Mortgage

Bank of America Mortgage review: how does it work and is it good?

Are you searching for a mortgage lender offering competitive purchase and refinancing rates? Then read our Bank of America Mortgage review!

Advertisement

Bank of America Mortgage: qualify for personalized rates

Bank of America logo
Bank of America Mortgage review. Source: The Mad Capitalist

Are you in the market for a mortgage or refinancing? Our Bank of America Mortgage review can guide you to finding that perfect lender!

Bank of America logo

Apply for the Bank of America Mortgage

Apply for the Bank of America Mortgage today and achieve homeownership! Enjoy down payment and closing-cost assistance! Read on!

You’ll get a loan online with highly competitive rates and flexible terms. So, let’s dive into the Bank of America mortgage details; read on!

Credit ScoreConventional: 660; FHA: 600; Jumbo: 720; VA: 620;
Loans OfferedPurchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA;
Minimum Down Payment5%;
APRVaries according to credit score, debt-to-income ratio, and other factors;
TermsUp to 30 years (depending on loan type).

What is the Bank of America Mortgage?

The Bank of America Mortgage is ideal for low-to-moderate-income buyers looking for competitive rates and various loan options.

Also, homebuyers have flexible loan terms with 15-, 20-, and 30-year options.

Loan types

Firstly, The Bank of America offers conventional and government-backed loans (FHA and VA).

Also, refinancing options such as cash-out refinances as well as traditional refinancing.

Their HELOC (Home Equity Lines Of Credit) and home equity loans are also offered at competitive rates.

Finally, home equity loans typically have no application fees, closing costs, or annual fees.

Mortgage rates & closing costs

They publish their mortgage rates for conventional loans on Bank of America’s website daily. So you can always check them.

Closing costs and discounts

Hands holding house's keys
Learn everything you need in this Bank of America Mortgage review. Source: Adobe Stock

Firstly, their origination fees range from 0.5% to 1% of the loan amount. Also, the other closing costs range from 3%-5% without considering the down payment.

Additionally, depending on their tier level, borrowers may be eligible for discounts ranging from $200-$600.

However, it only applies if they are the Preferred Rewards program members.     

Multiple personalized credit card offers

Applying won't hurt your credit score

You will be redirected to another website

Is the Bank of America Mortgage good?

The Bank of America Mortgage provides good products for borrowers seeking online services and competitive rates.

Read on to discover and review its benefits as well as potential drawbacks.

Pros

  • Down payment and closing cost assistance programs;
  • Competitive rates;
  • Completely online application;
  • Discounts for current customers.

Cons

  • Best rates and discounts available to Preferred Rewards members;
  • Hard inquiry credit check.

Does Bank of America check credit scores?

Indeed, if you apply for their mortgage, this bank runs a hard inquiry on one of your credit reports.

So, to decide whether to go through with the potential risks, consider using their preapproval to understand what to expect.

Want to apply for Bank of America Mortgage? We will help you!

Are you ready to apply for an incredible Bank of America Mortgage? Then let us make it easy on you! Check out our post below to get started!

Bank of America logo

Apply for the Bank of America Mortgage

Apply for the Bank of America Mortgage today and achieve homeownership! Enjoy down payment and closing-cost assistance! Read on!

About the author  /  Suzana Brito

I'm a Language Studies graduate and have always been interested in writing and sharing knowledge. By creating content about finances and related products, I believe in contributing to people achieving financial freedom and their goals in life.

Trending Topics

content

Affordable Connectivity Program (ACP): for low-income families

The Affordable Connectivity Program is working hard to bridge the digital divide to Americans. Learn more about their mission here!

Keep Reading
content

Southwest Rapid Rewards® Plus Credit Card application: how does it work?

Apply for the Southwest Rapid Rewards® Plus Credit Card faster and easier with our tips! Read on to learn how to apply!

Keep Reading
content

BOOST Platinum Card Review: Is it worth it?

Shop with the BOOST Platinum Card and enjoy $750 merchandise credit. No credit checks, perfect for low scores. Financial flexibility awaits!

Keep Reading

You may also like

content

Learn to apply easily for the Prosper Personal Loan

Find out how to apply for the Prosper Personal Loan and quickly get the money you need. Read on to learn more!

Keep Reading
content

Application for the Old Navy card: how does it work?

The Old Navy card will reward every purchase at any GAP Inc. store. If you like fashion tendencies, learn how to apply and get benefits.

Keep Reading
content

Apply for the Blue Cash Preferred® Card from American Express

Learn how to apply for the Blue Cash Preferred® Card from American Express and earn cash back. Keep reading!

Keep Reading