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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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SebMassun Los Angeles, CA

Took forever to get the loan approved with the underwriter to the point that I wanted to strangle her but after that, there have been no problems at all. I bank with BofA and they just deduct from the account monthly, show full details to where the balances are with the escrow account, and have been pretty easy to reach when needed. Oh and I got a great rate from them which definitely helped.

2 years ago

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Michelle Camara Austin, TX

My husband passed away the end of March and I asked for help. I was told I didn't have to worry about a mortgage payment until August and to just resume payments. Nothing to catch up on except the interest That helped take a lot of pressure off me during this horrible time.

1 year ago

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Bella Houtz South Jordan, UT

I bank with Bank of America. The first couple mortgages I did I used mortgage companies. The last one I saw a sign in the bank and I talk to them. It was a great experience there a very personable I answered all my questions life. I would strongly recommend them.

5 years ago Edited September 14, 2021

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Susan Weaver

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.

5 years ago

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Bradly Wolkis Phoenix, AZ

We were gravely impacted by covid. The bank was great in giving us the opportunity to modify our mortgage, made our monthly payments less which allows us to stay in our family home of 25+ years.

2 years ago

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Derek Scoville Pleasant Grove, UT

My mortgage was sold to Bank of America. As soon as they got my loan, I got an email from them welcoming me, and giving instructions on how to set up online payments, etc. It didn't feel like I was just another customer.

5 years ago

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Thomas Hullinger Pleasant Grove, UT

Great bank, with everything one needs to do with banking. They have easy to use features, but do not have a very good presence where I live. Home mortgages seem to be their specialty and they do a very good job at it.

5 years ago

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Jess Root Gilbert, AZ

We had a home loan and home equity loan through Bank of America. The costs were reasonable and the timeline for closing was good. Using the online acct services and the mobile app make it easy to navigate.

5 years ago

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Mary W.

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

5 years ago

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adrian avram Tampa, FL

my experience with banking home loan service average --products offer limited no effort to offer unique attractive credit or new customer incentives

2 years ago Edited September 14, 2021

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Shauna Craig Pleasant Grove, UT

We had a home mortgage with Bank of America and never experienced any problems or issues. Payments were promptly credited and our account was always accurate.

5 years ago

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Shawn American Fork, UT

We like Bank of America. It’s a well-known name and very trustworthy. Any payments we made and had any questions on were always answered to our satisfaction.

5 years ago

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Robert Singleton Gilbert, AZ

BofA's customer service on home loan issues has been exemplary. The agents are helpful and informative and do what is necessary to answer questions I may have.

5 years ago

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Jesse Prince Tulsa, OK

Bank of America is great I never had any issues with them. I like the website it makes it very easy to pay or get in touch with customer service.

1 year ago Edited May 11, 2022

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Rick Galliher Middletown, MD

Very good. Have always been responsive and proactive in suggesting how to lower payments.

4 years ago

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Dan Bloomington, IL

Very conservative. Good website application. Good customer service.

4 years ago

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Judith VeVerka Sharon, PA

I had my home mortgage through them. I was pleased with their service.

5 years ago

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Melanie E Draper, UT

I have had a home loan for 13 years with B of A. They are professional and easy to work with.

5 years ago

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RICK Fort Worth, TX

GOOD CUSTOMER SERVICE DECENT RATES AND PRICING

4 years ago

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Peace of mind is priceless. Santa Clara, CA

A good option for a bank. We belong to a credit union.

5 years ago

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Liz Boston, MA

Made it easy and even were willing to help with a coop mortgage.

2 years ago

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Noureddine Lalami Brentwood, CA

The process was quick and with little problems.

2 years ago