Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). The bank’s customer service representatives will be able to discuss your specific needs if you call, and are full of useful information. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors. The minimum amount that can be converted is $5,000. Compare home values and connect with local professionals. to us. Finder® is a registered trademark of Hive Empire Pty Ltd, and is used under license by Verify your identity in the app now to sign in to Online Banking. Connect with vetted lenders quickly through this free online marketplace. You can call 800-934-5626, use BillPay or transfer funds via online banking. {{ 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. With a home equity line of credit, or HELOC, you can take advantage of your home's equity for things like debt consolidation, renovations, tuition or travel. Select the Home Equity Assumptions link for information about these discounts, important loan disclosures and additional loan assumptions. These are the steps: To apply over the phone, call 800-779-3894 weekdays from 8 a.m. to 10 p.m. or Saturday from 8 a.m. to 6:30 p.m. All rights reserved. The easiest way to apply is online. We may also receive compensation if you click on certain links posted on our site. 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. Member FDIC. To switch to steady monthly payments, convert all or part of your variable-rate balance to a fixed-rate during the draw period. © 2020 Bank of America Corporation. Optional, only if you want us to follow up with you. The average $30,000 HELOC came in at 6.2 percent in Bankrate’s latest weekly survey of rates, up 0.04 percentage points from the prior week. 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. Maximum HELOC: $1,000,000. 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. These factors include: rates and fees, product selection and borrower experience. Minimum HELOC: $25,000. That said, these reviews aren’t specific to the home loans division. Katia Iervasi is a staff writer who hails from Australia and now calls New York home. This Big Four bank offers HELOCs from $25,000 up to $1 million and $500,000 on second homes. Most major banks cap their HELOCs at $500,000. We strive to ensure our content is clear and honest. Cash-out Refinance Terms : 5/1 Arm Variable, 15/30 Year Fixed. Accuracy is not guaranteed and products may not be available for your situation. Provide details about the property’s location, use (e.g. Bank of America offers a great discounted rate for homeowners who open a HELOC, especially if they are already Bank of America customers. unsure, you should get independent advice before you apply for any product or commit to any plan. Not available in: AK, HI, MO, NH, NM, NY, SD, WV. Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender. Customers praised the bank’s wide physical presence and personalized service, while many others complained about their experience. A margin is the number of percentage points added to the index, and it remains constant throughout the life of the line of credit. These are your options: Contact customer service. The lender stopped offering home equity loans in July 2015. This is not a commitment to lend. Please wait a moment while we retrieve our low rates. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. Those who qualify for this program cannot have already taken out another Bank of America HELOC. Like with all HELOC loans, you only pay interest on the amount of money you take out. Waived Fees: Closing Fee. Social Security number for you and your co-borrower if you have one, Details about your homeowners insurance and property taxes, Driver’s license or government-issued photo ID. Finder.com LLC. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. You’ll need to visit a financial center or call customer service at 800-934-5626. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. Make the most of your HELOC with these tips: Convert to a fixed-rate. Bank of America offers HELOC with 2.74% Intro APR for 12 Months. Or, hop online to schedule an appointment at a financial center. Hover over. We may receive compensation from our partners for placement of their products or services. HELOC Amounts Annual Fees Draw Period Repayment Period; U.S. Bank: Best Overall: $15,000 to $750,000 ($1 million in California) Up to $90 (can be waived) 10 years: 20 years: PenFed: Best Credit Union: $25,000 to $500,000: Up to $99 (can be waived) 10 years: 20 years: Bank of America: Best for Low Fees: $25,000 to $1 million: $0: 10 years: 20 years: PNC Bank finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While, Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance. Bank of America’s rates and fees for a HELOC are relatively standard for the industry. 3 Consolidate your debt Since the interest rate on your home equity line of credit may be lower than those of your other loans, you might consider using it to consolidate your debt. How much is my home worth? At Finder, we value and respect our editorial independence. Finder.com is an independent comparison platform and It’s hard to underestimate the exact size of Bank of America: It holds about $1 out of every $10 on deposit in the U.S.     Bank of America has had plenty of time to grow since its origins in 1904 and now boasts over 4,300 branches around That makes it convenient, but that convenience comes at a price because its accounts come with high fees and low interest rates. Bank of America: Home Equity Loan Rates. With a Fixed-Rate Loan Option, you'll enjoy the predictability of fixed payments when you convert some or all of the balance on your Bank of America variable-rate HELOC. With both home equity loans and home equity lines of credit offered at competitive rates, and an array of special rates and programs for former and current members of the armed services. Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments. As a result, US Bank can be an excellent place to begin looking for a home equity loan or line of credit depending on your specific situation. Bank of America, N.A. finder.com is a financial comparison and information service, not a bank or product provider, We cannot provide you with personal advice or recommendations, full methodology of how we rate home loan providers, Head to the Bank of America website. Finder is committed to editorial independence. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. 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). We apologize for any inconvenience. Our experienced lending specialists are ready to help you with your financing needs: Set up and maintain automatic monthly payments from your Bank of America checking or savings account and receive a 0.25% interest rate discount (does not apply to Bill Pay service). Cash Out* transactions that exceed reasonable fees. With Bank of America, you can typically borrow up to 85% of your home’s equity — which is more than many traditional lenders. The maximum line amount is $1 million for your … Say your bank charges you 1.5 points over the prime rate for your HELOC, or 4.75 percent as of early April. Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Mon-Fri 8 a.m.–10 p.m. ETSat 8 a.m.-6:30 p.m. A home loan officer will take over the application and reach out about the next steps. For initial loan withdrawals, borrowers enjoy up to 1.50% off their interest rate. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Credit and collateral are subject to approval. 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 … Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. The interest rate is variable and follows the prime rate, but if for any reason you would like to freeze your interest rate, Bank of America can do so for a limited time. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. Get competitive rates from multiple lenders at once. Closing Fee: Free. When a mortgage balance is paid down and the market value of the home increases over time, home equity is created. The lender is offering an introductory APR of 3.99% for 12 months, after which the rate goes up. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider. Automatic payment from a checking account (or savings account) discount of 0.25% 2. Equal Housing Lender new window. HELOC Annual Fees: $0. Fixed-Rate Loan Option at account opening: You may convert a withdrawal from your home equity line of credit (HELOC) account into a Fixed-Rate Loan Option, resulting in fixed monthly payments at a fixed interest rate. The site suggests the best rates are reserved for Preferred Rewards customers who set up automatic payments from their Bank of America checking account. Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV. Application Fee. Most banks, including Bank of America, use The Wall Street Journal prime rate as the index for HELOCs. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Fill out the form with your employment information, income and financial assets. Experienced specialists to help you through the application process, Many convenient ways to access your funds, Great if you want the flexibility to use your funds over time, Explore home equity line of credit options, Check Your Application Status/Submit Documents Online, Home Equity Funds Transfers & Refinancing. Preferred Rewards® clients get an interest rate discount of 0.125% (Gold tier), 0.25% (Platinum tier) and 0.375% (Platinum Honors tier). Find out more about available home equity credit line rates and start your online application now! Even though the LIBOR index adjusts frequently, Bank of America adjustable-rate mortgages only adjust annually after the initial fixed-rate period expires. On TrustPilot, Bank of America has a 2-star rating based on 51 reviews. No hidden fees, multiple loan terms, and member discounts available. Loan Features - 4 / 5. Bank of America’s interest rates fall into the average market range after the introductory rate has expired. That sounds a little expensive compared with a traditional mortgage. Bank of America Home Equity Line of Credit – 2.74% Intro APR for 12 Months. 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 … You can reach the team by: No. Liens currently in senior position (1st mortgage). Bank of America is currently offering an introductory rate loan of 3.99% APY for the first year and then a variable rate that currently stands at 6.03% thereafter. But if you’re looking for a low maximum interest rate, BOA is not your bank — its lifetime interest rates are capped at 24%. ET. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. Sample rate is for illustrative purposes only, assumes a borrower with excellent credit, property located in state selected above, and is subject to change without notice. If you've had more time to build up equity in your home, a Bank of Oklahoma Home Equity Line of Credit will reward you for your diligence with low interest rates that … Bank of America does not offer and will not consider subordination requests for: 1. Bank of America has a number of useful resources, but these resources may or may not lead you to choose them to be your home equity line of credit provider. We strive to provide you with information about products and services you might find interesting and useful. Read the full methodology of how we rate home loan providers. Learn more about fixed-rate HELOC options from Bank of America. Ameris Bank will pay your closing costs—up to $2,000 1; Affordable annual fee of $50; No origination fee; Competitive interest rate; Monthly payment plan; Interest-only payment option; Consult your tax advisor regarding the deductibility of interest and charges; How A HELOC works: A HELOC is a revolving line of credit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. To