Both Rocket Mortgage and Bank of America Mortgage offer a comprehensive suite of mortgage products and services. Rocket Mortgage excels in online application and loan servicing, while Bank of America Mortgage provides quick pre-approval and first-time homebuyer programs. Consider Rocket Mortgage for its streamlined digital experience and Bank of America for potential interest rate discounts through the Preferred Rewards program. Evaluate current interest rates and closing costs from both lenders to determine the most cost-effective option.
| Attribute | Rocket Mortgage | Bank of America Mortgage |
|---|---|---|
| Interest Rates | Often higher than Bankrate averages. Examples (July 2025): 7.125% APR (30-year fixed), 6.25% APR (30-year FHA), 6.25% APR (30-year VA). | As of July 25, 2025: 30-year fixed: 6.750% (APR 6.965%), 15-year fixed: 5.750% (APR 6.087%), 5y/6m ARM: 6.375% (APR 7.062%). Rates updated daily. |
| Loan Options | Conventional, jumbo, FHA, VA loans, refinancing, home equity loans, ONE+ (1% down), ARMs, bridge loans. | Conventional, Fixed-Rate, ARM, FHA, VA, Jumbo, Affordable Loan Solution Mortgages, Refinance (including cash-out), HELOCs |
| Down Payment Requirements | Vary by loan type. VA: may have no down payment. Conventional: 3% typical for first-time buyers. FHA: 3.5% with 580+ credit score. ONE+: 1% down. | As low as 3% for conventional, 3.5% for FHA. Affordable Loan Solution offers as low as 3%. Zero down payment options may be available for first-time homebuyers in certain markets through the 'Community Affordable Loan Solution' |
| Closing Costs | 3% to 6% of loan amount (appraisal, attorney, origination fees (around 1%), title searches). | Typically 3% to 5% of the loan amount. Includes points/lender fees, third-party fees, prepaid items, and escrow account funds. America's Home Grant can provide up to $7,500 towards closing costs. Closing cost calculator available. |
| Application Process | Mostly online, especially for W-2 employees. Online or by phone. | Online, in person, or by phone. Requires documentation to verify employment history, creditworthiness, and financial situation (W-2s, pay stubs, bank statements, tax returns, purchase agreement). |
| Customer Service and Support | Solid reputation. High J.D. Power ranking for mortgage servicing. Online or by phone contact. | Existing mortgages: 800-669-6607 (Mon-Fri 8 am-9 pm ET). New home equity applications: 800-779-3894 (Mon-Fri 8 am-10 pm ET, Sat 8 am-6 pm ET). |
| Pre-Approval Process and Speed | 'Gold standard' application experience. Pre-approval in a few days after submitting documents and credit check. Letters valid for 60-90 days. | Online mortgage tools allow for preapproval in minutes. Requires a credit check. |
| Refinancing Options | Fixed-rate, FHA, VA, and jumbo loans. | Fixed-rate, adjustable-rate, FHA, VA, and cash-out refinance loans |
| Loan Servicing Experience | Highly rated. Ranked #1 in client satisfaction by J.D. Power for multiple years. | Online account management. Several ways to pay your mortgage online. Assistance may be available if you're struggling to make payments. |
| Reputation and Reviews | Good reputation. BBB accredited, A+ rating. Above average in J.D. Power customer satisfaction. Some mention lack of fee transparency. | Accredited by the BBB with an 'A' rating. Mixed customer reviews on Trustpilot. Scored well above the industry average in J.D. Power's 2024 mortgage origination satisfaction study. |
| Geographic Availability | All U.S. states. | Available in all 50 states and Washington, D.C. |
| Minimum Credit Score Requirement | Conventional: typically 620, may offer loans as low as 500. Jumbo: often 680. FHA: may require 580. | Conventional loans: 620. FHA loans: 580. Best rates: 740+ |