To receive your loan estimate, please call one of our lending specialists at 866.466.0979 during our normal operating hours (Mon-Fri 8 a.m. - 10 p.m. ET, Sat 8 a.m. - 6:30 p.m. ET). The loan estimate will tell you what we expect to offer you if you decide to move forward, but does not represent a loan approval.
The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.
An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100, 000 mortgage would equal $2, 000).
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The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index, published daily by the New York Fed. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.
Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR) published daily by the New York Fed. Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.
Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.
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In order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.
We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios. If you have flexible options, try lowering your purchase price, changing your down payment amount or entering a different ZIP code.
Chart data is for illustrative purposes only and is subject to change without notice. Advertised rate, points and APR are based on a set of loan assumptions (refer Loan assumptions and disclosures above for important information). Your actual rate and APR may differ from chart data. Chart accuracy is not guaranteed and products may not be available for your situation. Monthly payments shown include principal and interest only, and (if applicable), any required mortgage insurance. Any other fees such as property tax and homeowners insurance are not included and will result in a higher actual monthly payment. Advertised loans assume escrow accounts (monthly collection of subject property taxes and any applicable homeowners insurance with your monthly principal and interest payment) unless you request otherwise and the loan program and applicable law allows. Should you choose to waive escrows, your rate, costs and/or APR may increase. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5y/6m ARM, 7 years for a 7y/6m ARM and 10 years for a 10y/6m ARM; the 6m shows that the interest rate is subject to adjustment once every six months thereafter). Select the About ARM rates link for important information, including estimated payments and rate adjustments.
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Preferred Rewards members may qualify for an origination fee or interest rate reduction based on your eligible tier at the time of application. Depending on your tier, you may be required to enroll in PayPlan from an eligible Bank of America deposit account prior to the loan closing date in order to receive the full program benefitOur #1 priority is that our readers make great financial decisions. That's something we don't compromise on even if we make less money because of it. While we are compensated by our lending partners, and it may influence which lenders we review, it does not affect the outcome. It's our mission to give you accurate, transparent information so you can make the best choice of lender or service on or off our site.
Bank of America is a massive lender with uncommonly low mortgage rates. Here are the pros and cons to consider before applying.
The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.
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And within the category of big banks, Bank of America performs decently well for customer satisfaction. Borrowers score it better than most in J.D. Power's survey of mortgage originators.
Just make sure you compare rates and closing costs from a few other lenders, too. The best mortgage lender varies by customer, so you'll have to shop around to find yours.
Bank of America mortgage rates tend to be lower than average compared to other major lenders. And current Bank of America account holders may get especially good deals. If you’re a Preferred Rewards customer, you can expect to see $200 to $600 knocked off your mortgage origination fee, depending on your membership tier.
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Bank of America publishes its daily rates online, and the lender will quote current rates for fixed and variable-rate mortgages. However, some of the mortgage interest rates advertised make assumptions. Most importantly, they may assume you’re going to buy “discount points at closing. Discount points let you pay more upfront for a lower interest rate, and they’re very common. But you need to compare apples with apples, so get proper quotes (“Loan Estimates”) from multiple lenders and see how Bank of America stacks up.
Bank of America’s mortgage refinance rates are generally average or slightly lower compared to other big lenders. However, your own refinance rate will vary depending on your credit score, what refinance loan option you use, and your current loan balance.
If you’re considering a mortgage refinance with BofA, make sure you check rates from a couple other lenders, too, to find the best deal.
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Many borrowers will find much to like about Bank of America. If you want an online or mobile application, you can pretty much do it all with this lender’s website and Home Loan Navigator service. And if you prefer a face-to-face experience, Bank of America has a strong branch network.
Note that not all branches contain mortgage loan officers. Bank of America says roughly half of its over 4, 000 bank locations are “lending centers.” And neither type of center is evenly spread across the country — so you may live a very long way from your nearest location.
Bank of America scores better than other “big banks” for customer satisfaction, including Citi, PNC, Chase, and Wells Fargo. Yet it gets more serious complaints from customers than some of its peers do, according to the Consumer Financial Protection Bureau (CFBP). This suggests that Bank of America’s customer service could be a bit hit or miss.
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Bank of America’s home loan website is modern, welcoming, informative, and easy to navigate. It’s as good as most and better than many.
Its online mortgage service, called Home Loan Navigator, lets you track your loan’s progress and electronically sign and upload documents in a secure environment. You can even access this service through the lender’s mobile banking app, letting you keep tabs on your mortgage application no matter where you are. Not all lenders offer this convenience.
These resources allow an end-to-end digital experience for customers who want one. And there’s always a lending specialist on the end of a phone to offer expert advice.
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If you’re considering a mortgage from Bank of America, you’ll start by getting preapproved for the loan. A preapproval shows you what kind of loan and interest rate you qualify for, as well as the amount you’re approved to borrow. Unlike prequalification, preapproval requires the lender to actually verify your information through documents.
The company will also perform a credit check to make sure you meet the minimum credit score requirements for the type of mortgage you need. BofA says
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