Bank of America Mortgage Refinance Review

Rating: 3.8 / 10 (Poor)
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Bank of America is a leading financial institution that provides mortgage and refinance services. It offers homeowners mortgage refinance solutions for helping them lower mortgage payments. This allows homeowners to take advantage of lower mortgage rates or switch to a fixed or adjustable mortgage plan.


Types of Home Refinancing Mortgages

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • FHA and VA Refinance loans


Qualifying for Mortgage Refinance


Credit Score

680 or better

Income to Debt Ratio

45% or more

Years Employed

24 months

Loan Terms

Up to 30 years


Things you will need


  • W-2s (for the last 2 years)
  • Recent pay stubs (two most recent consecutive)
  • Bank statements for all financial accounts, including investments (for the last 2 months, all pages)
  • Signed personal and business tax returns (all pages and relevant schedules)
  • If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement
  • Most recent monthly statement for any mortgage, home equity loan or line of credit you hold on your home


Refinance Mortgage Rates





30 Year Fixed



15 Year Fixed



5/1 ARM




Why Mortgage Refinance at Bank of America

Qualifying for a mortgage refinancing can be difficult for those with less than average credit scores. This can be a problem since most of the homeowners applying for a mortgage refinance may be experiencing a financial downturn.  Getting approved is still possible with its FHA and VA loans but expect higher mortgage rates. 

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Latest Reviews

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Wayne W
Valencia, California
I'm very disappointed in the Bank of America Home Loan Refinance process. I was told my non-owner occupied condo refi would take 2 months. After 5 months I found that I was being charged a late fee of $3000. The slow BofA processing was the reason the process was drawn out to 5 months, not me. I submitted requested information within a day of being notified. I get the feeling BofA is too big and has too many customers to adequately process them all. For weeks I would get no notification from the loan officers of the status of my refi. I dropped BofA due to the late fee being charged to me, lost my appraisal payment and lost 5 months of my time. A local, small loan company completed... Read More