Bank of America Mortgage Review
See how often this lender beats the typical offer on 2025 loans.
How Bankrate scores Bank of America Mortgage
- Price competitiveness
How often this lender's borrowers pay at or below the typical price for a comparable loan.
4 out of 5 - Amount of overpayment
How much extra borrowers ended up paying with this lender compared to the best price for a comparable loan. A higher percentile score is always better.
5 out of 5 - Customer complaints
How often consumers complain about this lender, and whether they get relief.
1%3 out of 5 - Where and what they lend
How many states and loan types this lender serves.
97%5 out of 5
No lender can pay for a higher Bankrate Rating. Every score comes from the same data and criteria.
2025 ratings, across all four measures
A few more details worth knowing
Though these don't affect the star rating, we show them so you have the full picture.
For applicants age 62 and older, we measure two things: whether this lender denies them more often than its own lending patterns would predict after accounting for loan size, income, debt-to-income ratio, and loan type; and whether it lends to them at rates similar to comparable lenders. Neither of those two measures fell outside the expected range. Credit scores are not available in this dataset, so they are not included in the analysis. Because that variable is held constant across all lenders, it should reduce the extent to which missing credit-score data affects comparisons between them.
We looked at how often a lender's applications end up as closed loans, not counting any that were denied or the applicant withdrew. At this lender, fewer than 90% did, which might mean quoted terms changed before closing, applicants stepped away, or both.
Ready to get the lowest rate?
the lowest rate?See what Bank of America Mortgage will actually offer you when it has to compete — in minutes, with no hit to your credit.
What Bankrate's editors think
About 80% of Bank of America’s mortgages were priced below comparable loans in 2025, and its added costs to borrowers — rate, fees and points combined over time — ranks in the best-performing group in Bankrate’s ratings.
The bank also offers programs for tighter budgets. Its Affordable Loan Solution mortgage requires just 3% down, and income-qualified buyers can combine Bank of America’s Down Payment Grant (3% of the purchase price, up to $10,000) with its America’s Home Grant (up to $7,500 toward closing costs) — both are grants, not loans, so you won’t have to repay the funds. If you bank with Bank of America, ask about a Rewards discount on your origination fee, though the size of the benefit depends on your account balances.
But Bank of America doesn’t publish credit score minimums beyond saying you’ll need a score “around 620 for conventional loans.” And roughly 3 in 10 approved borrowers never make it to closing, with complaints running high, too (about 8 per 1,000 loans). In November 2023, the CFPB fined Bank of America $12 million after finding that hundreds of its loan officers skipped required demographic questions on mortgage applications and then falsely reported that applicants had declined to answer.
At a glance
Good for budget-conscious buyers, especially those who qualify for Bank of America’s income-based grants — up to $10,000 toward a down payment and $7,500 toward closing costs, on top of a 3% down payment loan. Not a good fit if you want a fast, certain path to closing or clear credit score requirements upfront — the data shows this nationwide bank lagging on both.
Compare lenders
Get today's rates for youCompare Bank of America Mortgage with any of our rated 1,962+ lenders. We start by stacking it up against a lender of similar reach and scale — but you can swap in any lender you’d like.
Figures are drawn from public lending and complaint data and weighted by loan volume.
Ready to see what Bank of America Mortgage will really offer you?
See your real rate in minutes, with no hit to your credit.
