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  Bank of America Mortgage Refinance

Bank of America Mortgage Refinance

in Mortgage Refinance from Bank of America · NMLS ID #399802

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Bank of America Mortgage Refinance

Unaffiliated

in Mortgage Refinance from Bank of America · NMLS ID #399802

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Highlights
Loan Amount $60,000 - $2,500,000
Loan Term (Years) 15 - 30 years

Bank of America Mortgage Refinance Review

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

Key Takeaways
  • 4 different mortgage programs offered. Bank of America Mortgage Refinance refinances FHA, VA, jumbo, conforming, and conventional mortgages.
  • Specializes in single-family homes. Only offers mortgages for single-family homes, but not for multi-family properties or manufactured homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $2,500,000 with Bank of America Mortgage Refinance.
  • Non-standard interest rates available. Bank of America Mortgage Refinance offers adjustable-rate mortgages, hybrid mortgages, and fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing 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 of up to 5%. This is on the high end when compared to the other lenders SuperMoney tracks. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for Bank of America Mortgage Refinance.
Bank of America Mortgage Refinance Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Available in all 50 states.
  • Charges an origination fee of up to 5% of the loan amount.
  • Charges prepayment fees.
Bank of America Mortgage Refinance FAQ

What range of mortgage balances will Bank of America Mortgage Refinance refinance?

Mortgage refinancing loans start at $60,000 and go up to $2,500,000

What is the maximum loan term for a mortgage refinance via Bank of America Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Bank of America Mortgage Refinance offers mortgages refinancing with terms ranging from 15 to 30 years.

Does Bank of America Mortgage Refinance charge a mortgage origination fee?

Yes, Bank of America Mortgage Refinance will charge a loan origination fee of 3% to 5% of the loan amount.

What mortgage programs does Bank of America Mortgage Refinance offer?

Bank of America Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
  • VA: 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.

What property usage types does Bank of America Mortgage Refinance allow?

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

  • Primary home
  • Secondary homes and vacation properties
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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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Other Services by Bank of America

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Origination Fee (%) 3% - 5%
Credit Score Range 580 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Property Type
  • Single Family Home
  • Townhome
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
APR Starting at 2.596%
Loan Term 15 - 30 years
Loan Amount $60,000 - $2,500,000
Interest Rate Types Offered
  • Hybrid Mortgage
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • VA
  • Jumbo

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