Bank of America Mortgage and LoanDepot both have their strengths and weaknesses. Bank of America stands out for its transparent online rate publishing and user-friendly online tools, making it a good choice for customers who value convenience and transparency. LoanDepot, however, offers a wider variety of loan types and a unique Lifetime Guarantee program for refinances, which may appeal to customers with more complex financial needs or those planning to refinance in the future. Ultimately, the best choice depends on the individual borrower's priorities and financial situation.
| Attribute | Bank of America Mortgage | LoanDepot |
|---|---|---|
| Interest Rates (APR) | Bank of America publishes its available mortgage rates online and updates this information regularly. Mortgage rates are valid as of June 27, 2025, and assume the borrower has excellent credit (including a credit score of 740 or higher). Bank of America's mortgage rates were slightly below Bankrate's national averages. Examples of rates as of June 26, 2025 (7:15 AM Pacific Daylight Time) for a $200,000 loan in ZIP code 95464: 30-year fixed: Rate 6.750%, APR 6.947%, Points 0.495, Monthly Payment $1,297; 15-year fixed: Rate 5.750%, APR 6.082%, Points 0.620, Monthly Payment $1,661; 5y/6m ARM variable: Rate 6.375%, APR 6.982%, Points 0.899, Monthly Payment $1,248. Examples of refinance rates as of June 26, 2025: 30-year fixed: Rate 6.750%, APR 6.933%, Points 0.725, Monthly Payment $1,297; 15-year fixed: Rate 5.750%, APR 6.023%, Points 0.619, Monthly Payment $1,661; 5y/6m ARM variable: Rate 6.625%, APR 7.053%, Points 0.953, Monthly Payment $1,281. ARM interest rates and payments are subject to increase after the initial fixed-rate period. | Not publicly displayed; requires contact with a loan officer for a personalized quote. Rates can be higher than average, especially for borrowers with stronger credit profiles. APR includes lender fees and closing costs. |
| Loan Origination Fees | Bank of America charges an origination fee, according to their closing costs calculator. Low origination fees reduce upfront costs. | Average of $4,909 in 2023. Can be higher than the industry average. VA loans have origination fees capped at 1% of the loan amount. |
| Down Payment Options | Affordable Loan Solution program: Buyers can put down as low as 3%. Conventional loans: Require 3% down. FHA loans: Require 3.5% down. VA loans: Require zero down payment. Down Payment Grant program: Eligible applicants can receive 3% of the home | — |