Bank of America Mortgage Review 2023

Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit.
By Phil Metzger and  Abby Badach Doyle 

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

Our Take


NerdWallet rating 

The bottom line:

Bank of America offers many loan options, including for low- to moderate-income home buyers, and competitive mortgage rates.

Bank of America
Bank of America: NMLS#399802
Min. credit score
Min. down payment
National / regional
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons


  • Offers down payment and closing cost assistance programs.
  • May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.


  • Doesn't offer renovation mortgage loans.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. credit score


Min. credit score


Min. down payment


Min. down payment


Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity

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Full Review

What borrowers say about Bank of America mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • Bank of America receives a 731 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.)

  • Bank of America receives a 645 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

  • Bank of America receives a customer rating of 4.82 out of 5 on Zillow, as of the date of publication. The score reflects more than 13,330 customer reviews.

Bank of America mortgage variety of loan types

  • 5 of 5 stars

Bank of America offers a wide range of purchase and refinance loans, including 15-, 20- and 30-year fixed-rate loans and 30-year adjustable-rate mortgages with 5/6, 7/6 and 10/6 terms. With these adjustable-rate mortgages, interest rates can change every six months after the initial 5-, 7- or 10-year fixed-rate periods. It also issues jumbo loans, government-backed mortgage products such as FHA and VA loans and loans for self-employed borrowers and physicians.

Bank of America’s Community Homeownership Commitment offers products and services to make homeownership more affordable for first-time and low- to moderate-income home buyers. Programs vary by location, and some have income and other eligibility requirements. Offerings include:

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

  • Closing cost grants: Up to $7,500 for nonrecurring closing expenses, such as title insurance and recording fees. Funds can also be used to buy points to lower the interest rate.

  • Affordable Loan Solution mortgage: Buyers who meet income limits can qualify for a 30-year loan with a minimum down payment of 3% and reduced-cost mortgage insurance.

  • Community Affordable Loan Solution: This zero down payment, zero closing cost mortgage has no mortgage insurance or minimum credit score. Buyers must complete a certification course before applying. The pilot program is currently available in predominantly minority neighborhoods in five cities, but you don’t have to be Black or Hispanic/Latino to qualify.

Bank of America HELOC

The lender also offers a home equity line of credit, or HELOC. These first or second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

Bank of America offers several options for HELOC rate discounts, including setting up automatic payments, making an initial withdrawal and being a Preferred Rewards client.

Bank of America mortgage ease of application

  • 4 of 5 stars

Bank of America’s digital interface allows you to apply and get prequalified through its website or mobile app. If you prefer to apply over the phone or in person at a Bank of America branch, those options exist, as well.

Bank of America’s Home Loan Navigator portal helps borrowers stay plugged in throughout the lending process. You can upload documents, download loan disclosures and track the progress of your loan.

Bank of America mortgage rates and fees

  • 4 of 5 stars

  • Bank of America earns 3 of 5 stars for average origination fee.

  • Bank of America earns 5 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Bank of America mortgage rate transparency

  • 4 of 5 stars

The lender’s website displays interest rates for several of its fixed- and adjustable-rate mortgage products, along with the annual percentage rate, any discount point assumptions and an estimated monthly payment. You can enter your purchase price, down payment and ZIP code to see more customized rates.

Alternatives to Bank of America mortgage

Here are some comparable lenders we review that borrowers can consider.

Chase is another large national bank that offers specialty programs and grants for qualifying first-time home buyers. PNC Bank has a options for borrowers seeking jumbo loans.

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More from NerdWallet


NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).