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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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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.

5 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.

2 years ago Edited October 29, 2021

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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.

5 years ago Edited September 14, 2021

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Mary Daniels Westland, MI

When deciding on purchasing a home I was currently with Bank of America. The application process was easy and my questions were answered fully. The application process did not take long and my budget was equated fairly.

1 year ago

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Sharon

Not competitive in their rates and not concerned about customer satisfaction

4 years ago

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MatthewMcGill

They are typical of any company. Friendly and good customer service.

5 years ago

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michelle l pierce Gilbert, AZ

Had a loan with them before, not great service, and hard to get the answers you need.

5 years ago

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J Pena Lexington, KY

Burocracy. They just think about money, not about people.

6 years ago

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Cheryl Linden Cave Creek, AZ

lots of fees; easy accessibility; plenty of atms

5 years ago