Bank of America Mortgage Reviews

Perhaps you’re considering the Bank of America for a home equity line of credit or mortgage refinancing. Well, the bank does offer a wide variety of mortgage products, in addition to conventional, Federal Housing Administration, and Department of Veteran Affairs loans.

But what else do you know about the bank? Here is someinformation gleaned from Bank of America mortgage reviews. After all, which ever bank you choose for your mortgage needs, that bank will come to know a lot about you through information you’ll be asked to provide. To qualify for a Bank of America mortgage, you’ll need a FICO credit score of at least 600, and a maximum debt-to-income ratio of 55%. There may be separate loan requirements for some products, however. In addition to an abundance of mortgage products, Bank of America also provides annual percentage rate or closing cost discounts to eligible customers, including those from Merrill Lynch.

There’s no minimum amount you can borrow, but the most you can ask for is $5 million, which would be in the form of a jumbo loan. For those who qualify, the bank offers an Affordable Loan Solution that calls for a 3% down payment. There are no mortgage insurance requisites.

How Big is Bank of America?

It’s big. Bank of America serves some 66 million customers in all 50 states.

What Are Some of the Bank’s Features?

In addition to an abundance of mortgage products, Bank of America also provides annual percentage rate or closing cost discounts to eligible customers, including those from Merrill Lynch.

Another feature is that its home equity lines of credit are free of any annual, balance transfer, cash advance fees, or closing costs.

Note however, that you can’t get Agriculture Department or home equity loans from Bank of America. Also, except for VA loans, the bank usually requires a down payment for mortgage loans. Check out Bank of America mortgage rates.

What Kind of Mortgage Products Can You Get?

For those who qualify, the bank offers an Affordable Loan Solution that calls for a 3% down payment. There are no mortgage insurance requisites.

The bank also offers:

1. America’s Home Grant. Through this program, qualified customers in select markets can get closing cost assistance.
2. Mortgage 100. Here, Merrill Lynch clients can forego cash as a down payment and instead pledge eligible securities.

The bank’s mortgage options also include loans for first-time buyers seeking low down payments, as well as jumbo options for high-net-worth clients.

In short, the list of offerings includes conventional loans, Federal Housing Administration loans, Veterans Administration loans, jumbo loans, adjustable-rate mortgages, mortgage refinancing, and home equity lines of credit.

What Do You Need to Qualify?

To qualify for a Bank of America mortgage, you’ll need a FICO credit score of at least 600, and a maximum debt-to-income ratio of 55%. There may be separate loan requirements for some products, however.

There’s no minimum amount you can borrow, but the most you can ask for is $5 million, which would be in the form of a jumbo loan.

What About Fees?

The bank has not disclosed its mortgage loan fees. For its home equity line of credit, however, there are no closing costs or annual, balance transfer, or cash advance fees.

Eligible Preferred Rewards clients get their mortgage origination fees lowered by $200 to $600. Based on their Preferred Rewards tier, Preferred Rewards home equity line of credit clients may qualify for a 0.125% to 0.375% interest rate discount.

To qualify for the Preferred Rewards program, you’re required to have at least $20,000, $50,000, or $100,000 in combined balances with Bank of America deposit accounts of Merrill Lynch investment accounts.

What About Customer Service?

The Better Business Bureau gives the lender an A+ rating. Last year, the Consumer Financial Protection Bureau reported that among the complaints it received, most were about payment process difficulties, problems paying mortgages, and applying for a mortgage or refinance.

And its Online Services?

Bank of America lets borrowers get prequalified online, as well as apply for the loans. You can also submit documents and manage your accounts digitally. What’s more, borrowers can apply for a mortgage on their cell phone.

See how more knowledgeable you are now that you’ve read a Bank of America review? Move forward with confidence. Perhaps you’re considering the Bank of America for a home equity line of credit or mortgage refinancing. Well, the bank does offer a wide variety of mortgage products, in addition to conventional, Federal Housing Administration, and Department of Veteran Affairs loans.

But what else do you know about the bank? Here is some information gleaned from Bank of America mortgage reviews. After all, which ever bank you choose for your mortgage needs, that bank will come to know a lot about you through information you’ll be asked to provide. Another feature is that its home equity lines of credit are free of any annual, balance transfer, cash advance fees, or closing costs.