Bank of America does not publish a home value estimate tool on its website
Bank of America does not offer a dedicated home valuation service or tool for customers to check their home's estimated worth. If you hold a mortgage with Bank of America, you can see the original purchase price and loan amount in your account, but not a current market estimate. The bank uses third-party appraisals when you refinance or take out a home equity line of credit, but those appraisals are ordered for the bank's purposes, not yours.
If you are looking for your home's current market value, you will need to use a separate tool or service. Several free and paid options exist outside of Bank of America, and each one works differently depending on the data it pulls and the method it uses to estimate price.
Key Takeaways
- Bank of America does not provide home value estimates through its website or mobile app for retail customers.
- If you refinance or open a home equity product with Bank of America, the bank orders an appraisal, but that report goes to the bank, not to you as a standalone valuation.
- Free public tools like Zillow, Redfin, and county assessor websites use different data sources and often produce different estimates for the same home.
- A professional appraisal ordered through a licensed appraiser costs $300 to $500 and is the most accurate method, but is not free.
- Your home's assessed value for property tax purposes (found through your county assessor) is not the same as its market value.
Where Bank of America gets home values when you need a loan product
When you explore to refinance your mortgage or open a home equity line of credit (HELOC) with Bank of America, the bank orders an appraisal from a licensed appraiser. That appraiser inspects your home, compares it to recent sales of similar homes in your area, and produces a written report with an estimated value. Bank of America uses this number to decide how much it will lend you and at what terms.
You receive a copy of the appraisal report, but only after the bank has ordered it and only if you move forward with the loan. You cannot request an appraisal from Bank of America just to find out what your home is worth—the bank only orders appraisals when there is a loan transaction involved. If you want to know your home's value before deciding whether to refinance or borrow against it, you need to look elsewhere first.
Free online tools that estimate home value
Several websites offer free home value estimates based on public records, recent sales data, and automated valuation models (AVMs). These tools do not require you to be a Bank of America customer and do not connect to your bank account.
Zillow and Redfin are the most widely used. Both pull data from county records, multiple listing services (MLS), and past sales. Zillow calls its estimate a "Zestimate"; Redfin calls it a "Redfin Estimate". Both are free to view. Neither is an appraisal, and both carry a margin of error—Zillow states its Zestimate is within 5% of sale price about 80% of the time, but that means it can be off by more. Redfin's accuracy varies by market.
Your county assessor's website also publishes a value for your home, used to calculate property taxes. Search "[your county] assessor" online and look for the property tax assessment. This number is often lower than market value because assessments lag behind actual sales and use different methods. It is useful context but not a market estimate.
Why different sources give different numbers
A Zillow estimate, a Redfin estimate, and a county assessment for the same home can all be different. This happens because each source uses different data, different timing, and different calculation methods.
Zillow and Redfin both use recent sales of comparable homes, but they may weight those sales differently or include different time periods. Zillow updates its estimates frequently; Redfin updates less often. County assessments are usually updated once per year and use formulas set by state law, not market data alone. If your home has not sold recently, or if few similar homes have sold nearby, all three estimates become less reliable.
A licensed appraiser, by contrast, physically inspects your home and the comparable homes, and produces a detailed written report. An appraisal is more accurate than an online estimate, but it costs money and takes time. Most people order an appraisal only when they are buying, selling, or refinancing.
How to get a professional appraisal outside of a loan
You can hire a licensed appraiser directly without going through a bank. Search for "independent appraiser" or "appraisal services" in your area, or ask a real estate agent for a referral. A full appraisal typically costs $300 to $500, depending on your home's size, location, and local market rates.
The appraiser will inspect your home inside and out, measure square footage, note condition and upgrades, and research recent sales of similar homes in your neighborhood. You receive a written report with the appraiser's opinion of value, comparable sales data, and the reasoning behind the estimate. This report can be used for refinancing, a HELOC process, estate planning, or your own records.
Some appraisers offer a "drive-by appraisal" or "exterior-only appraisal" at a lower cost ($150 to $250), but these are less detailed and are not accepted by most lenders. If you are considering a loan product, ask Bank of America whether an independent appraisal will be accepted or whether the bank will order its own.
Using your home value estimate to decide on a Bank of America loan
If you are thinking about refinancing with Bank of America or opening a HELOC, a rough estimate from Zillow or Redfin can help you decide whether to explore. Compare the estimate to what you owe on your mortgage. If your home is worth significantly more than you owe, you may have equity available to borrow against. If the estimate is close to what you owe, you may not may have access to for a HELOC or may have very little borrowing power.
Keep in mind that Bank of America will order its own appraisal if you move forward with an process. That appraisal may be higher or lower than the free estimate. If the appraisal comes in lower than you expected, the bank may offer less favorable terms or a smaller loan amount. If it comes in higher, you may have more options.
Frequently Asked Questions
Can I see my home's value in my Bank of America account?
No. Bank of America does not display a current home value estimate in your online account or mobile app. You can see your original mortgage amount and current loan balance, but not a market valuation. You will need to use a third-party tool like Zillow or Redfin, or contact a local appraiser.
Is the county assessment the same as my home's market value?
No. County assessments are used for property tax calculations and are often lower than market value. Assessments are updated annually or less frequently, while market values change with sales activity. Your assessment is public information but should not be used as your home's current worth.
What happens if Bank of America's appraisal is lower than I expected?
If you are refinancing or explore for a HELOC and the appraisal comes in lower than anticipated, Bank of America may reduce the loan amount, increase the interest rate, or deny the process. You can ask the appraiser to reconsider if you believe the value is wrong, or you can withdraw the process and try again later if the market improves.
Do I need a professional appraisal before explore for a Bank of America refinance?
No. Bank of America will order its own appraisal if you move forward with an process. However, getting an independent appraisal first can help you decide whether refinancing makes sense and can give you a sense of what the bank's appraisal might show.
Why do Zillow and Redfin give different estimates for my home?
Zillow and Redfin use different comparable sales data, different update schedules, and different calculation methods. Both are automated estimates, not appraisals, and both can be off by several percent. Neither is wrong—they are just different tools using different inputs.