Bank of America Mortgage Review 2021

By Ellen Chang

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.

At a glance

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Loans offered

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

Available in all U.S. states
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Min. credit score required

620 for conventional loans; 720 for jumbo loans

Pros and cons


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


  • Lender fees not listed on website

Bank of America overview

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 4,300 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.

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 lender fee 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 Bank of America website to give an accurate reflection of current interest rates.

Minimum borrower requirements

Bank of America has various mortgage options, but generally, 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 loans up to $548,250. A 5 percent down payment applies to other loans, up to $822,375.

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