Bank of America Mortgage Review 2022: Variety of Home Loans


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Overall rating of the lender

Advantages and disadvantages

Bank of America Mortgage Rates

Bank of America posts mortgage rates for 30-year fixed, 15-year fixed, and 5-year / 6-month adjustable mortgages on its website.

You can enter your purchase price, deposit amount and zip code to see a more personalized price. But take the custom rate with care, as the site won’t let you enter your credit score. All rates in the table assume a credit score of 740 or higher.

Overall, Bank of America mortgage and refinance rates are competitive with those offered by other lenders.

Bank of America Mortgage Comparison

We compared Bank of America to two other lenders who handle loans in all 50 states: Fairway Independent and Rocket Mortgage.

Bank of America v Fairway Independent

Fairway Independent has more types of home loans than Bank of America, so it may have what you need. But Bank of America is the obvious choice if you need a HELOC.

Fairway Independent is a great option if you have a low or zero credit score. Like most lenders, Bank of America checks your credit score when you apply for a loan. But Fairway allows you to apply with alternative credit data, such as proof of on-time bill payment.

Bank of America vs. Rocket Mortgage

You may prefer Bank of America if you qualify for down payment assistance. Rocket Mortgage does not offer any type of subsidy to home buyers.

But Rocket Mortgage is a good choice if you want a specialized mortgage term. Rocket Mortgage offers terms as short as eight years.

How Bank of America Mortgages Work

Bank of America offers loans in all 50 US states and Washington, DC. It also has branches in 36 states and DC.

You can get the following types of home loans through Bank of America:

If you are refinancing, you can choose between interest rate and term refinancing or cash flow refinancing.

You must already be a Bank of America customer to refinance your FHA or VA loan.

Bank of America does not have USDA loans, reverse mortgages, construction loans, or home equity loans.

If you are already a Bank of America Preferred Rewards customer, you could qualify for a rebate of $ 200 to $ 600 on your loan origination fee.

Bank of America also homeownership assistance programs which vary by state. You could receive thousands of dollars for closing costs or a down payment if you qualify.

To speak with customer service, call Monday through Friday 8:00 a.m. to 10:00 p.m. ET. Or call Saturdays 8:00 a.m. to 6:30 p.m. ET.

Is Bank of America Trustworthy?

Better Business Bureau gives Bank of America a A + in reliability. A high BBB rating indicates that a business responds effectively to customer complaints and is transparent about business practices.

However, Bank of America has had a few recent public scandals involving discrimination:

  • The Justice Department accused Bank of America of unfairly deny home loans to adults with disabilities, even if they were eligible for loans. Bank of America paid out about $ 300,000 in total to people who were refused loans. (2020)
  • The Department of Labor has asked the Bank of America to pay $ 4.2 million to people who said the bank discriminated against women, black and Hispanic applicants in the hiring process. (2019)

If these issues are bothering you, you may prefer to use another lender.

Mortgage and refinancing rates by state

Compare your Bank of America mortgage rate to the rates for your state below:

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Caroline from the south
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming


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