Bank of America Mortgage Rates
Please find below 4 mortgage rates offered by Bank of America. Use the filters to refine or expand your mortgage rate search.
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BANK OF AMERICA MORTGAGE RATE REVIEWS
If you need a mortgage please do yourself a favor and look to one of the other Big Banks or a Credit Union. I've been a customer of BofA for 25 years and it was the worst experience of my life. Every step and aspect was broken. As soon as it makes sense to re-finance again I will, the thought of giving BofA one more penny of my money makes me ill.
Stay away from Bank of America. I have been provided, at best, misinformation regarding a mortgage payment withdrawal made in error on July 1. The refund has not been received as of July 26. I called 15 times. It got so bad with no updates I sent a certified letter. Today (July 26) I got two answers. The first was the funds were electronically sent July 18 and call my bank to see if the transaction is pending. After calling my bank to learn nothing is pending, I call BOA again and was told a check was mailed July 23. I won't believe anything until it happens. For my cost of mailing a certified letter, BOA sent a $10 check, which I received last week. But still no refund check. STAY AWAY FROM BANK OF AMERICA.… read more
I don't write reviews, but I've decided to let out my frustrations based on a bad deal with Bank of America. First of all, that name does not represent America (it should be changed) because it forces people to take bad loans in efforts to profit the institution. I am stuck with a balloon second mortgage loan, which was never discussed at closing. As I am getting close to the term of the agreement, a letter was sent by the bank and the word balloon came up in big bold letters. When I called to get a clarification of what the "balloon" stands for; I was told that it is an interest only type of mortgage. My understanding was at the end of the term of the mortgage, I would be finished paying for the loan. This was a $69,000 loan and 13 years later, I still owe $55,000. Two more years to go to complete the term in which I taught to have a ZERO balance.
Lesson learned, some banks cannot be trusted as they are greedy and will take advantages when possible. The government has now established regulations to punish banks that continue such practices.
Be alert with mortgage transactions with Bank of America and those alike. Please read the agreement carefully and ask questions. If you feel something is wrong, go with another bank. Usually smaller banks offer better terms, and they are not as aggressive and greedy for your hard earned money.
-Garry… read more
I have been a member of BOA for about 3 years now. I have a savings account and a mortgage with them. They are very friendly, and their loan originators are very knowledgeable. They keep in contact with you and help you each step of the way when it comes to getting a loan. I even was given the opportunity to lower my rate by paying off my original loan with a home equity loan at a stunning 3% with no closing costs. I have saved a great deal of time and stress by having been a member of this bank. The tellers are very nice and can easily process any need that I have.… read more
I only gave them one start because I had to. I wish there was an option for no stars. This bank is corrupt. There's no polite way to say it. Our mortgage was bought out from Country Wide, and had we known this would have happened, we never would have bought the home. During the economic crisis in 07-08, we got a few months behind on our mortgage. We stayed in contact, calling every week. We were told repeatedly that everything was ok, and that the bank had approved an agreement that would allow us to add the payment to the end of the loan. We kept calling, and tried to make payments. The bank REFUSED our payment, (claiming that they couldn't accept anything until the agreement was finalized, but again, telling us not to worry, after all, it was already approved.) About three months later, we received a denial on the agreement, and the banks reason was: (get ready to laugh), we made too much money. We were actually able to hold up our end of the agreement, but... we made too much money for them to give us one. I had seen these sorts of things on the news, and you never believe the people making these claims, but... its true. It happened to me. This bank should be closed down for fraudulent practices.… read more
We refinanced several years back. BOA was very easy to work with, the necessary paperwork and application forms were straightforward and easy to fill out. The application writer was good to work with and she kept us informed of the entire process throughout and until closing. The appraisal went well and BOA was able to find us a local appraiser quickly. Everyone involved was punctual and followed through on all their promises. On the several occasions we've had to contact BOA Mortgage Department, they have been very helpful and answered all of our questions satisfactorily. BOA even went as far as reviewing our mortgage and finding us a way to save quite a nice sum of money every month. I would recommend them to friends and family.… read more
I didn't start with Bank of America. They bought my mortgage. First I was unhappy to change the way I paid but it turned out to be much easier. It was easy to set up a direct deposit and I can pay off my mortgage early. They include a few tools to see how much faster you can pay it off with different methods like biweekly payments or additional payments. You can also pay a little more on principle or escrow online. They also have a calendar that shows when you are due and where late charges come into play.
The thing I use the most though is the iPhone app where you can pay your mortgage on the phone so I don't even have to log into the computer. All in all, it's not bad. They are a few things I wish they had though like an auto pay feature but I am not sure I have heard of any banks offering that.
Also, if you have an escrow and it goes over the amount authorized there is no option to just put that money on the principle. They end up sending you a check at the end of the year and you have to go cash it then bring it back to them. It’s kind of annoying but only happens once a year.… read more
Having had a very bad experience with Bank of America through their credit card department, I was not very happy when I found out that my mortgage had been bought by them. Number one, I was very hesitant to set up payments with them and, number two, we had not had very good experiences talking to customer service before. When I called to set up out automatic payments, the agent on the other line was very nice and knowledgeable. The agent assured me that they would draft the payments on the day I set up and if it was different to just call them. The process to set up automatic payments was not hard but a little time consuming. I have had to call into the mortgages department several times in the three years they have been servicing our loan and each time I have been impressed with the service I got. The mortgage department has definitely saved their reputation with me.… read more
I used to be a B of A customer. I'm glad that I'm not any longer. I had nothing but trouble from them the entire time I was a customer there. There was an issue with my mortgage that involved me having to drive four hours away, on the first of every month, to make my payment in person. They took six months to figure that nonsense out before they finally let me make my payments online again. There is no physical location closer to me than that and that made them a trouble to me as well. The employees do not care about the customers or about how they are treated. I do not recommend them and I would like to say that I'm very happy with my new bank.… read more
My husband and I have been with Bank of America for over two years now. When we refinanced our house, our mortgage was purchased by Bank of America. This financial institution was not our choice. We had our mortgage with Wells Fargo Bank when we first bought our house in 2008, and we were very happy with them. Bank of America has taken every opportunity to nickel and dime us. For instance, they charge us to make payments online, and they charge us a $10 fee to pay over the phone. It is difficult to work with the customer service representatives because not all of them know what they are doing. One positive aspect of Bank of America is they will work with people if they do fall behind on the mortgage. Overall, this is not the best bank to take a mortgage for you house from.… read more
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In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.