Bank of America Mortgage is a solid choice for those who value a user-friendly online experience and in-person customer service, while UWM may be more appealing to those seeking low or zero down payment options and a potentially faster approval process, but with the need to contact a broker for interest rate information.
| Attribute | Bank of America Mortgage | UWM (United Wholesale Mortgage) |
|---|---|---|
| Interest Rates | 30-Year Fixed: 6.625% (APR 6.857%), 15-Year Fixed: 5.625% (APR 6.013%), 5y/6m ARM Variable: 6.625% (APR 7.159%). Rates tend to be slightly higher than average. | Not publicly available. Contact an affiliated mortgage broker for information. |
| Loan Options | Conventional fixed-rate and adjustable-rate mortgages (ARMs), FHA loans, VA loans, Jumbo loans, Affordable Loan Solution mortgages, Home equity lines of credit (HELOCs). | Conventional, jumbo, FHA, VA, USDA loans. Refinance options (rate-and-term, cash-out). Options for real estate investors (DSCR loans). |
| Down Payment Requirements | Conventional loans: Typically start at 3%. FHA loans: Typically start at 3.5%. VA loans: May require no down payment. Affordable Loan Solution mortgage: Requires as little as 3%. | VA and USDA loans with no down payment, FHA loans with a minimum 3.5% down payment, conventional loans with a minimum 3% down payment. Conventional 1% Down product (UWM contributes an additional 2%, up to $7,000). Zero-down home purchase program (second mortgage for 3% of the home price, up to $15,000). |
| Closing Costs | Typically 3-5% of the loan amount. America's Home Grant provides up to $7,500 towards closing costs. | Flat closing fee of $350 and a $68 credit check fee. Specific loan terms and fees can vary. |
| Approval Speed | Online pre-approval is available and can take just a few minutes. Preapproval letter in 10 business days after you 041845.11.000370.00030000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | — |
| Customer Service Reputation | Solid customer support and a simple mortgage experience. Operates approximately 3,800 bank branches and serves around 69 million customers. | Mixed reviews. A+ rating from the BBB. Some customers reported issues with managing loans through the mobile app, making payments, and with the application, underwriting, and customer service processes. Contact customer service at 888-464-2432. |
| Online Application Process | Fully digital process for applying and managing mortgages online. Borrowers can use the Home Loan Navigator to upload documents, track loan progress, and communicate with their loan officer. | Free online mortgage application called Blink+. Allows borrowers to complete applications, pull credit, e-sign documents, and co-browse screens. |
| Minimum Credit Score Requirements | Conventional loans: Typically require a minimum credit score of 620. FHA loans: May be available with a minimum score of 580, but 600 is generally accepted. For the best rates and terms, a credit score of 740 or above is generally needed. | Generally requires a minimum credit score of 620. For Conventional Cash-Out 90 product, the minimum FICO score is 680. For the zero-down program, first-time homebuyers with a credit score of 700 or higher do not have to meet income limits. |
| Debt-to-Income Ratio Requirements | In 2023, nearly half of approved applicants had a DTI below 40%, while about 32% had a DTI above 43%. | 45% or less for the zero-down mortgage program. For conventional cash-out refinance, the maximum DTI is determined by DU/LPA, but not to exceed 50%. |
| Geographic Availability | Available in all 50 states and Washington, D.C. | Lends mortgages across the U.S. |
| Prepayment Penalties | Not available | It is not clear whether UWM charges prepayment penalties. |
| Loan Servicing Post-Closing | Borrowers can manage their mortgage application online through the Home Loan Navigator tool. They can also enroll in PayPlan for automatic recurring mortgage payments. | UWM services loans and allows borrowers to manage their loans online. Borrowers can access loan information and make payments through UWM loan servicing. |