Bank of America Home Loans

Bank of America Home Loans is the mortgage lending division of Bank of America, one of the largest banks in the United States. It offers home purchase mortgages and refinancing through a combination of its nationwide branch network and online application tools.

Bank of America Home Loans commonly offers conventional loans, FHA loans, VA loans for eligible military borrowers, and jumbo loans for higher-value properties. It also offers USDA loans in some markets. Existing Bank of America customers, particularly those with Preferred Rewards status through deposit and investment balances, may be eligible for reduced origination fees or other pricing benefits.

As with any large bank mortgage lender, the breadth of products and branch access can be convenient, but whether Bank of America is offering a competitive rate for your specific loan requires comparison with other lenders. The Loan Estimate document is the standard tool for comparison.

Before choosing Bank of America or any mortgage lender, gather quotes from at least two or three lenders. Compare the interest rate, annual percentage rate which reflects total loan costs, estimated closing costs, origination fees, and processing timeline.

For VA loan borrowers, Bank of America offers VA home loans. These are available only to eligible veterans, active-duty service members, and qualifying surviving spouses, and typically involve no down payment and no private mortgage insurance.

Bank of America also offers home equity lines of credit for existing homeowners. A HELOC is a revolving credit line secured against your home, typically with a variable interest rate, a draw period during which you can borrow and repay, and a subsequent repayment period. Your home serves as collateral, so inability to repay could put it at risk.