Better Mortgage is a strong choice for those who prefer a fully online application process and value positive customer reviews. Bank of America Mortgage may be preferable for those who desire in-person support and a wider range of financial services, but customer reviews should be carefully considered.
| Attribute | Better Mortgage | Bank of America Mortgage |
|---|---|---|
| Interest Rates | Rates vary depending on credit score, loan type, and other factors. | As of June 20, 2025: 30-year fixed: 6.750% (APR 7.035%), 15-year fixed: 5.750% (APR 6.192%), 5y/6m ARM variable: 6.625% (APR 7.143%). Best rates for borrowers with credit scores of at least 740. |
| Loan Options | Conventional, FHA, VA, and Jumbo loans are offered. They also offer Fannie Mae HomeReady mortgages and investment property loans. | Conventional, jumbo, FHA, and VA loans, plus refinancing and HELOCs. Fixed-rate and adjustable-rate mortgages (ARMs). Does not offer USDA loans. |
| Down Payment Requirements | FHA: As low as 3.5% (minimum credit score of 580). Conventional: Typically, a minimum of 3% to 5%. VA: 0% down payment options may be available. Jumbo: 10% minimum down payment. | Conventional loans: As low as 3% (Affordable Loan Solution program), FHA loans: 3.5%, VA loans: 0%. |
| Closing Costs | Closing costs typically range from $1,500 to $5,500. | Typically range from 3-5% of the loan amount. May offer up to $7,500 towards closing costs via the America's Home Grant. Closing cost calculator available on website. |
| Application Process | The application is 100% online. Borrowers can compare live rates, apply for pre-approval, upload documents, and track their loans online. Eligible borrowers can receive a loan commitment within 24 hours through the One Day Mortgage program. | Fully digital process via the Bank of America Digital Mortgage Experience, as well as in-person application at a branch. |
| Customer Service and Support | The lack of in-person support may not suit everyone. | Apply in person at a branch location, continue online or call 866-466-0979. |
| Online Tools and Resources | Borrowers can compare live rates, apply for preapproval, upload documents, and track their loans entirely online. | Closing costs calculator, rate charts, and the Home Loan Navigator tool. |
| Pre-Approval Process | A basic pre-approval letter takes about 3 minutes. A verified pre-approval letter, requiring uploaded financial documents, usually takes about 20 minutes, plus review time. | Pre-approval can be done online. |
| Refinancing Options | Better Mortgage offers rate-and-term and cash-out refinances for conventional loans. | Refinance loans and cash-out refinance options for conventional home loans. |
| Geographic Availability | Information not found in the search results. | Available in all 50 states and Washington, D.C. |
| Reputation and Reviews | Better Mortgage has an A rating from the Better Business Bureau and thousands of positive reviews on sites like Trustpilot. | Scored above the industry average in J.D. Power's 2024 mortgage origination satisfaction study. 'A' rating from the Better Business Bureau, 'Bad' rating on Trustpilot based on over 2,000 reviews. |
| Minimum Credit Score Requirement | Conventional and VA loans: 620, FHA loans: 580, Jumbo loans: 700 | 620 for conventional loans; may offer FHA loans with a minimum score of 580. |