Bank of America vs Wells Fargo
Both are conventional-loan lenders: 99.5% of Bank of America's 2025 loans and 94.9% of Wells Fargo's, averaging $421k and $1.16M.
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 0.10 percentage points lower against the market benchmark (2025 HMDA).
- you want lower upfront costs: its median total loan costs on those loans were about $509 lower.
- service record matters most to you: it drew about 6.7 CFPB complaints per 1,000 loans it made in 2025, against 28.6 (a rough ratio — complaints also cover loans each services).
- you're buying in Massachusetts, where it lends at 19× the other's volume.
Lean toward Wells Fargo if…
- you're refinancing — refinances and cash-outs were 30.8% of its loans versus 22.7%.
- you're buying in Iowa, where it lends at 2.2× the other's volume.
No meaningful difference on FHA focus and VA 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 reviewWells Fargo
Best for branch banking
One of the largest bank mortgage lenders, with a nationwide branch network and its own down-payment-assistance grants.
41,562 loans in 2025 · avg $1,159,688
Full reviewBank of America vs Wells Fargo: side by side
| Bank of America | Wells Fargo | |
|---|---|---|
| Type | Bank | Bank |
| Headquarters | Charlotte, NC | San Francisco, CA |
| Best for | Relationship discounts | Branch banking |
| Loan types | Conventional · FHA · VA · Jumbo | Conventional · FHA · VA · Jumbo |
| Loans originated (2025) | 88,530 | 41,562 |
| Total lending (2025) | $37.3B | $48.2B |
| Average loan | $421,196 | $1,159,688 |
| Approval rate* | 54.8% | 77.7% |
| Conventional share | 99.5% | 94.9% |
| FHA share | 0.4% | 3.1% |
| VA share | 0.1% | 2% |
| Purchase share | 30.3% | 62.3% |
| Refinance + cash-out share | 22.7% | 30.8% |
| Approval: conventional* | 54.8% | 79.1% |
| Approval: FHA* | 51.1% | 51.4% |
| Approval: VA* | 80.0% | 77.9% |
| Second-lien / home-equity share | 46.1% | 0.1% |
| CFPB complaints (12 mo.) | 593 | 1,187 |
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 our approval breakdown.
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 | Wells Fargo | All lenders |
|---|---|---|---|
| Conventional | 6.25% · −0.28 vs benchmark · $4,758 costs (6,488 loans) | 6.375% · −0.18 vs benchmark · $5,267 costs (8,331 loans) | 6.50% · +0.02 · $5,476 |
| Jumbo | 6.00% · −0.68 vs benchmark · $8,259 costs (1,173 loans) | 6.125% · −0.48 vs benchmark · $9,955 costs (926 loans) | 6.625% · +0.00 · $10,251 |
| FHA | 6.125% · +0.27 vs benchmark · $8,758 costs (347 loans) | 6.125% · +0.23 vs benchmark · $11,895 costs (467 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 average mortgage rates.
Bank of America or Wells Fargo: 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 3.1% of loans (U.S. 13.2%) |
| Using a VA loan | No clear edge | 0.1% vs 2% of loans (U.S. 8.2%) |
| Buying a home (purchase) | Wells Fargo | 30.3% vs 62.3% of loans (U.S. 52.5%) |
| Refinancing to a lower rate | Bank of America | 20.5% vs 11% of loans (U.S. 15.3%) |
| Cash-out refinance | Wells Fargo | 2.2% vs 19.8% of loans (U.S. 14%) |
| Large or jumbo loan | Wells Fargo | avg loan $421k vs $1.16M |
Where each one is bigger
Bank of America reported more 2025 HMDA activity than Wells Fargo in 42 of 51 states, and Wells Fargo led in 9. Bank of America's strongest relative edge is Massachusetts (19× the other's volume). Wells Fargo's is Iowa (2.2× the other's volume).
| State | Bank of America | Wells Fargo | Bigger here |
|---|---|---|---|
| California | 41,200 | 16,714 | Bank of America |
| Florida | 25,882 | 6,462 | Bank of America |
| Texas | 19,648 | 6,847 | Bank of America |
| New Jersey | 13,566 | 3,372 | Bank of America |
| New York | 10,789 | 5,223 | Bank of America |
| North Carolina | 11,235 | 4,286 | Bank of America |
| Georgia | 9,596 | 3,439 | Bank of America |
| Massachusetts | 11,088 | 598 | 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 Wells Fargo 79.1%. Their books also differ on home equity: second-lien loans were 46.1% of Bank of America's originations and 0.1% of Wells Fargo's.
Complaints to the CFPB
| Bank of America | Wells Fargo | |
|---|---|---|
| Mortgage complaints since November 2025 | 593 | 1,187 |
| Most common issue | Trouble during payment process | Trouble during payment process |
| Timely company response | 99.8% | 100.0% |
| Closed with relief | 16.7% | 8.8% |
CFPB Consumer Complaint Database, complaints received since November 2025 under "BANK OF AMERICA, NATIONAL ASSOCIATION" and "WELLS FARGO & COMPANY". 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.
Wells Fargo
Good fit: Wells Fargo makes the most sense for existing Wells Fargo banking or wealth-management customers who value relationship pricing and one-roof convenience, and for buyers in the specific metro areas where its down-payment and closing-cost assistance is offered.
Think twice if: Since 2023 it has run a smaller, more focused mortgage business, exiting correspondent lending and aiming its retail team mainly at bank customers and underserved communities.
From our independent reviews of Bank of America and Wells Fargo.
How to check Bank of America and Wells Fargo 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 62.3% of Wells Fargo'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 average mortgage rates and run the payment in the mortgage calculator.
Bank of America vs Wells Fargo: FAQ
Is Bank of America or Wells Fargo better for an FHA loan?
Neither stands out: FHA loans were 0.4% of Bank of America's 2025 lending and 3.1% of Wells Fargo'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 Wells Fargo?
Bank of America reported more 2025 HMDA activity than Wells Fargo in 42 of 51 states, and Wells Fargo led in 9. Bank of America's biggest relative edge is in Massachusetts. Wells Fargo's is in Iowa.
Does Bank of America or Wells Fargo get more complaints?
Since November 2025, consumers filed 593 mortgage complaints about Bank of America and 1,187 about Wells Fargo with the CFPB, not adjusted for how many loans each services.
Which is better for refinancing, Bank of America or Wells Fargo?
Wells Fargo is the more refinance-focused lender: refinances and cash-out refinances were 22.7% of Bank of America's 2025 loans and 30.8% of Wells Fargo's.
Independent comparison from public federal data; no lender paid for placement. Not personalized advice.
All lenders