5 years ago

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Susan Krupp

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.

6 years ago

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Howard Mackert

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.

6 years ago

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George Vanek 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!!!

6 years ago

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kerry pardye Chandler, AZ

They gave me a mortgage loan but it was not based on fairness, another company purchased our loan

4 years ago

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Patty Cruz North Fort Myers, FL

They are horrible, dont work with the customers. Make everything very difficult

6 years ago

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Dan J. Sorrento, FL

Their idea of a modification is to add ten years to the mortgage. I will be 99 by then.

6 years 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 year ago

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James Moe

Terrible service, unreasonable repayment demands, lawsuits for late payments.

5 years ago