Traditional Refinance

Call us

800 720 3758

800 720 3758 Mon-Fri 8 a.m. - 11 p.m. Eastern

Help is available in English,
Spanish and many other languages

Is mortgage refinancing right for you?

A lower interest rate or switching to a fixed-rate1 loan may make your monthly mortgage more affordable.


You may be eligible if:

  • You're current on your home loan payments
  • You have at least 5% equity for most loans, or at least 3-5% if you have a Bank of America FHA mortgage2
  • You'll also need to meet other criteria such as credit, loan-to-value and debt-to-income ratio requirements

What if I'm not eligible or get declined?

If you can’t afford your monthly mortgage payments due to a financial hardship, you may qualify for a loan modification.

Next steps

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Before you call, have paystubs or quarterly year-to-date profit/loss statements, bank statements (for all checking and savings accounts) and tax returns handy for everyone listed on your home loan. We'll discuss your situation, pull a credit report and talk about key deadlines.


After the call, you'll get a copy of your application and a Loan Estimate with settlement costs. Make sure you review that the documents are correct. If you qualify, we'll call you with conditional approval. To avoid delays, provide any requested information as soon as possible. We'll also order a home appraisal to determine the market value.

If the proposed payments aren't an improvement over what you pay now, you're not refinancing to lock in a fixed-rate, and you're experiencing financial hardship, you may qualify for more affordable payments with a loan modification.

Awaiting approval

This process may take about 75 calendar days from your initial call. We'll review the property appraisal along with your credit history and overall financial situation and contact you regularly with updates. You can also check the status online at any time.

Be sure to continue making your normal mortgage payments until you sign the loan documents and your refinance takes effect.


If your loan is approved, you'll receive a phone call from us to schedule the closing. This will be a similar process to the one you went through when you purchased your home.

At the closing, you and any co-borrowers will need to sign a full set of loan documents and pay for closing costs, unless some or all of the costs are financed into the loan amount3.

Call us

800 720 3758

800 720 3758 Monday - Friday 8 a.m. - 11 p.m. Eastern

Help is available in English, Spanish and many other languages

1 If you are refinancing to lower your monthly payment or change from a variable rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest charges paid over the full term of the new refinance loan – especially for borrowers who currently have loans with terms less than 30 years.

2 Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county. Bank of America offers FHA refinance loans to existing Bank of America home loan customers only.

3 Not available on purchase loans. Some borrowers may find it beneficial not to pay their closing costs at closing, but instead, add those costs into the loan balance. Financing closing costs into the loan balance will result in the payment of more interest over time in comparison to paying closing costs at closing. Underwriting guidelines may limit the amount of closing costs which may be financed. Other restrictions apply. Ask for details.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.