Bank of America Mortgage Review

About Bank of America

Bank of America

At Bank of America, we're committed to making sure you know where you stand with your home equity line of credit every step of the way. Our experienced mortgage specialists will be there to help from application to closing. We're focused on creating real, meaningful connections with individuals, businesses and communities to help them connect with what matters most. Every day, we're proud to partner with our customers, bringing them our skills and expertise, to help make their financial lives better. To speak with a mortgage specialist, call 1-800-509-7942. Hours of operation for our call center: M-F 8 a.m.-10 p.m. Eastern, Sat 8 a.m.-6:30 p.m. Eastern Bank of America, N.A. Member FDIC. Equal Housing Lender © 2016 Bank of America Corporation. All rights reserved. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

review breakdown

Recommended
6%
Interest Rates
Fees & Closing Cost
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| About Bank of America

The modern Bank of America was launched in 1998 and is a major financial institution that offers bank accounts, credit cards and various loans, including mortgages. The company works with roughly 67 million customers, ranging from big corporations to individual consumers. Bank of America is headquartered in Charlotte, N.C., and provides its services throughout the nation and in more than 35 countries across Europe, Africa and beyond. In 2017, the bank’s mortgage volume was $68 billion.


Working with Bank of America

Bank of America has mortgage loan officers available in 42 states, listed below, and Washington, D.C.

  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin

Regardless of whether you’re near a branch, you have several options for communicating with Bank of America during the mortgage application process. The lender has a customer service phone line (866-466-0979) staffed Monday through Saturday, an online chat function and an option for having a lending specialist contact you. You can also schedule an appointment to meet with a specialist at one of Bank of America’s physical locations.

Bank of America has several special tools offered online, including a real estate center that can help borrowers shop for homes.

The company’s website doesn’t offer a specific minimum credit score to qualify for its mortgages, and there was no lender representative available to confirm this (and other) information about its services. However, the site does state that a “good” score of 670 or higher may provide borrowers a better chance of qualifying for a mortgage.

After you apply for a mortgage with Bank of America, an underwriter will look over your entire application, along with all supporting documents that are included. The underwriter will consider everything from the value of the new home to your overall credit history (such as your debt-to-income ratio and whether you pay your bills on time), which will help determine your ability to repay the loan down the line.


Bank of America mortgage products

Bank of America has several different types of home loans from which to choose, depending on what you are looking for.

Purchase

  • Conventional: Bank of America offers fixed-rate and adjustable-rate mortgages with a variety of terms.
  • Jumbo
  • FHA
  • VA
  • Construction: Bank of America offers loans for builders and their buyers.

Refinance

  • Traditional
  • VA: Refinances are available to existing Bank of America home loan customers. It’s unclear if the company offers both the streamline and cash-out VA refinance programs.
  • FHA: As with VA refinances, existing Bank of America home loan customers may be eligible for an FHA refinance. But it’s unclear if the bank offers both the streamline and cash-out FHA refinance programs.

Home equity

Bank of America special mortgage programs

  • Affordable Loan Solution: This mortgage is offered by Bank of America in partnership with Self-Help Ventures Fund and Freddie Mac. Qualified “modest-income” borrowers only need to put down 3%; but perhaps the biggest benefit is the low down payment program doesn’t require private mortgage insurance, unlike some other government-backed programs. It is only available for fixed-rate purchase loans with terms of 25 or 30 years.
  • Preferred Rewards: This program can help borrowers who open a checking or investment account with Bank of America get a reduced mortgage origination fee, ranging from $200 to $600 off.

The mortgage application process

Bank of America offers the ability to pre-qualify if you want to see your options without applying for a loan right away. Fill in your basic contact information and loan details on the website, and you will instantly see rates and payment options, along with loan advice from a specialist and a possible pre-qualification letter. If you choose to proceed with a loan application, this is what you’ll experience:

  • Apply. There are several ways to start an application with Bank of America. You can call a loan specialist and speak with them over the phone, set up an appointment to meet in person or complete an application online in the comfort of your home.
  • Upload documents and track application. The Bank of America Digital Mortgage Experience, which is offered on an online dashboard or mobile app, allows borrowers to apply for a mortgage loan online and track its status. All required qualifying documents can be uploaded digitally on the website. These go directly to your loan specialist and can be signed with an electronic signature. Borrowers can opt to lock in their rate right away or come back to the application any time, even when using a different device. Borrowers can customize their options, searching for loan terms of their choice.
  • Complete appraisal and close. While reviewing a borrower’s application, Bank of America will also set up the appraisal. A copy of the appraisal will then be provided for the borrower at the time of closing, which is usually anywhere from four to six weeks after the purchase agreement is signed.

Throughout the application process, you can utilize the Bank of America Digital Mortgage Experience to track the status of your loan, update information as required and stay in touch with your loan specialist.

Communication during the process

Bank of America’s website doesn’t specify whether you work with several loan specialists or if one is designated for your case. However, loan specialists can help with any questions you might have regarding required documents or the status of your application. Even if you file your application online, you can contact a loan specialist directly. You can find the number for a loan specialist directly on the Bank of America Digital Mortgage Experience dashboard or mobile app.


Pros and cons of a Bank of America mortgage

While applying for a home loan with Bank of America may be the right option for some borrowers, it may not be best for you. Here’s what to factor in as you begin your search for a lender.

Pros

  • Wide range of loans. Bank of America offers jumbo loans, its Affordable Loan Solution mortgage, FHA and VA loans, and both fixed- and adjustable-rate mortgages.
  • Good for people who want to apply online. Bank of America allows customers to apply for a mortgage online rather than having to do it over the phone or in person.

Cons

  • Credit scores not specified. Bank of America doesn’t provide the minimum required credit scores for its loans on its website.
  • Lack of fee information. Bank of America doesn’t provide exact fee amounts online. You’ll have to speak to a representative to find out the details.
  • Limited branches. While Bank of America has branches in most U.S. states, it does not have branches everywhere. So borrowers in some locations who want an in-person interaction with their mortgage lender may not have the option.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.