Last Updated: 04/18/2025
Bank of America Mortgage Refinance
Unaffiliated
in Mortgage Refinance from Bank of America
Last Updated: 04/18/2025
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Highlights
Credit Score Range
580 - 850
Amount Range
$60,000 - $2,500,000
Loan Term (Years)
15 - 30
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 are available in 50 states and Washington, DC.
Key Takeaways
- Origination fees of 3% to 5%. This is on the high end for lenders on SuperMoney's database.
- Wide selection of 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 residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- 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
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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 mortgage refinancing with terms ranging from 15 to 30 years.
How long does Bank of America mortgage refinance take to refinance?
Bank of America mortgage refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.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
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