Bank of America Mortgage review

Best for

Bank of America\'s mortgage shop fits two distinct buyers especially well. The first is the existing BofA / Merrill client with $20K, $50K or $100K+ in combined deposit and investment balances who qualifies for Preferred Rewards — that program automatically reduces the origination fee at lock and stacks meaningfully on a typical conforming loan. The second is the first-time, lower-down-payment buyer in an eligible neighborhood: BofA has committed more than $100M to its Community Homeownership Commitment, and the $7,500 closing-cost grant plus the $10,000 down-payment grant can combine to materially lower the cash-to-close on a starter home.

Not for

Buyers who don\'t qualify for either program — no Preferred Rewards relationship and no eligible-area grant — typically get a sharper rate elsewhere. Better.com or Rocket Mortgage will usually beat BofA on a bare-rate, fee-only Loan Estimate. Rural USDA-eligible buyers won\'t find a product here. And borrowers who want a 14-day refinance close should look at digital-only competitors — BofA is a branch-network bank and its closing cadence reflects that.

Closing costs & fees

Total closing costs typically land in the 2–5% of loan amount range. Bank of America itemizes an origination charge that can be reduced or waived under Preferred Rewards (Platinum Honors tier waives up to $600), plus standard third-party costs: appraisal ($500–$700 depending on metro), title insurance, recording, transfer tax and prepaid escrow for property tax and homeowner\'s insurance. The advertised 5.75–7.39% APR range for a 30-year fixed assumes a strong credit profile, conforming loan size and an owner-occupied primary residence. Cankicker Finance is not a lender; final APR, points, fees and grant eligibility are determined by Bank of America, N.A. at lock.

Application & timing

The digital application takes most users 15–20 minutes and supports a soft-pull pre-qualification followed by a full pre-approval after document upload. Median purchase closing is 35–45 days; refinance is 30–40. Borrowers can complete the entire process online or transition to a local Mortgage Loan Officer for in-person signing. Required at application: government ID, two recent pay stubs, two years of W-2s (or two years of signed tax returns for self-employed borrowers), two months of bank and brokerage statements, and the executed purchase contract for purchase loans.

Bank of America vs. its closest competitors

This is fundamentally a big-bank cross-shop. Chase Home Lending matches BofA on jumbo capability and has a slightly more generous Private Client closing-cost credit ($1,150 vs. $600). Wells Fargo has the largest branch footprint and the strongest in-person closing experience but a less polished digital flow. Run a Loan Estimate at all three if Preferred Rewards eligibility is on the table — the discount alone can flip the answer, and the right choice usually defaults to whichever bank already holds the borrower\'s primary deposit relationship.