Bank of America Mortgage Review 2026

Preferred Rewards members receive a tiered origination fee credit — up to $600 for Platinum Honors and Diamond tiers — plus a rate discount based on the size of your qualifying deposit and investment relationship at BofA or Merrill. The discount grows with your relationship tier; Gold members receive a smaller credit, while Diamond tier can stack both the fee credit and a meaningful rate reduction. You must be enrolled in Preferred Rewards at the time of application.

Bank of America offers two grant programs in eligible markets. The America's Home Grant provides up to $7,500 as a no-repayment closing-cost credit for buyers in eligible zip codes (you don't pay it back). The Down Payment Grant provides up to $10,000 (up to 3% of purchase price) toward the down payment in qualifying markets. Both programs have income limits and geographic restrictions — verify eligibility for your specific address at the Bank of America mortgage page.

No — you can apply for a BofA mortgage without any existing relationship. However, the Preferred Rewards discounts and DPA grants are only available to customers who meet the program requirements. If you're not already a BofA/Merrill client, opening an account and meeting the balance thresholds before applying may not make financial sense; evaluate the discount value against the time required to qualify.

Bank of America offers conventional, FHA, VA, jumbo, and HELOC products. The Preferred Rewards discount applies across most product types. The DPA grant programs are generally for conventional purchase loans in eligible areas — check program terms for VA or FHA applicability. Their national footprint supports in-branch closings, which matters for complex files.