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Bank of America Mortgage Review


ConsumersAdvocate.org Rating: 3.7 / 5 (Very good)
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Established in 1874, Bank of America is one of the largest banking institutions in the United States. In addition to personal and commercial banking and investment services, BofA offers a variety of lending products including mortgages, mortgage refinances, and home equity loans. Bank of America provides online tools for helping home buyers have access to loan officers and mortgage rates, calculate mortgage payments, and fast-track their home mortgage application.
 
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How is Bank of America rated?

Breakdown

4.0/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
2.5/5
Reputation & Transparency

Overall Rating: 3.7 / 5 (Very good)

As one of the Big Four banks in the US, Bank of America is experienced at offering consumers plenty of mortgage options. From fixed rate to adjustable rate mortgages, jumbo loans to VA loans, consumers can find an answer to their mortgage needs through Bank of America.

Bank of America Loan Specifics

Available Mortgage Types - 4.5 / 5

Bank of America offers a range of mortgage products suitable for home buyers from all walks of life. Loans range from $60,000 to $2.5 million, and applicants can select 15, 20, or 30-year terms, as well as multiple adjustable-rate mortgages and jumbo loans for larger home purchases.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • FHA Fixed Rate

Minimum Loan Amount

$60,000

Bank of America Customer Experience

Customer Experience - 4.5 / 5

The Bank of America mortgage website is incredibly useful for consumers, featuring several calculators that allow people to check what estimated monthly payment could be, as well as how much they could afford to borrow. A wealth of helpful articles are available which provide much information on mortgages, especially for first-time buyers. Consumers can begin the pre-qualification process online by filling out the web form to find out how much they may be able to borrow through Bank of America.

Online Features

Online Application
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Check Today's Rates

Bank of America Qualification Requirements

Qualification Requirements - 3.5 / 5

Bank of America appears to play its cards rather close to its chest when it comes to revealing qualification requirements. A minimum credit score is not publicized, though FHA loans are available for applicants with lower credit scores.

Key Requirements at a Glance

Debt-to-Income Ratio
36.0 out of 100

Bank of America Lender Reputation

Reputation & Transparency - 2.5 / 5

Bank of America holds an A+ rating from the BBB but a 5.5 out of 10 rating on Trustpilot.com. Since it is one of the largest banks in the country, seeing multiple negative reviews is unsurprising. It must be noted that regulatory action was taken against the bank in 2014 by the Consumer Financial Protection Bureau, though this action was related to its credit card products, not its mortgage products.

Key Facts

Lender Type
Bank
Year Founded
1998
BBB Rating
A+
Collection Date
2018-11-16

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
399802
The Nationwide Mortgage Regulatory Actions
2
Consumer Financial Protection Bureau Complaints
79,210

Company Profile

Full Name
Bank of America Mortgage
Company Website
https://www.bankofamerica.com/
Headquarters
100 North Tryon Street, Charlotte, NC, 28255

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