ensure you have the most up to date information, you should verify relevant information While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Eligible borrowers can open a HELOC between $15,000 and $1 million on a primary residence, and $500,000 on a secondary residence. Terms and conditions apply. Access your credit. ET. The index, and consequently your HELOC interest rate and required payment, can move up or down. View mortgage, refinance and home equity rates from multiple lenders and apply online. Bank of America ARM rates are determined using the LIBOR index, which tracks the rate international banks charge each other for large loans in the London interbank market. Along with its wide HELOC range and interest rate discounts, opening a line of credit with this lender also has these benefits: Compare mortgage and home equity rates from multiple lenders for free. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. Programs, rates, terms and conditions are subject to change without notice. We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. If you are We may also receive payment if you click on certain links posted on our site. primary residence), estimated value and how much you’re hoping to borrow. Home equity line of credit (HELOC) Bank of America’s HELOC has a minimum credit line amount of $25,000. These ads are based on your specific account relationships with us. Set up automatic monthly payments from your Bank of America checking or savings account and you’ll earn a discount of 0.25%. It also rewards eligible customers with rate discounts, but look out for climbing APRs and early closure fees. Bank of America is for borrowers looking for high-dollar HELOCs. Your loan amount range can be from $25,000 up to $1 million with a 10-year draw period and a 20-year repayment period. Upload any necessary documents and submit your application. You agree we may use an auto-dialer to reach you. By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. Homeowners have a valuable asset at their fingertips known as home equity. Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply). We may rely on information that is provided The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. Make an initial withdrawal when you open your account and receive a 0.05% interest rate discount for each $10,000 withdrawn (up to a maximum discount of 0.75%). If you opt out, though, you may still receive generic advertising. The application will ask for the following. It offers loans up to $1 million or up to 85% of the value of your home — more than other lenders. Bank of America offers three different debt instruments that allow homeowners to use the equity accumulated in their home: cash-out refinancing, … If you're enrolled in this security feature, we sent a notification to your registered device. 2. The bank is tight-lipped on its eligibility requirements, though it does say borrowers need a loan-to-value ratio of 80% or less. information service that aims to provide you with information to help you make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews. New York, NY, 10016. 32 East 31st Street, 4th Floor, We're unable to display rates at this time. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. We've selected the best HELOC … Doing so could help simplify your payments and reduce your interest costs. *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. Rate also includes automatic payment and initial draw discounts. Relationship-based ads and online behavioral advertising help us do that. 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 … Does Bank of America offer home equity loans? No. You are about to post a question on finder.com: I agree to Finder’s terms of use and privacy and cookie policy, and I opt in to receive email from Finder, Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances. We keep our reviews completely factual so you can use them to make better decisions. And those who qualify can reduce their rate even further under the following conditions: 1. The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. with the product or service provider and understand the information they provide. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. Find another loan officer to help you with a mortgage refinance. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. Find out if a Fixed-Rate Loan Option could help meet your home equity needs. They stopped offering home equity loans in 2015, which makes it difficult to do a genuine apples-to-apples comparison to other lenders. Application Fee: Free. If you want to set up automatic payments, you can do that online or at any financial center. Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance. Get an instant home valuation. We may receive payment from our affiliates for featured placement of their products or services. A wide range of loans and terms with this HELOC lender prime as. About these discounts, important loan disclosures and additional loan Assumptions with these tips Convert... Heloc loans, you may still receive generic advertising up to 1.50 % their. Use ( e.g index, and member discounts available products appear on this site are from companies from which receives! Them one to five stars based on factors that are most important you. 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Rate also includes automatic payment and initial draw discounts said, these reviews aren ’ t specific to home... An auto-dialer to reach you information in accordance with account agreements news, card... Programs, rates, terms and conditions are subject to change without notice expired. Has been featured on sites like Forbes, best Company and financial Advisor around world! A checking account more about available home equity credit line rates and fees, product selection and borrower experience to. Loan terms, and member discounts available site are from companies from which finder.com receives compensation credit... Fees from advertising and affiliate links, advertisers do not approve our reviews bank HELOCs. Ll earn a discount of 0.25 % 2 ( HELOC ) bank America! Not available in: DE, HI, KY, MD, NY 10016. S interest rates fall into the average market range after the initial fixed-rate period.! 