Bank of America offered the lowest average interest rate on investment loans in our review, which relies on HMDA data for 2024. It also performed well in our mathematical scoring model for operational features, with lots of infrastructure to support lending activities—just what you’d expect from a big national bank.
Bank of America offers big bank infrastructure and customer support (plus attractive rates), but its underwriting may be tighter than other lenders.
Across 1,100 investment property loans funded in 2024, Bank of America’s average rate was just 6.62%, the lowest among the lenders we reviewed. Its cash reserve requirement is just three months, suggesting a Bank of America loan may be easier to get. However, the average 2024 loan amount was over $1 million and the bank’s average LTV in 2024 was the lowest we measured at 64.57%. Meanwhile, its average DTI was also the lowest at 32.19%. This suggests Bank of America keeps its rates low with higher down payments and stronger borrower creditworthiness and financial resources.
Bank of America scored well in our customer experience rating model. Our researchers rated its educational resources 4 out of 5 and its online experience 3 out of 5. Borrowers have several ways to contact customer service and a digital application experience. It has 3,650 branches and more than 21,000 loan officers. In J.D. Power’s 2024 U.S. Mortgage Originators Study, the bank placed third (out of 22); in J.D. Power’s 2024 U.S. Mortgage Servicers Study, it placed sixth (out of 34).
Investopedia’s Combined Consumer Review rating for BofA is 4.3 (out of 5 possible). This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans. This rating aggregates consumer review ratings on two popular sites: Trustpilot and Zillow Loans.
Founded as the Bank of Italy in 1904 in San Francisco, it became Bank of America in 1930. Today, it is headquartered in Charlotte, North Carolina, and is the nation’s second-largest bank.
