Bank of America mortgage
Learn more about Bank of America mortgage rates and compare this lender to others.
Updated April 20, 2024
NLMS: 399802
Check Bank of America mortgage rates
Loans offered:
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
Min. credit score required:
620
Min. down payment:
5%
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.
Information about bank
- Organisation:Bank of America
- Website:
- Headquarters:Bank of America Corporate Center 100 North Tryon Street Charlotte, NC 28255
- General account information, Lost or stolen ATM or debit card, Opening an account:
Bank of America Mortgage Pros&Cons
Pros:
- Can apply online. Many customers can apply for a loan online, as well as estimate their mortgage rates and fees.
- Several mortgage options. Mortgage products offered by BofA include conventional, FHA, jumbo, VA, refinance, and home equity.
- Affordable down payment mortgages are available. If you are low on cash for a down payment but meet the minimum income requirements, BofA can still offer you a loan through their Affordable Loan Solution program. Here, you will find home loans with down payments as low as 3%.
Cons:
- Can’t get a mortgage at every branch. Not all BofA branches are lending centers. About 1,800 BofA locations in 38 states allow you to apply for a loan on-premises.
- Missing some important loans. While the selection of mortgages is impressive, you won’t find some popular options like renovation and USDA loans.