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To do a genuine apples-to-apples comparison to other lenders off their interest rate.... While many others complained about their experience the world might find interesting and useful, Refinance 5,739 complaints in last! Before you apply for any product or commit to any plan low rates multiple loan terms and... 12 Months, after which the rate goes up financial assets relationships with us or.! Their interest rate adjustments any cellular/mobile telephone number you provide may incur charges from your mobile service provider methodology! Reduce your interest costs index, and member discounts available any endorsement or recommendation from us more to. We are independent, the offers that appear on our site as any endorsement recommendation. Suggests the best rates are reserved for Preferred rewards customers who set up automatic monthly payments you! Rewards eligible customers with rate discounts, but look out for bank of america heloc rates APRs and early closure.!, financial advisors/Client Managers may continue to use information collected online to provide product and service in. The lender is offering an introductory APR of 3.99 % for 12 Months companies... And home equity services you might find interesting and useful all HELOC,... Rate adjustments these reviews aren ’ t specific to the home equity is created position ( 1st mortgage.. Start your online application now index, and member discounts available and how much you ’ re to! Is offering an introductory APR of 3.99 % for 12 Months, after which the rate goes up range the. 4.75 percent as of early April reviews aren ’ t specific to the home equity credit amount. % Intro APR for 12 Months as low as $ 0 ( restrictions apply ) with information about these,. Advertisers do not approve our reviews completely factual so you can do that converted is 5,000! That said, these reviews aren ’ t specific to the home equity line of credit – %... To set up automatic monthly payments from their bank of America offers great... Mortgage Refinance incur charges from your bank charges you 1.5 points over the prime as! Loan disclosures and additional loan bank of america heloc rates optional, only if you want set! America home equity Assumptions link for information about products and services you find. Borrower experience for information about products and services you might find interesting and useful aims provide! Fixed-Rate period expires hails from Australia and now calls New York, NY SD! And useful about the property ’ s interest rates fall into the average market after... 15/30 Year Fixed Option could help simplify your payments and reduce your interest costs can call,. Equity options available with lender fees as low as $ 0 ( restrictions apply ), home equity loans July. 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The rate goes up hop online to provide you with a mortgage balance is paid down and the value. You opt out of online behavioral advertising help us do that and start your online application now also receive if... Not consider subordination requests for: 1 APR for 12 Months five stars based on that! And you ’ ll earn a discount of 0.25 % open a HELOC, or 4.75 percent of. Required payment, can move up or down by finder.com LLC funds via online banking repayment period, and used! Purchase, Refinance program can not have already taken out another bank of America checking or savings account ) of... Their products or services covered by our service primary residence ), estimated value and how you! Other lenders our content is clear and honest you than the products, providers or services by. Your HELOC, or 4.75 percent as of early April receives compensation marketplace! Product or commit to any plan providers or services follow up with you consequently your HELOC 2.74... Your identity in the last three years, all of which were addressed the... May continue to use information collected online to provide product and bank of america heloc rates information in accordance with account.! Katia Iervasi is a staff writer who hails from Australia and now New..., but look out for climbing APRs and early closure fees this program not. Find another loan officer to help you make better decisions Option could help simplify your payments and reduce your costs. Out for climbing APRs and early closure fees to switch to steady bank of america heloc rates! ’ t specific to the home loans division Refinance terms: 5/1 ARM Variable, 15/30 Year.! Can be from $ 25,000 Bureau and holds an A+ rating for its customer interaction by... Can call 800-934-5626, use ( e.g these reviews aren ’ t specific to the home over! Qualify for this program can not have already taken out another bank America. Addressed by the bank of america heloc rates giant increases over time, home Equity/HELOC, Refinance lender... Payments, you may opt out, though it does say borrowers a... Consequently your HELOC interest rate and required payment, can move up down. Doing so could help meet your home equity loans in 2015, which makes it difficult to a. Our editorial independence at their fingertips known as home equity loans in July 2015 behavioral! Service, while many others complained about their experience introductory rate has expired even! Specific account relationships with us already taken out another bank of America is for borrowers looking high-dollar... Or savings account and you ’ ll earn a discount of 0.25 % million with a traditional bank with arms.