Bank of America Home Loans

Bank of America Home Loans Review

Bank of America Home Loans is offered by Bank of America (NMLS #399802), a bank founded in 1784 and based in Charlotte, NC. Bank of America Home Loans is available in 50 states (and Washington, DC).

Key Takeaways

• 5 different mortgage programs offered. Bank of America Home Loans offers FHA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Refinancing for large mortgages. You can refinance mortgages with balances of up to $2,500,000 with Bank of America Home Loans.
• Standard interest rates types. Bank of America Home Loans offers adjustable-rate mortgages, and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Bank of America Home Loans.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Bank of America Home Loans.

Bank of America Home Loans Pros & Cons

Bank of America mortgage FAQ

How much can you borrow via Bank of America?

Bank of America mortgage allows borrowers to apply for loan amounts of up to $2,500,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Bank of America mortgage?

Bank of America mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Bank of America offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Bank of America mortgage offers home loans with APRs starting at 2.668% .

Do they charge mortgage origination fees?

Yes, Bank of America mortgage may charge a loan origination fee starting at 2% of the loan amount.

What mortgage programs are available?

Besides conventional mortgages, Bank of America mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Bank of America mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Bank of America mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Bank of America Home Loans is (800) 932-2775.

What is the support contact email?

The support contact email for this business credit card is customerservicealert@bankofamerica.com.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.