Last Updated: 04/18/2025
SuperMoney User Recommendation Score +56
Strongly recommended18 total votes
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Highlights
Community Rating
Strongly recommended
Credit Score Range
620 - 850
Amount Range
$60,000 - $2,500,000
Loan Term (Years)
15 - 30
Number of Reviews
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 mortgage are available in 50 states and Washington, DC.
Key Takeaways
- Wide selection of 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.
- Investment and personal use properties considered. 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.
- Origination fees start at 2%. Origination fees are deducted from the loan amount, so take them into account when deciding how much you need to borrow.
- 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
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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.
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.
- VA loans: A zero down payment mortgage or a refinance of up to 100% 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 is customerservicealert@bankofamerica.com.
How do people rate the customer service and user experience?
Overall, this business is strongly recommended based on community reviews that rate customer service and user experience.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +56, or 4.1 on a 5-point rating scale.
+56
-1000+100
No one recommends
Everyone recommends
Bank of America Home Loans Community Reviews
Would you recommend Bank of America Home Loans to your friends?
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
I remember when I created my very first bank account with Bank of America, They're very reliable and I received my very first home loan from them about 5 years ago
CH
Chaster H.
Oct 24, 2022
May or may not recommend
Bank of America is well known! They can help with home loans. They helped me even though I didn't go with them when I purchased my home. They put in touch with a company that could help with the rates I was looking for.
PP
Pradip P.
Aug 7, 2022
May or may not recommend
Super reliable, lowest interest rate comparatively and a convenient experience overall. Been a happy BOA customer past 7 years.
AS
Anisiya S.
Jul 22, 2022
May or may not recommend
I can’t say enough of how many headaches I’ve had with Bank of America be it through their credit cards or home loans. They don’t always respond on time, can’t answer your loan questions, or keep changing your rates without an explanation which becomes frustrating especially when trying to finance a home.
AW
Ajoke W.
Mar 30, 2022
May or may not recommend
They have an amazing loan process, i have heard a lot of positive feedback about them and it is somewhat encouraging.
MP
Marianna P.
Mar 19, 2022
May or may not recommend
I've heard a lot about Bank of America. Their company has it's strengths and weaknesses and I suppose it depends on the costumer how they feel about them.
Yannick M.
Mar 9, 2022
May or may not recommend
I remember when I created my very first bank account with Bank of America, They're very reliable and I received my very first home loan from them about 5 years ago
BO
Bobmanuel O.
Feb 21, 2022
May or may not recommend
Pleasant experience having the customer care Representatives handle things.
They make things easy for you to do. Such as doing paperwork online at home.
KD
Keith D.
Jan 4, 2022
May or may not recommend
Timely notification for the next due payment put me to consciousness on paying back my loan.
LH
Lashane H.
Jan 3, 2022
May or may not recommend
This is awesome! BOFA is offering financing for bot only primary homes but vacation homes, and even investment homes, such as rental properties. This is the time.
Christopher C.
Oct 13, 2021
May or may not recommend
I had a good experience financing my home with Bank of America. The process was relatively fast and painless, as their customer service was always polite and helpful. I think they require a pretty high credit score though so take that into consideration.
ET
El T.
Aug 25, 2021
May or may not recommend
Bank of America Home Loans Home is the absolute best place to bank and get the personal attention along with the professionalism.
BK
Brandon K.
Aug 19, 2021
May or may not recommend
First off, Bank of America Home loans has an incredible process for loans. I received my first home loan from them 2 years ago, and it was painless and fairly easy to understand all the terms of conditions, the monthly payments, and all of my information is very accessible online, which their website is very user friendly.
Hannah M.
Aug 12, 2021
May or may not recommend
There's a large variety of loan types. Their website is also super convenient! For how big the company is, it's overall a great experience.
Originsand T.
Jul 29, 2021
May or may not recommend
I don't qualify with my credit, but it is very well-known, and I think that in the future I would definitely want to choose them.
PM
Paula M.
Oct 29, 2020
May or may not recommend
DO NOT USE BANK OF AMERICA FOR YOUR MORTGAGE LOAN, I MADE A SCHEDULE PAYMENT, PAYMENT WAS NOT TAKEN OUT OF MY CHECKING ACCOUNT. I FOLLOW UP WITH THEM AND MADE ANOTHER 2ND SCHEDULE PAYMENT FOR THEM AND WITH CONFIRMATION # AND AGAIN MONEY WAS NOT TAKEN OUT OF MY CHECKING ACCOUNT. THEN THEY TOLD ME THAT BECAUSE MY PAYMENT WAS LATE DUE TO THEIR ERROR, A PAYMENT FOR 4,000 ...Show More
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Alissa D.
Oct 13, 2020
May or may not recommend
My experience with this company was excellent. My original home loan was financed to me with ease, even though the property was remote and exposed to wildfire conditions. B of A was very thorough even though it was not a usual house loan situation. I was overseas when I asked for the loan, and they arranged everything for me over the phone. I refinanced the original loan three years ago ...Show More
U
Anonymous
Sep 3, 2019
May or may not recommend
this experience was the worst. We had an associate who kept asking for more and more paperwork, then we didn't hear from him for weeks and he wouldn't return our calls. Finally I called BoA and they said he'd left and they couldn't find our record. When they did find it finally, they said they couldn't give us the loan for the terms the original loan agent ...Show More
Showing 18 of 18 reviews
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