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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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Review Source

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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.

1 year ago

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Patrick Fay Olivehurst, CA

loan officer was lame. offered to refi my current 3.625 mortgage at 4%? Who is that dumb? finally offered a decent rate, but then forgot the cash out? I gave up.

3 years ago

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JW

They are not customer oriented. They give the impression that you have to come to them, they do not need you. Experiences with them have been cold and I'm personable.

4 years ago

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Dave Johnson Mullin, TX

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

6 years ago

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Ponch Thompson South Jordan, UT

Big Bank. Big Fees. Our mortgage rates were nearly a point higher than competitors. 6 month teaser rates were used to hook you out of college, but way to expensive to retain and we opted to refinance.

5 years ago

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Jim Fannon

You are an account. You are not a person. I was with NCNB, then Nations, then became BofA several accounting errors later, I left.

3 years ago

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Robert Woodside Paige, TX

Payments went up when B of A took over the mortgage. Poor communication, very "bound" by company policies and procedures.

5 years ago

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Donald Hughes

Hidden fees and not so great customer service.

6 years ago

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Melody Rowe Fayetteville, NC

Somewhat good customer service but a bad place to use for a mortgage

1 year ago