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Relationship-based ads and online behavioral advertising help us do that. If you prefer that we do not use this information, you mayopt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. This bank only offers a HELOC option to access your home’s equity. But you can convert what you draw on your HELOC account into a fixed-rate loan lasting anywhere from one year to the maturity date of the HELOC’s repayment term.
After answering the initial questions, you will be shown how to upload any required documents and how to check on the status of your loan application. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions.
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See “Home equity assumptions” link for important additional information. Rates are for illustrative purposes only, are subject to change without notice, and assume a borrower with excellent credit. All loans are subject to approval, and your APR will depend on your credit score, loan amount, work history, monthly income and monthly debts, property value and location. Bank of America’s HELOC has a minimum credit line amount of $25,000. HELOCs have a 10-year draw period and a 20-year repayment period. If you live in Maryland, however, the fee is waived if your maximum line of credit is less than $25,000.
If you were making minimal or interest-only payments during the borrowing period, you may notice a significant increase in your monthly payments when your repayment period begins. You will now be responsible for paying both principal and interest each month, so plan accordingly and don’t get caught off-guard by the larger payment amount. Once that borrowing period ends, you'll continue to pay principal and interest on what you borrowed. If a HELOC sounds right for you, get started today by giving us a call, visiting a financial center, or applying online at bankofamerica.com/HomeEquity.
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We'll send you a Trial Period Plan Notice explaining the terms, such as the monthly payment amount, the deadline to accept the trial plan terms and the date your first trial payment is due. You can make payments through Online Banking, by mail, or over the phone. If approved, you’ll start a three month trial period to make sure you can afford the new payments.
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Get more with a Bank of America Home Equity Line of Credit
Set short-and long-term goals, get personalized advice and make adjustments as your life changes. Bank of America is one of the largest banks in the world (and the second-largest bank in the U.S.). The bank currently serves 67 million customers and small-business clients. With 4,000 branches and 16,000 ATMs, Bank of America’s name and logo are well-known and visible across the country.
Platinum Honors tier — .375% discountAutomatic withdrawal payments.25% discountInitial withdrawals.05% interest rate discount on each $10,000 draw, up to .60% for withdrawing $60,000 or more. There’s no fee to join or participate in Bank of America’s Preferred Rewards program. Your tier is based on your qualifying combined balances in your banking and investment accounts. But if you’re looking for a low maximum APR, Bank of America isn’t for you.
This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products. You can apply for a Bank of America HELOC using the bank’s online application.
It offers loans up to $1 million or up to 80% of your home’s value — more than many other lenders. Customers of the bank can earn generous discounts on their interest rates. If you prefer that we do not use this information, you may opt out of online behavioral advertising.
If you are experiencing a financial hardship related to the coronavirus, we may be able to postpone home loan payments for three months or longer. Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance. If you can’t pay your HELOC, you risk losing your home because the bank will seize the collateral to pay off your debt. This means that home equity lines of credit, whether from Bank of America or elsewhere, are only appropriate for those who know they can pay down the debt. A HELOC is never meant to be used to finance irresponsible spending.
Before joining CNET Money, Wojno was Senior Editor of Finance for ZDNet, writing on blockchain, cryptocurrency, financial services, investing and taxes. Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz. You have the option to convert a HELOC into a fixed-rate loan, which is ideal as interest rates keep rising. Please note, this does not include a transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account.
After we receive your documents, we'll contact you via phone or mail within five business days if any documents are incomplete or missing. If you need longer-term help or if your forbearance period has ended, it may be possible to change the terms of your loan if you still need help. Once your application has been processed, a home loan officer will take over your case and reach out about the next steps. Carrie Ott is a graduate of Calvin College, where she earned dual honors degrees in Japanese and linguistics before moving on to Aston University for a master of science in forensic linguistics. She has worked as a copywriter, editor, and content production manager for nearly a decade, with a focus on finance, health and wellness, and catering. She lives near Detroit with her husband and a plethora of rescue and foster reptiles.
You have the flexibility to decide when and how much to use through Online Banking, by phone, at our financial centers or with no-access-fee checks. The only fee charged is an early termination fee of $450 if you close your account within three years. You’ll also be on the hook for any closing fees Bank of America paid on your behalf. Here's a breakdown of some of the benefits and drawbacks of Bank of America home equity loans.
The minimum you can convert is $5,000, and you may convert during your draw or repayment period. For more predictable payments, convert all or part of your variable-rate balance to a fixed rate without paying a conversion fee. Bank of America is best for borrowers looking for high-dollar home equity lines of credit .
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