11 Customer Reviews - see all comments
Disclosure: We receive advertising revenue from some partners. Learn more.
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.
- Determine your 2024 homebuying budget
- Get up to 100% financing with a VA home loan
- 300,000+ verified 5-star reviews from customers on their website
- America's #1 VA Lender (According to VA Lender Statistics)
Latest Bank of America Reviews
Absolutely UN-AMERICAN and did me wrong in the END. First off I will say I have over $170k+ equity in my home... and wanted basically only $40k on a HELOC... I was about 80% in the know how HELOC's works which is probably the case for most people... The first guy I spoke with P. Brown... wanted to max me out at $75,000 which I told him I did not want that much... and he responded "Dont Worry, Don't Worry you only pay back for the money you borrow yadda, yadda.." So I figured... OK... So I sent what needed paper work up and found out that I was denied..?? During that time... they try and contact you... I got a call from a 480 area code and I don’t answer #'s that I don’t recognize... so B... Read More
In general, the process and customer service for a HELOC application (we are “BOA preferred client status”) has been cumbersome, confusing, inconsistent, conflicting, with representatives being uniformed and seemingly incompetent as we were handed to six different people during the process. We have a net worth of over $6MM and were mis informed from representative to representative. Our credit was check ed THREE times each (both over 775 rating) causing alerts. Yes, we were declined, but the process and misinformation caused the decline and numerous hours by us and you of wasted time. We have notes of each step and would love some INFORMED person within BOA to listen to our story of a... Read More
They are horrible. Ive been a customer for 30 years, they have all of my money in their accounts, they know everything about my finances. They act like they dont know you at all. I am removing ALL of my money from Bof
A after this awful experience with my home equity loan. I have never been treated like this by a company.
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
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.
I have applied to refinance my Bank of America HELOC of 350 K to get a better rate since I became their platinum honors with 1.2 millions investment . I applied on September 17th, 2019. The loan processor from Arizona sits on it/do nothing from October 5th til now (October 20th). He does not even update the status of my application for more than 2 weeks. I have to refinance my original home loan and it is done within 10 days. I am waiting to see what and when would the BofA loan processor/underwriter noted the change in my loan.
Stong borrower with excellent credit, high income and low debt to income ratio. Bank of America's online system for applying and submitting documents is lagging behind their competitors. They do not use actual appraisals for HELOC, instead rely on a computer generated value which does not work well in certain markets. Loan representative was not proactive in reaching out; in every instance contact only occurred as a result of a direct inquiry by me. Dissatisfaction led me to contact a competitor with a much improved online experience, instant ability to submit application and documentation, and a live appraiser contacted me within 3 hours of my application and documentation... Read More
High fees, slow response times. Usually have “unusually high call volume” when you want to speak to someone. Bad customer service. No transparencey in what their actual qualification terms are for loans. Only for businesses and large corporations. They don’t care about long time customers if they are individuals. Been a checking, savings, credit card and mortgage customer for 18 yrs. Can’t refinance with someone else fast enough.
I've been a BoA customer for over 10 years and never thought of leaving BoA until today. When I thought back, I should have left BoA long time ago. I had been rejected a credit card several times before I opened my business accounts. My business is profitable and with steady cash flow. When I applied for the home equity loan, the person who was in charge of the loan left and someone else took on my case and I had to submit all my ducuments again. Apprentently, they don't have internal transfer. Also, I sent the processor two emails without response and when I called, I was told that she sent me forms to fill out. I decided to withdraw my home equity loan with BoA and now thinking of... Read More
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
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.