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Bank of America Home Equity Loans Review


Rating: 7.2 / 10 (Very good)
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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.

Bank of America 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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Customer Comments & Reviews

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Carol H
Menifee, California
9/9/2017
Mortgage was paid off in full. Applied for line of credit to make some repairs to boost value of home. Received call that they cannot help us. Then received multiple listings of Homeownership counseling from them. This makes no sense. We have been a prefered rewards platinum customer for years. I'm sorry, but with this type of treatment, We have no choice but to part our relationship with them.


Elaine C
Canoga Park, California
8/14/2017
Lack of communication. A processor who didn't know the difference between a SFR and a condo. A processor who asked for info from the wrong person on loan. An agent who didn't delete rude internal emails. Managers who didn't bother replying to concerns. Issues that led to delay after delay. I also hate receiving ale that has poor grammar/ language- don't know whether this was an outsourcing problem? Last bank I would ever refer after this experience


M
matt n
West Palm Beach, Florida
7/18/2017
As a Platinum account holder and with them since 1987, I will be changing banks now. They try and find any excuse not to lend money. I am a successful business owner with 3 houses 2 of which are paid off. Spent $550,000 to build a house over the last 3 years that is worth over $700,000. They are now questioning where I got the money to do that. Every check was written through BOA!. Now they want me to research the last 3 years to find the exact amount I paid. The house will appraise at $700,000 but that's not good enough. I am requesting a home equity of $250,000. I have excellent credit with a large amount of cash in BOA accounts a house worth $700,000 and they are requesting everything... Read More


P
Pat C
Lake Havasu City, Arizona
8/2/2016
Frustrating, I have submitted a Home equity line of credit application since 5/31/16. I uploaded all the required document right away whenever there was any new document needed. The whole month without any returning phone calls passed by , 7/1/16 , I got notified that the appraisal report has not been completed. Three weeks later, a supervisor called me and said there is nothing they can do but waiting for the earliest appraiser on 8/23/16. I have bought a few houses, and each loan processes never exceeded 30 days. But Bank of America is the worst, if I continue the loan process with BoA, it would be at least 3 months.


H
H B
Carleton, Michigan
6/17/2016
After literally 4 months back and forth and supplying every single document requested I get rejected for the following reasons 1-Serious Delinquency (I have a Macy's card that I forgot about & had $41 on it. Macy's didnt send me the bill & charged me $29. I paid it all and closed the card but bank of america still want to hold me to that! 2- Loan to collateral value exceed guideline. I asked them for 80% of whatever the equity is worth. I estimated it at 250K it came out to 205K they said you asked for 200K which is more than 80% of the 205K. Ridiculous reasons.



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