Bank of America vs Chase
Both are conventional-loan lenders: 99.5% of Bank of America's 2025 loans and 97.1% of Chase's, averaging $421k and $703k.
The short answer
Lean toward Bank of America if…
- you want the lower typical price: on conventional 30-year fixed purchase loans with at least 20% down, its borrowers' median APR ran 0.15 percentage points lower against the market benchmark (2025 HMDA).
- you're buying in Massachusetts, where it lends at 1.8× the other's volume.
Lean toward Chase if…
- you're buying in Indiana, where it lends at 6.7× the other's volume.
No meaningful difference on FHA focus, VA focus and refinance focus — there, the better quote decides.
Every point above comes from federal lending data, not from either lender. Your own rate depends on your credit, down payment and points, so get Loan Estimates from both on the same day.
Bank of America
Best for relationship discounts
A major national bank whose Preferred Rewards members can earn interest-rate or closing-cost reductions.
88,530 loans in 2025 · avg $421,196
Full reviewChase
Best for existing bank customers
The mortgage arm of the largest U.S. bank, with relationship pricing for eligible deposit and investment clients.
94,243 loans in 2025 · avg $703,373
Full reviewBank of America vs Chase: side by side
| Bank of America | Chase | |
|---|---|---|
| Type | Bank | Bank |
| Headquarters | Charlotte, NC | New York, NY |
| Best for | Relationship discounts | Existing bank customers |
| Loan types | Conventional · FHA · VA · Jumbo | Conventional · FHA · VA · Jumbo |
| Loans originated (2025) | 88,530 | 94,243 |
| Total lending (2025) | $37.3B | $66.3B |
| Average loan | $421,196 | $703,373 |
| Approval rate* | 54.8% | 85.6% |
| Conventional share | 99.5% | 97.1% |
| FHA share | 0.4% | 1.8% |
| VA share | 0.1% | 1.1% |
| Purchase share | 30.3% | 60.2% |
| Refinance + cash-out share | 22.7% | 28.4% |
| Approval: conventional* | 54.8% | 86.4% |
| Approval: FHA* | 51.1% | 57.5% |
| Approval: VA* | 80.0% | 83.8% |
| Second-lien / home-equity share | 46.1% | 5.4% |
| CFPB complaints (12 mo.) | 593 | 736 |
Source: 2025 HMDA data (FFIEC/CFPB); CFPB Consumer Complaint Database. *Approval = originated ÷ (originated + denied); it mirrors each lender's channel and borrower mix, not how hard it is to qualify — see the lending-data research.
What their borrowers actually paid
Medians from 2025 HMDA loan-level records for 30-year fixed home purchases, compared like for like. "Vs benchmark" is the APR minus the average prime offer rate for the week each rate was locked, so loans locked in different weeks compare fairly.
| Loan type | Bank of America | Chase | All lenders |
|---|---|---|---|
| Conventional | 6.25% · −0.28 vs benchmark · $4,758 costs (6,488 loans) | 6.49% · −0.13 vs benchmark · $4,695 costs (20,595 loans) | 6.50% · +0.02 · $5,476 |
| Jumbo | 6.00% · −0.68 vs benchmark · $8,259 costs (1,173 loans) | 6.49% · −0.20 vs benchmark · $7,743 costs (1,904 loans) | 6.625% · +0.00 · $10,251 |
| FHA | 6.125% · +0.27 vs benchmark · $8,758 costs (347 loans) | 6.25% · +0.46 vs benchmark · $5,944 costs (1,054 loans) | 6.25% · +0.42 · $11,291 |
Source: 2025 HMDA loan-level data (FFIEC/CFPB), first-lien 30-year fixed purchases; costs are the borrower-paid total loan costs. Rates have moved since 2025: use these to compare the two lenders, not as today's quote — see the rate benchmark.
