Bank of America Mortgage Review 2026

Bank of America, which operates more than 3,700 bank branches, is the second-biggest bank in the U.S. in terms of total assets (JPMorgan Chase is the biggest). Plus, Bank of America has always been one of the biggest mortgage lenders in the country — currently it’s the fourth-largest U.S. lender.  

The bank offers a variety of mortgage and refinance loans. And homebuyers who meet income limits may get help through one of three programs. The lender’s America’s Home Grant program offers up to $7,500 to cover closing costs, while its down payment program offers 3% of the home’s purchase price or $10,000, whichever is less. Both programs are limited to specific areas, and both are grants that don’t need to be repaid. The lender also offers a 3% down payment loan to qualified buyers.

Meanwhile, homebuyers who have bank accounts at Bank of America may qualify for reduced origination fees on a new mortgage or lower interest rates on a home equity line of credit, thanks to the bank’s rewards program — the exact value of the reward depends on how much money you have sitting at the bank.

Pros and cons of Bank of America

Affordability: 4.2 stars

Bank of America scores just over 4 (out of 5) stars for affordability thanks to its homebuyer assistance options, competitive interest rates and closing costs calculator.

• Interest rates: Bank of America’s mortgage rates were slightly below Bankrate’s national average mortgage rates at the time of this writing. In addition to new mortgages, the bank offers refinance loans, and you can view both mortgage and refinance rates on the bank’s website. 
• Down payment: Bank of America’s Affordable Loan Solution program lets buyers put down just 3%. Borrowers with limited savings can also take advantage of the bank’s grant programs to help cover their down payment. In addition, the bank offers FHA loans that require 3.5% down and VA loans that don’t require any money down.
• Fees: You can calculate your origination fee using Bank of America’s closing costs calculator. If you have other accounts at Bank of America, you might qualify for a discount on origination fees as part of the lender’s Preferred Rewards program.
• Closing costs: Bank of America’s closing costs calculator takes the guesswork out of determining the funds you’ll need on closing day.

Availability: 5 stars

Because of its variety of mortgage products and large network of physical locations, Bank of America earned 5 out of 5 stars for availability. 

• Home loans offered: While Bank of America doesn’t offer USDA loans, it does offer just about every other type of mortgage, including conventional, FHA and VA loans, plus refinance loans and mortgages designed for medical professionals. Borrowers can opt for a fixed- or adjustable-rate mortgage.
• Footprint: Bank of America is licensed to lend in all 50 states.
• Where to find: In addition to a sophisticated online portal, you can schedule an appointment to speak with a loan officer at one of Bank of America’s branch locations or contact the lender by phone.

Borrower experience: 4.9 stars

Bank of America’s online application process, rate transparency and extended customer service hours on Saturdays contribute positively to its score in this category. However, its lack of transparency around credit score criteria earned it 4.9 out of 5 stars for borrower experience.

• Application and preapproval process: If you’re already a Bank of America customer, it’s easy to apply. You’ll be able to automatically fill in some of the details on the application by logging into your online banking account. 
• Transparency: Bank of America shares its rates online, and the company’s closing cost calculator makes it easy to estimate the upfront fees you’ll need to cover. However, the bank’s website doesn’t share credit score requirements.
• Customer service: In addition to offering a large branch network, you can reach a lending specialist with Bank of America Monday through Friday between 8 a.m. and 10 p.m. ET and Saturday between 8 a.m. and 6:30 p.m. ET. The number to call is 866-466-0979. 

Bank of America scored second, just behind Citibank, for customer satisfaction with the loan origination process, in J.D. Power’s 2025 mortgage origination satisfaction study. Customers say it’s a great place for managing loan payments, too: The bank came in fifth for mortgage servicing satisfaction. 

The bank is accredited by the Better Business Bureau and holds an "A+" rating from the organization. However, Trustpilot gives the bank a “bad” rating based on more than 2,700 customer reviews. But it’s worth noting that many of the negative reviews are related to issues concerning deposit accounts and credit cards, not home loans.