Bank of America Home Equity Loans Review


Rating: 7.2 / 10 (Very good)
7 Customer Comments & Reviews - see all comments
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Bank of America is a federally-recognized financial institution that offers home equity loans. Headquartered in North Carolina and founded in 1904, Bank of America is a direct lender that qualifies potential borrowers based on their credit score, employment history, and outstanding debt.

How is Bank of America rated?

Breakdown

8/10
Loans
8/10
Qualifications
6/10
Reputation
6/10
Consumer Experience

Overall Rating: 7.2 / 10 (Very good)

Bank of America, founded in 1874, is one the nation's oldest financial institutions, backed by more than a century of experience. They offer a variety of ways to tap into the equity accumulated in your home, but have recently developed a poor reputation, due to customer complaints regarding transparency.

Bank of America Loans

Lender Type
Bank
Loan Types Available
Home Equity Loan
Home Equity Line of Credit
Cash-out Refinance
Minimum HELOC
$25,000
Maximum HELOC
$1,000,000
HELOC Annual Fees
$0
Cash-out Refinance Terms
5/1 Arm Variable, 15/30 Year Fixed
Waived Fees
Closing Fee
Application Fee
Closing Fee
Free
Application Fee
Free

Loans - 8 / 10

Bank of America offers three different debt instruments that allow homeowners to use the equity accumulated in their home: cash-out refinancing, home equity loans, and home equity lines of credit. They waive both the closing and application fee, and have flexible terms, though not as many as some other lenders.

Bank of America Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence

Qualifications - 8 / 10

In order to grant a loan, Bank of America has fairly standard requirements: a property appraisal, proof of employment, and that the home being financed be the borrower's primary residence. They also ask for financial history.

Bank of America Customer Experience

Total Consumer Financial Protection Bureau Complaints
12,408
Total CFPB Complaints/Originations
3.45
Site Features & Technology
Home Equity Calculator
Mobile App
Online Application
Online Quote

Consumer Experience - 6 / 10

While Bank of America is a traditional bank, they provide a number of convenient online features, such as applications and quotes, as well as a mobile app and a home equity calculator. They also offer a wealth of additional tools and educational resources. However, they have a significant amount of complaints about their customer service, poor rates, and high fees.

Bank of America Reputation

Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Federal Home Loan Bank Member
Nationwide Mortgage Licensing System ID
399802
Nationwide Mortgage Regulatory Actions
2

Reputation - 6 / 10

Bank of America reputation for consumer satisfaction began to decline after its acquisition by financial giant Merrill Lynch in 2008. Since then, it's developed a poor overall reputation, with consistently bad consumer reviews for many of its financial products.

Additional Details

Homepage URL
Headquarters Address
100 N Tyron St. Mailcode NC 1007, Charlotte, NC, 28255
Mailing Address
100 N Tyron St. Mailcode NC 1007, Charlotte, NC, 28255

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