Bank of America or Chase: which fits your loan
Which of the two writes more of each loan type, from 2025 originations.
| Your situation | Does more of these | Evidence (share of loans) |
|---|---|---|
| Buying with an FHA loan | No clear edge | 0.4% vs 1.8% of loans (U.S. 13.2%) |
| Using a VA loan | No clear edge | 0.1% vs 1.1% of loans (U.S. 8.2%) |
| Buying a home (purchase) | Chase | 30.3% vs 60.2% of loans (U.S. 52.5%) |
| Refinancing to a lower rate | No clear edge | 20.5% vs 14.3% of loans (U.S. 15.3%) |
| Cash-out refinance | Chase | 2.2% vs 14.1% of loans (U.S. 14%) |
| Large or jumbo loan | Chase | avg loan $421k vs $703k |
Where each one is bigger
Bank of America reported more 2025 HMDA activity than Chase in 6 of 51 states, and Chase led in 45. Bank of America's strongest relative edge is Massachusetts (1.8× the other's volume). Chase's is Indiana (6.7× the other's volume).
| State | Bank of America | Chase | Bigger here |
|---|---|---|---|
| California | 41,200 | 50,331 | Chase |
| Florida | 25,882 | 29,501 | Chase |
| Texas | 19,648 | 30,305 | Chase |
| New York | 10,789 | 24,722 | Chase |
| Illinois | 7,840 | 22,230 | Chase |
| New Jersey | 13,566 | 14,736 | Chase |
| Georgia | 9,596 | 12,883 | Chase |
| North Carolina | 11,235 | 10,112 | Bank of America |
The eight states where the two together are most active. HMDA records include applications and loans reported for 2025.
Approval by loan type
The widest gap is on conventional applications: Bank of America approved 54.8% of decisioned conventional applications in 2025 and Chase 86.4%. Their books also differ on home equity: second-lien loans were 46.1% of Bank of America's originations and 5.4% of Chase's.
Complaints to the CFPB
| Bank of America | Chase | |
|---|---|---|
| Mortgage complaints since November 2025 | 593 | 736 |
| Most common issue | Trouble during payment process | Trouble during payment process |
| Timely company response | 99.8% | 100.0% |
| Closed with relief | 16.7% | 1.8% |
CFPB Consumer Complaint Database, complaints received since November 2025 under "BANK OF AMERICA, NATIONAL ASSOCIATION" and "JPMORGAN CHASE & CO.". Counts grow with the number of loans a company services and are not adjusted for size; complaints are not verified findings.
Who each lender is for, and not for
Bank of America
Good fit: Bank of America suits existing customers who already keep meaningful deposit or investment balances there and want to convert that relationship into a lower rate or reduced closing costs.
Think twice if: The biggest BofA Rewards mortgage perks need large balances: $600 off the origination fee at $100,000+ and a rate discount only at $1 million+; smaller tiers get $100 or $300 off.
Chase
Good fit: Chase fits two very different buyers well. The first is the existing Chase deposit or investment customer who can convert qualifying balances into a relationship rate discount and keep banking and mortgage in one place.
Think twice if: Chase's relationship rate discounts depend on balances: existing deposits and investments need at least $150,000, and discounts beyond 0.25% (up to 1%) require moving new money to Chase.
From our independent reviews of Bank of America and Chase.
How to check Bank of America and Chase before you choose
- Get both Loan Estimates the same day, with the same lock period and points, and compare section A (origination charges) and the APR.
- Check experience where they differ most: purchase loans. They were 60.2% of Chase's 2025 lending but 30.3% of Bank of America's. If that is your loan, ask Bank of America's loan officer how many they closed last year.
Benchmark both quotes against the rate benchmark and run the payment in our mortgage calculator.
Bank of America vs Chase: FAQ
Is Bank of America or Chase better for an FHA loan?
Neither stands out: FHA loans were 0.4% of Bank of America's 2025 lending and 1.8% of Chase's, against 13.2% nationally. If FHA is your plan, also get a quote from a lender that does more FHA volume.
Where does Bank of America lend more than Chase?
Bank of America reported more 2025 HMDA activity than Chase in 6 of 51 states, and Chase led in 45. Bank of America's biggest relative edge is in Massachusetts. Chase's is in Indiana.
Does Bank of America or Chase get more complaints?
Since November 2025, consumers filed 593 mortgage complaints about Bank of America and 736 about Chase with the CFPB, not adjusted for how many loans each services.
Which is better for refinancing, Bank of America or Chase?
Neither is clearly more refinance-focused: refinances and cash-out refinances were 22.7% of Bank of America's 2025 loans and 28.4% of Chase's.
Independent comparison from public federal data; no lender paid for placement. Not personalized advice.
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