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Table of Contents: Masthead StickySummary List Placement Should you get a mortgage from Bank of America?

You might like Bank of America if you … 
You might not like Bank of America if you … 

Need a conforming, jumbo, FHA, or VA mortgage, or a HELOC
Are already a Bank of America Preferred Rewards customer, so you can get discounts
Qualify for the bank’s down payment assistance programs
Have a fair credit score

Need a USDA or reverse mortgage, home equity loan, or construction loan
Have a low or no credit score
Want to refinance into an FHA or VA mortgage but aren’t already a Bank of America customer

The bottom line: Bank of America Mortgage is a good mortgage lender overall, but you’ll need a decent credit score to qualify for a mortgage.

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.

Editor’s rating
3.5 / 5

Minimum credit score

Minimum down payment

Types of mortgages
Conforming, FHA, VA, ARM, jumbo, HELOC, refinance

Bank of America Bank of America Mortgage

*Minimum credit score and down payment are for conforming mortgages

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:

Home equity line of credit (HELOC)

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 …read more

Source:: Business Insider


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Bank of America mortgage review: Choose from a variety of home loans and receive money toward a down payment

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