At a glance: Bank of America mortgage options

Bank of America is a large national bank based in Charlotte, North Carolina. Loans are available nationwide.

Bank of America brings the wide variety of loan types you’d expect from a national name. Bank of America also has specialty mortgages for doctors, whose student debt might make it challenging to qualify for a traditional home loan early in their careers. While the lender offers home equity lines of credit, it doesn’t offer home equity loans.

» MORE: How to choose a mortgage lender

Bank of America special offers and discounts

We’re impressed with the amount of assistance available in Bank of America’s Community Homeownership Commitment. The fine print: Not everyone qualifies, since some programs have income or location requirements. Available programs include:

• Down payment grants: Up to $10,000 or 3% of the purchase price, whichever is less, in select locations.

• America’s Home Grant program: Up to $7,500 for nonrecurring closing expenses, such as title insurance and recording fees, or to buy down the interest rate. 

• Affordable Loan Solution mortgage: Buyers who meet income limits can qualify for a minimum down payment of 3%.

You don’t have to be a first-time home buyer to qualify — but if you are, you might need to take a first-time home buyer class. A tip to stretch your dollar further: Bank of America’s grants can be combined with assistance from other sources, like state and local programs.

» MORE: Down payment assistance: How it works, where to find it

What does Bank of America specialize in?

A lender’s experience with your loan type can make a big difference. We looked at the latest federal data to find the types of mortgages Bank of America handles most often.

Conventional loans make up the largest share, but the bank handles a good amount of jumbo loans, too — one of the highest shares among lenders NerdWallet reviews.

How we score Bank of America

Each year, NerdWallet writers and editors dig into the latest data and independent research on mortgage lending. Then, we rate lenders based on categories that matter most to mortgage borrowers.

Bank of America has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.

• The Nerdy details: Our rating system, explained The Nerdy details: Our rating system, explained

  Ah, so you’re the “read the fine print” type? We got you. Here’s how our scoring rubric works.

  Average mortgage rates and fees (30%)

  We review federal data (as reported by the lenders) and analyze mortgage lenders’ average fees and interest rates across all loan types. Lenders with the lowest average costs get the highest star ratings. Keep in mind: Loans that are easier to qualify for, like FHA loans, usually have higher rates and fees because lenders see them as a higher risk. Pro tip: Paying some fees upfront can sometimes lower your interest rate.

  Mortgage rate transparency (25%)

  We look at how easy it is to compare mortgage rates online. Lenders get higher transparency ratings if they show sample rates on their website. (Not all lenders do!) The best ratings go to lenders that offer interactive tools that let you customize a rate quote on your own.

  Variety of loan types (25%)

  There’s no one-size-fits-all mortgage. Lenders earn top ratings in this category when they offer a large variety of mortgage types. The more variety, the higher their score. A lender earns points for purchase and refinance; fixed and adjustable rates; FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.

  Customer experience (20%)

  How easy is it to work with this lender? Top-rated lenders offer helpful features like online applications, multiple ways to get support, a user-friendly mobile app and clear updates about the loan closing timeline.

Bank of America’s bonus points

Bank of America earned bonus points for its assistance programs for first-time home buyers.

» MORE: How to get the best mortgage rate

Bank of America reputation and customer experience

NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from J.D. Power and Zillow, and we contacted the lender’s customer support.

» MORE: Read our review of Bank of America’s checking, savings and CDs

Bank of America customer service options

Here’s how you can get in touch with Bank of America. Another perk: You can book an appointment online with a mortgage specialist at a time that works for your schedule.

» MORE: How to apply for a mortgage

Alternatives to Bank of America

Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself, or work with a mortgage broker to shop around on your behalf.

U.S. Bank, another large national bank, also scores highly in our rubric for offering a wide variety of loan types. Citi is another large bank that dedicates much of its business to jumbo loans.

» MORE: Best mortgage lenders

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