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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 4,600 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.
Available in all U.S. states
Minimum credit score
620 for conventional loans; 720 for jumbo loans
Conventional, jumbo, fixed-rate, adjustable-rate mortgages (ARMs), VA and FHA; refinancing options include cash-out refinancing; home equity lines of credit (HELOCs)
For refinancing HELOCs: No application fees, no closing costs and no annual fee; also no fee to convert a variable-rate loan to a fixed-rate loan
Provides interest rates online
Can prequalify online
Can apply for loan online, submit documents digitally
Low down payment options available
Discounts may be available for auto-pay, other factors
Lender fees are not listed on website
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Bank of America does not provide 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 website to give accurate reflection of current interest rates.
Minimum borrower requirements
Bank of America has various options. 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 loan payments up to $510,400 and the 5 percent down payment is for loan payments up to $765,600.