Reviews

Bank of America Mortgage Services Review: A Closer Look

BoA Mortgages: Tailored for accessibility with digital conveniences.

Rickie C. Keys, Ph.D., MPH

17 Mar 2024 — 1 min read

Features

Credit Score Requirement: Minimum 660 for mortgage applicants.
Down Payment: As low as 5% for qualifying borrowers.
Loan Diversity: Offers a range of products, including Purchase, Refinance, Home Equity, Jumbo, FHA, and VA loans.
National Presence: Available across the United States, providing wide accessibility.

Benefits

Assistance Programs: Unique grants and programs are available for low- to moderate-income buyers, including down payment and closing cost assistance.
Customer Loyalty Discounts: Existing Bank of America customers may receive discounts on origination fees and HELOC interest rates.
Digital Tools: Access to Bank of America's Home Loan Navigator for online application tracking, exclusive to online banking customers.

Product Summary

Bank of America is distinguished by its commitment to supporting homeownership among low- to moderate-income individuals through various assistance programs while catering to the needs of all borrowers with its comprehensive range of mortgage products. Despite its focus on jumbo loans and competitive mortgage rates, the bank's historical regulatory challenges are worth noting. However, its digital conveniences, like the Home Loan Navigator and online banking integration, streamline the mortgage process for both application and management. The bank's efforts to make homeownership more accessible, especially through the Community Homeownership Commitment, position it as a potentially attractive lender for first-time buyers and those qualifying for assistance programs. However, potential borrowers should carefully consider all aspects, including the absence of renovation or construction-to-permanent mortgage options and the necessity of online banking for accessing certain digital tools.

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