Bank of America Mortgage Review 2022

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At a glance

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC)
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Nationwide availability

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

620 for conventional loans; 680 for jumbo loans

Pros and cons


  • Provides interest rates online
  • Can prequalify and apply for a loan online and submit documents digitally
  • Low-down payment options available
  • 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


  • Lender fees not listed online

Bank of America overview

Bank of America is one of the largest brick-and-mortar banks in the U.S., and offers mortgages, refinancing and home equity lines of credit (HELOCs) to homebuyers and homeowners. The bank is headquartered in Charlotte, North Carolina, and has 4,200 branches. For mortgages, the bank offers both preapproval and prequalification, with rapid preapproval available to online applicants. Prequalification and closing timelines vary, however, based on documentation requirements and other factors. Mortgage applicants with Bank of America can also take advantage of alternative options to traditional credit reports, like rent payment history, in order to qualify for a loan. As an institution, Bank of America is over 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.

Good for

Borrowers with limited credit history or looking to work with a major lender with branches around the country

Loan types 

  • Conventional
  • Jumbo
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Home equity line of credit (HELOC)

Lender fees

Bank of America does not provide lender fee information on its website.


Bank of America publishes mortgage rates on its website, which are updated daily. 


On Trustpilot, Bank of America is rated 1.4 out of five stars, but many of the reviews are not mortgage-related. In J.D. Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Study, Bank of America is ranked No. 6 for customer satisfaction. Similarly, the bank is ranked No. 7 in J.D. Power’s 2021 Primary Mortgage Servicer Satisfaction Study.

Online services

Bank of America offers an online application with both prequalification and preapproval. Customer service is available through email, online or over the phone. New mortgage borrowers will 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. Bank of America also offers e-signature and electronic document services.

Minimum borrower requirements

For a conventional loan through Bank of America, borrowers generally need a minimum credit score of 620 and can put as little as 3 percent or 5 percent down, provided the borrower meets income restrictions.

Refinancing with Bank of America

Borrowers can view current refinance rates on Bank of America’s website. Although the rates advertised include points, they do not 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.

Not sure if Bank of America is right for you? Consider these alternatives

Breakdown of Bank of America overall review score

  • Affordability: 5/5
  • Availability: 5/5
  • Borrower experience: 4.7/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.

Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
Edited by
Mortgage editor