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 4,300 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 what documents are needed 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.
Borrowers with limited credit history or looking to work with a major lender with brick-and-mortar locations around the country
- Rate-and-term and cash-out refinancing
- Home equity line of credit (HELOC)
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.
Bank of America is accredited with the Better Business Bureau, where it has an A+ rating. On Trustpilot, Bank of America is rated 1.3 out of five stars, but many of the reviews are not mortgage-related. In J.D. Power’s 2020 U.S. Primary Mortgage Origination Satisfaction Study, Bank of America is ranked No. 2 out of 17, and No. 7 out of 32 in J.D. Power’s 2021 Primary Mortgage Servicer Satisfaction Study.
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 down. To qualify for a 3 percent down payment or up to 97 percent loan-to-value (105 percent combined loan-to-value), the borrower must meet income limits. 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.
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.
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Breakdown of Bank of America overall review score
- Affordability: 13/15
- Availability: 16/20
- Borrower experience: 9/10
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.