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. View mortgage, refinance and home equity rates from multiple lenders and apply online. 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. 2. Credit and collateral are subject to approval. 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. We may receive compensation from our partners for placement of their products or services. Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments. We strive to ensure our content is clear and honest. You can reach the team by: No. 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. If you're enrolled in this security feature, we sent a notification to your registered device. Minimum HELOC: $25,000. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. 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. *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. We may also receive payment if you click on certain links posted on our site. Bank of America, N.A. 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. 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. Make an initial withdrawal when you open your account and receive a 0.05% interest rate discount for each $10,000 withdrawn (up to a maximum discount of 0.75%). Read the full methodology of how we rate home loan providers. We're unable to display rates at this time. Select the Home Equity Assumptions link for information about these discounts, important loan disclosures and additional loan assumptions. 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. We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. HELOC Annual Fees: $0. If you want to set up automatic payments, you can do that online or at any financial center. Maximum HELOC: $1,000,000. The minimum amount that can be converted is $5,000. Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply). It offers loans up to $1 million or up to 85% of the value of your home — more than other lenders. Finder.com LLC. 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. 32 East 31st Street, 4th Floor, Those who qualify for this program cannot have already taken out another Bank of America HELOC. Cash-out Refinance Terms : 5/1 Arm Variable, 15/30 Year Fixed. 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. While, Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance. Learn more about fixed-rate HELOC options from Bank of America. Upload any necessary documents and submit your application. Make the most of your HELOC with these tips: Convert to a fixed-rate. Relationship-based ads and online behavioral advertising help us do that. We keep our reviews completely factual so you can use them to make better decisions. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. 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. We've selected the best HELOC … 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. Cash Out* transactions that exceed reasonable fees. Access your credit. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider. Or, hop online to schedule an appointment at a financial center. It also rewards eligible customers with rate discounts, but look out for climbing APRs and early closure fees. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Loan Features - 4 / 5. Customers praised the bank’s wide physical presence and personalized service, while many others complained about their experience. 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. to us. Verify your identity in the app now to sign in to Online Banking. Not available in: AK, HI, MO, NH, NM, NY, SD, WV. 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. Most banks, including Bank of America, use The Wall Street Journal prime rate as the index for HELOCs. 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 … finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. 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. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. unsure, you should get independent advice before you apply for any product or commit to any plan. 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