Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
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Bank of America’s Affordable Loan Solution, which is available to creditworthy borrowers, requires a 3% down payment and has no mortgage insurance requirements.
Other specialized mortgage products include:
“We have a full array of mortgage options, from (loans for) first-time buyers seeking low down payments to jumbo options for high-net-worth clients,” says Kris Yamamoto, Bank of America senior vice president of corporate communications.
You’ll need a FICO credit score of at least 600 and a maximum debt-to-income ratio of 55% to qualify for a mortgage with Bank of America. However, each loan product may have its own requirements.
There’s no minimum loan amount for most loans. The maximum loan amount is $5 million, which is available as a jumbo loan.
Bank of America doesn’t disclose its mortgage loan fees. For its home equity line of credit, the lender doesn’t charge closing costs and doesn’t have annual, balance transfer or cash advance fees.
Bank of America reduces mortgage origination fees by $200 to $600 for qualifying Preferred Rewards clients. Preferred Rewards home equity line of credit clients may be eligible for a 0.125% to 0.375% interest rate discount based on their Preferred Rewards tier.
You must have at least $20,000, $50,000 or $100,000 in qualifying combined balances with Bank of America deposit or Merrill Lynch investment accounts to qualify for the Preferred Rewards program.
The lender has an A+ rating with the Better Business Bureau.
In 2020, the Consumer Financial Protection Bureau received 1,178 mortgage-related complaints for Bank of America. The most common complaints involved:
The lender provided a timely response for all but two complaints.
Bank of America allows borrowers to get prequalified, apply for loans, submit documents and manage their accounts online.
Yamamoto says borrowers also can apply for a mortgage on their phone or mobile device: “In many cases, clients may only have to input answers to just 10 questions and learn whether they are approved for a loan within the same day.”