If you want to set up automatic payments, you can do that online or at any financial center. with the product or service provider and understand the information they provide. Bank of America offers HELOC with 2.74% Intro APR for 12 Months. Only available in: AZ, CA, FL, MA, MD, MI, MN, NC, NJ, NY, OR, VA. Sell a portion of your home's equity for cash without monthly payments or hurting your credit score. Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV. Relationship-based ads and online behavioral advertising help us do that. Fill out the form with your employment information, income and financial assets. If you're enrolled in this security feature, we sent a notification to your registered device. Does Bank of America offer home equity loans? Compare home values and connect with local professionals. information service that aims to provide you with information to help you make better decisions. We strive to ensure our content is clear and honest. *Cash Out is defined as any funds that exceed the balance owed on the first mortgage that is being paid off plus the lessor of 4% up to max of $10,000/Conventional, 6% up to max of $15,000/FHA/VA. You agree we may use an auto-dialer to reach you. Application Fee. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. The promotional rates apply up to five Fixed Rate Equity Loan Options (FRELO) during the draw period of your HELOC; it is available to existing and to new owner-occupant EEX accounts with an advance on the line of at least the minimum loan amount and automatic payment from an ASB checking account. Find another loan officer to help you with a mortgage refinance. We may rely on information that is provided Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Connect with vetted lenders quickly through this free online marketplace. The application will ask for the following. The following discounts are available on a new home equity line of credit (HELOC): (1) an “auto pay” discount of 0.25% for setting up automatic payment (at or prior to HELOC account opening) and maintaining such automatic payments from an eligible Bank of America deposit account; (2) an “initial draw” discount of 0.05% for every $10,000 initially withdrawn at account opening (up to 0.75% for … Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance. Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. Application Fee: Free. You’ll need to visit a financial center or call customer service at 800-934-5626. Most banks, including Bank of America, use The Wall Street Journal prime rate as the index for HELOCs. We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. The bank is tight-lipped on its eligibility requirements, though it does say borrowers need a loan-to-value ratio of 80% or less. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties). 32 East 31st Street, 4th Floor, Home equity lines of credit are a convenient way to draw on the value of your home — and tap the equity only when you need it. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. That said, these reviews aren’t specific to the home loans division. Programs, rates, terms and conditions are subject to change without notice. If you opt out, though, you may still receive generic advertising. They stopped offering home equity loans in 2015, which makes it difficult to do a genuine apples-to-apples comparison to other lenders. At Finder, we value and respect our editorial independence. If you prefer that we do not use this information, you may opt out of online behavioral advertising. While, Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance. The site suggests the best rates are reserved for Preferred Rewards customers who set up automatic payments from their Bank of America checking account. © 2020 Bank of America Corporation. {{ percentage rates.product.promoOffer.introRateAmount }}, Special Introductory variable APRVariable APR Disclosures† for 12 months, {{ percentage rates.product.currentAPR }}, Variable APRVariable APR Disclosures† after the introductory period, (based on rates as of {{ date rates.product.effectiveDate }} and can change), This rate includes discounts of {{ percentage rates.product.defaultDiscountRate }} for automatic payment and {{ percentage rates.product.udeDiscountRate }} for a $60,000 initial withdrawalVariable APR Disclosures†, † Home equity assumptions (discount information plus disclosures and additional assumptions) based on a $100,000 line of credit. Member FDIC. 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