Bank of America Mortgage Refinance review

Bank of America makes most sense for customers who already hold deposits or investments there. Its refinance page says BofA Rewards clients may qualify for an origination fee or interest rate reduction based on their tier at application, though some tiers must enroll in PayPlan from a Bank of America deposit account before closing to get the full benefit. You can apply through the Bank of America Digital Mortgage Experience or by phone. The menu covers fixed-rate loans, adjustable-rate loans with 5, 7 or 10 year fixed periods that then adjust every six months, FHA and VA refinances, and cash-out refinancing. Its rate tool asks for home value, loan balance and ZIP code and assumes a credit score of 740 or higher. The rates themselves loaded only in the browser tool, so we could not verify a figure and have marked its price as pending.

Who it is for

BofA Rewards clients

Price

See vendor pricing (USD check pending).

US price check pending. See the vendor pricing page.

Key features

• BofA Rewards clients may qualify for an origination fee or interest rate reduction by tier
• Bank of America Digital Mortgage Experience for applying online
• Fixed-rate, 5y/6m, 7y/6m and 10y/6m adjustable, FHA and VA refinances
• Cash-out refinance and home value estimator
• Closing costs calculator and refinance calculator

Strengths and weaknesses

• Strength: Rewards tiers can cut the origination fee or the rate
• Strength: Custom rate tool asks for home value, balance and ZIP code
• Strength: Phone help at 866.502.9005 plus online application
• Weakness: Full rewards benefit may require PayPlan from a Bank of America deposit account
• Weakness: Displayed rates assume a credit score of 740 or higher
• Weakness: Rates loaded only in the browser tool, so we could not verify them

Key facts

• Relationship discount: Origination fee or rate cut by BofA Rewards tier
• ARM options: 5y/6m, 7y/6m, 10y/6m
• Rate assumption: Credit score 740+
• Posted rates: Not verifiable on our check

Where it ranks

Bank of America Mortgage Refinance is No. 7 in our Best Mortgage Refinance Lenders verdict.