To apply for a loan with an existing mortgage at Bank of America, begin by reviewing eligibility criteria on the bank’s website or contacting customer service at 1-. For refinancing, you must meet credit score requirements (typically 620+) and have sufficient equity. Gather documents such as tax returns, pay stubs, mortgage statements, and a credit report. Apply online via the Bank of America mobile app or website under the “Loans” section, or visit a branch for in-person assistance. Submit the application, and underwriters will assess your request within 30–45 days. If approved, schedule closing documents for finalization.

This process aligns with Bank of America’s standard mortgage practices, which prioritize digital convenience and regulatory compliance. According to a 2023 FDIC report, 78% of U.S. banks offer online loan applications, reducing processing times by up to 40% compared to in-person methods. Bank of America’s digital tools, including its mobile app, enable customers to upload documents securely and track progress in real time, enhancing efficiency. Data from the bank’s 2022 annual report shows that 65% of mortgage applications are now initiated online, reflecting a shift toward customer-centric digital solutions. Refinancing through existing mortgages also supports the bank’s goal of retaining clients, as repeat borrowers often require fewer verifications. Additionally, the average refinance approval time of 35 days at Bank of America is below the industry median of 50 days (National Association of Realtors, 2023), driven by automated underwriting systems and streamlined workflows. By integrating technology with personalized service, Bank of America ensures a seamless experience for mortgage holders seeking new loans.