Bank of America has branches in 36 states and Washington, DC.
Bank of America; Alyssa Powell/Business Insider
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The bottom line: Bank of America Mortgage is a good mortgage lender for borrowers who have a decent credit score. It also has a few strong programs to help first-time buyers afford homeownership, including its new Community Affordable Loan Solution, which lets borrowers get into a home with zero down, no closing costs, and no minimum credit score.
Overall lender rating
FeatureInsider rating (out of 5)Loan types3.5Affordability4Customer satisfaction4Trustworthiness3.5Total3.75
Pros and cons
Pros Cons
Offers conventional and government-backed mortgages, as well as a HELOC option
If you’re a Bank of America Preferred Rewards customer, you can get discounts
Offers down payment assistance and Community Affordable Loan Solution for first-time borrowers that accepts non-traditional credit
Doesn’t have a USDA or reverse mortgage, home equity loan, or construction loanNeed to have a fair credit score for most of its loansCan’t refinance into an FHA or VA mortgage if you aren’t a Bank of America customer
Bank of America mortgage rates
Bank of America Mortgage shows 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, down payment amount, and zip code to see a more customized rate. But take the personalized rate with a grain of salt, because the site won’t let you enter your credit score. All rates in the chart assume a 740 credit score or higher.
Overall, Bank of America mortgage and refinance rates are competitive with what other lenders offer.
Bank of America vs. Fairway Independent Mortgage Corporation
Bank of America
Fairway
Types of home loans
Conforming, jumbo, FHA, VA, HELOC
Types of home loans
Conforming, jumbo, FHA, USDA, VA, reverse, renovation
Alternative credit data
Yes*
Alternative credit data
Yes
Bank of America MortgageFairway Independent Mortgage
*Borrowers can use alternative credit data to qualify for Bank of America’s Community Affordable Loan Solution
Fairway Independent Mortgage Corporation offers more types of home loans than Bank of America, so it might have what you need. But Bank of America is the clear choice if you need a HELOC.
Fairway is a worthwhile option if you have a low credit score, or none at all. Fairway lets you apply with alternative credit data, such as proof of paying bills on time, rather than strictly considering your credit score. Bank of America does accept alternative credit data on one of its products, the Community Affordable Loan Solution, but you’ll need to be a low-income, first-time homebuyer in a designated market to qualify.
Bank of America vs. Rocket Mortgage
Bank of America
Quicken Loans
Types of home loans
Conforming, jumbo, FHA, VA, HELOC
Types of home loans
Conforming, jumbo, FHA, VA
Alternative credit data
Yes*
Alternative credit data
No
Bank of America MortgageRocket Mortgage by Quicken Loans
*Borrowers can use alternative credit data to qualify for Bank of America’s Community Affordable Loan Solution
You may prefer Bank of America if you qualify for down payment assistance. Rocket Mortgage doesn’t offer any types of homebuyer grants.
But Rocket Mortgage is a good choice if you want a specialized mortgage term, as it offers terms as short as eight years.
How Bank of America mortgages work
Bank of America Mortgage services 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:
ConformingJumboFHAVAFixed-rateAdjustable-rateHome equity line of credit (HELOC)Community Affordable Loan Solution
Bank of America recently announced its new Community Affordable Loan Solution, which is a zero-down, zero-closing-cost mortgage aimed at first-time homebuyers in designated markets. These markets include some historically Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. This mortgage requires no mortgage insurance and has no minimum credit score requirement. To qualify, borrowers will need to show proof of timely rent, utility, phone, or auto insurance payments.
If you refinance, you can choose between a rate-and-term refinance or cash-out refinance.
You must already be a Bank of America customer to refinance your FHA or VA loan.
Bank of America doesn’t have USDA loans, reverse mortgages, construction loans, or home equity loans.
If you’re already a Bank of America Preferred Rewards client, you could receive a $200 to $600 discount on your loan origination fee.
Bank of America also has homebuyer assistance programs that vary by state. You could receive thousands of dollars toward closing costs or a down payment if you qualify.
To speak with customer support, call Monday through Friday from 8 a.m. to 10 p.m. ET. Or call Saturdays from 8 a.m. to 6:30 p.m. ET.
Is Bank of America trustworthy?
The Better Business Bureau gives Bank of America an A+ in trustworthiness. A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices.
However, Bank of America does have some recent public scandals involving discrimination:
The Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. (2020)The Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process. (2019)
If these issues bother you, you may prefer to use a different lender.
Bank of American mortgage FAQ
Is Bank of America a good bank for mortgages?
Bank of America requires a 620 credit score or higher for its mortgages (depending on which type you get), so it could be a good fit if you have a decent credit score. It might also be a good lender for current Bank of America customers, because you’ll receive a discount on your origination fee.
How long does it take to close a mortgage with Bank of America?
The timeline varies for each person, but from the time you make an offer to closing, it typically takes around 45 days.
What credit score do you need for a mortgage with Bank of America?
You need a minimum 640 credit score for a conforming or FHA mortgage through Bank of America, but you’ll only need a 620 score for a VA mortgage. If you’re eligible for a Community Affordable Loan Solution mortgage, you won’t need a credit score — you’ll use alternative credit data to qualify.
Mortgage and refinance rates by state
Compare your Bank of America mortgage rate to rates in 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
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming