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Bank of America Mortgage Refinance Review


Rating: 7.3 / 10 (Very good)
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Originally founded in 1904 under the name Bank of Italy, Bank of America is a leading multinational corporation that offers financial products and services through eight lines of businesses and 4,600 retail financial centers in the nation and 40 other countries. Bank of America has been rated A+ by the Better Business Bureau.

How is Bank of America rated?

Breakdown

7/10
Loan Options
7/10
Application Process
8/10
Reputation

Overall Rating: 7.3 / 10 (Very good)

Bank of America has been in banking for 143 years, and bring their long decades of experience to the table. Though their portfolio of mortgage refinance loans is quite ample, the types of loans themselves are fairly standard. Their publicized rates may be higher than those which would apply to individual borrowers, so before going off what they show on their site, we recommend contacting a loan officer directly, in order to accurately determine what your rates and terms might be.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
Fixed Year Terms
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM

Loan Options - 7.2 / 10

Bank of America offers the standard variety of mortgage refinance loans, including both conventional and government-backed FHA and VA loans. They also have an innovative combination loan that incorporates a first mortgage with a second layer of home equity, for a higher-than-average percentage of the property's appraisal value. Bank of America's rates, as posted on their website, tend to run slightly above average, but this can completely change, depending on specific cases.

Application Process

Minimum Credit Score
620
FHA Minimum Credit Score
580

Application Process - 7 / 10

Bank of America's application process is quite expedited, and qualified borrowers who have submitted all the appropriate paperwork can expect to have their loan processed and approved considerably quicker than the industry standard. Though their website offers live chat, operators simply collect information and then refer customers directly to loan officers. Their phone system is easy to navigate, and their website is chock-full of useful tools and information.

Bank of America Reputation

Memberships & Regulatory Info.

Memberships
FDIC
Nationwide Mortgage Licensing System ID
399802
Nationwide Mortgage Regulatory Actions
2
NMLS Collection Date
2017-07-27
CFPB Total Mortgage Complaints
40,435
CFPB Collection Date
2017-07-13
Total VA Loans Written (Q1 2017)
225 loans
Total VA Loan Amount (Q1 2017)
$50,512,169

Online Reviews

Trustpilot Trustscore
3.4
BBB Rating
A+
BBB Positive Reviews
5
BBB Negative Reviews
111
BBB Neutral Reviews
2
Date Collected
2017-07-27

Reputation - 7.8 / 10

Bank of America has been in business for nearly 150 years, since 1874, though their mortgage refinance department is younger. Considering the size of their worldwide operation, however, it is remarkable that they only have two regulatory actions taken against them. However, Bank of America has 40,435 complaints registered with the CFPB. This is considerably higher than any other lender we evaluate, though the company's size and reach must surely be taken into consideration. Negative reviews concentrate on issues with communication and customer service, but positive experiences report on the bank's excellent customer care.

Contact & Additional Information

Homepage URL
Company Phone
(315) 724-4022
Headquarters Address
100 North Tryon Street, Charlotte, NC, 28255
Year Founded
1948

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Customer Comments & Reviews

Loading Reviews ...
W
Wayne W
Valencia, California
1/2/2017
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



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