Bank of America vs Wells Fargo
Both are major U.S. lenders, but they suit different borrowers. Here's how Bank of America and Wells Fargo stack up on the facts — loan mix, 2025 lending volume and what each does best.
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 reviewSide 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% |
Volume, average loan and approval figures: federal HMDA data (2025), FFIEC/CFPB. *Approval rate reflects each lender's channel and borrower mix (wholesale, online and refi-heavy lenders run lower because many applications never close), not selectivity — see our our approval breakdown.
Which should you choose?
If you value relationship discounts, Bank of America has the edge; if branch banking matters more to you, lean Wells Fargo. But the winner on your loan is whichever quotes the lower APR and fees — neither reputation nor size sets your rate.
Get a Loan Estimate from both (and a third lender) in the same two-week window so it counts as one credit inquiry, then compare the APRs. Benchmark against today's average mortgage rates and run the numbers in the mortgage calculator first.
FAQ
Is Bank of America or Wells Fargo better?
Neither is universally "better" — it depends on your loan and profile. Bank of America is best for relationship discounts, while Wells Fargo is best for branch banking.
The only reliable way to decide is to get a Loan Estimate from each and compare the APR and fees for your exact scenario.
Which is bigger, Bank of America or Wells Fargo?
Bank of America originated more home loans in 2025 — about 88,530 versus 41,562 for Wells Fargo, per federal HMDA data. Size doesn't determine your rate, though.
How should I choose between them?
Shop both — plus at least one more lender — within a two-week window so it counts as a single credit inquiry. Compare the APR and the official Loan Estimate, not the headline rate, and weigh service and loan-type fit alongside price.
Independent comparison — no lender paid for placement, and all figures are from public federal data. General information, not personalized advice; confirm terms with each lender.
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