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Bank of America
Bank of America was the nation’s fifth-largest mortgage lender by dollar volume in 2022, originating $54 billion in home loans.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; HELOC
Min. credit score required
620 for conventional loans, 680 for jumbo loans
Nationwide availability
Available in all states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
Bank of America
4.6
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; HELOC
Nationwide Availability
Available in all states
Min. credit score required
620 for conventional loans, 680 for jumbo loans
Bank of America is the second-largest bank in the U.S. Its home loan products include mortgages, refinancing and home equity lines of credit (HELOCs), offering both preapprovals and prequalifications, with “rapid preapproval” available to online applicants. The bank’s Preferred Rewards program offers a $200 discount on mortgage fees. To qualify, you need to have at least $20,000 on deposit with the bank. As an institution, Bank of America is 240 years old and offers checking and savings accounts, auto loans, credit cards, mortgages and investment products. The bank also provides loans to businesses through its corporate banking division, conducts investment banking and offers insurance and asset management. Headquartered in Charlotte, North Carolina, it has 3,900 branches.
Provides instant quotes online, complete with monthly payment estimates
Can prequalify and apply for a loan online as well as submit documents digitally
Preferred banking customers might be eligible for fee discounts
Limited transparency around fees
Bank of America was the nation’s fifth-largest mortgage lender by dollar volume in 2022, originating $54 billion in home loans.
To determine Bank of America’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:
Affordability differs from lender to lender, so comparing costs is key. Bank of America displays mortgage rates on its website, updating them daily. It is less forthcoming regarding fees, however, which add to your closing costs. To learn these details, you’ll need to consult with a loan officer to get a loan estimate.
This factor can make the overall mortgage application process smoother or more challenging. Bank of America provides conventional, FHA and VA loans; it doesn’t offer USDA loans, which are for borrowers in rural areas within certain income ranges. In addition, the bank offers jumbo loans, which are necessary for buyers purchasing in higher-priced markets. For a conventional loan, you’ll need a minimum credit score of 620, and might be able to get away with as little as 3 percent or 5 percent down, depending on loan program. In 2022, the bank introduced a special no-down payment mortgage for borrowers in Black and Latino communities. (The bank determines eligibility for this program based on income and location, not ethnicity or race.) For homeowners, Bank of America can also help with refinancing or tapping home equity for cash.
Know what to expect when you work with a specific lender. Bank of America is the second-largest bank in the U.S., though when it comes to mortgages, it doesn’t top some of the other big banks in terms of loan volume. The bank is accredited by the Better Business Bureau with an A+ rating; however, on Trustpilot, it’s rated 1.4 out of five stars, but many of the reviews are not mortgage-related. In 2022, J.D. Power ranked the bank above average for customer satisfaction in mortgage origination. As far as experience, Bank of America offers an online application with both prequalification and preapproval. You’ll find helpful educational tools on the bank’s website, and its app allows applicants and mortgage holders to learn about loan options, get prequalified, apply for and lock in a loan (purchase or refinance), make loan payments (and set up autopay) and a variety of other loan servicing options. The bank also supports e-signature and electronic document services.
You can apply for a purchase loan or a refinance in person at one of Bank of America’s many branch locations, through the bank’s website or by calling 866-466-0979. Here are some tips to prepare for the process:
Borrowers can view current refinance rates on Bank of America’s website. Although the rates advertised include points, they don’t account for any lender fees. The application process for a refinance with the bank is similar to the process of applying for a purchase loan.
Bank of America
Rating: 4.6 stars out of 5
4.6
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; HELOC |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term |
Min. credit score required 620 for conventional loans, 680 for jumbo loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans |
Nationwide availability Available in all states |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states |