Bank of America Mortgage Review 2020

By Ellen Chang

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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3.5

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Bank of America is a brick-and-mortar bank that offers mortgages, refinancing and home equity lines of credit that can be applied for online, via phone or at a branch. The bank, the second-biggest in the U.S. measured by assets, is headquartered in Charlotte, North Carolina, and has 4,600 branches. Bank of America is over 240 years old and offers consumers checking and savings accounts, auto loans, credit cards, mortgages and investment products. Bank of America also provides loans to businesses through its corporate banking division, conducts investment banking and offers insurance and asset management.

Nationwide availability

Available in all U.S. states

Minimum credit score

620 for conventional loans; 720 for jumbo loans

Loan types

Conventional, jumbo, fixed-rate, adjustable-rate mortgages (ARMs), VA and FHA; refinancing options include cash-out refinancing; home equity lines of credit (HELOCs)

Pros

  • For refinancing HELOCs: No application fees, no closing costs and no annual fee; also no fee to convert a variable-rate loan to a fixed-rate loan
  • Provides interest rates online
  • Can prequalify online
  • Can apply for loan online, submit documents digitally
  • Low down payment options available
  • Discounts may be available for auto-pay, other factors

Cons

  • Lender fees are not listed on website

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Bank of America overview

Loan types

  • Conventional
  • Jumbo
  • Fixed-rate
  • Adjustable-rate mortgages (ARMs)
  • VA
  • FHA
  • Refinancing including cash-out refinancing
  • Home equity lines of credit (HELOCs)

Lender fees

Bank of America does not provide information on its website. Current account holders who opt for automatic monthly payments from a checking or savings account and investment account customers can receive an interest rate discount and origination fee discount.

For refinancing loans, the points are displayed on the website to give accurate reflection of current interest rates.

Minimum borrower requirements

Bank of America has various options. Borrowers need a minimum credit score of 620 and can put as little as 3 percent down. To qualify for a 3 percent down payment or up to 97 percent loan-to-value/105 percent combined loan-to-value, the bank requires secondary financing.

In cities where the cost of living is higher, the 3 percent down payment is eligible for loan payments up to $510,400 and the 5 percent down payment is for loan payments up to $765,600.

Get started with Bank of America

Borrowers can apply in person, online or by phone. For mortgages, call 866-466-0979. For refinances, call 866-502-9005. For HELOCs, call 866-290-4674.

Hours

Monday - Friday: 8 a.m. - 10 p.m. EST Saturday: 8 a.m. - 6:30 p.m. EST Sunday: Closed Contact: 800 669-6607

Bank of America consumer rating and reviews

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