They stopped offering home equity loans in 2015, which makes it difficult to do a genuine apples-to-apples comparison to other lenders. Bank of America, N.A. No. 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. 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. Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender. Programs, rates, terms and conditions are subject to change without notice. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews. Make the most of your HELOC with these tips: Convert to a fixed-rate. Compare home values and connect with local professionals. You agree we may use an auto-dialer to reach you. This Big Four bank offers HELOCs from $25,000 up to $1 million and $500,000 on second homes. Mon-Fri 8 a.m.–10 p.m. ETSat 8 a.m.-6:30 p.m. Eligible borrowers can open a HELOC between $15,000 and $1 million on a primary residence, and $500,000 on a secondary residence. Does Bank of America offer home equity loans? 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. Even though the LIBOR index adjusts frequently, Bank of America adjustable-rate mortgages only adjust annually after the initial fixed-rate period expires. 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. Liens currently in senior position (1st mortgage). Customers praised the bank’s wide physical presence and personalized service, while many others complained about their experience. If you're enrolled in this security feature, we sent a notification to your registered device. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Rate also includes automatic payment and initial draw discounts. 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 … 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. Minimum HELOC: $25,000. primary residence), estimated value and how much you’re hoping to borrow. 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 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. Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments. Bank of America does not offer and will not consider subordination requests for: 1. Hover over. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Fill out the form with your employment information, income and financial assets. The index, and consequently your HELOC interest rate and required payment, can move up or down. To ensure you have the most up to date information, you should verify relevant information You can reach the team by: No. 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 … The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. When a mortgage balance is paid down and the market value of the home increases over time, home equity is created. 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). Finder.com LLC. We strive to provide you with information about products and services you might find interesting and useful. Bank of America offers three different debt instruments that allow homeowners to use the equity accumulated in their home: cash-out refinancing, … 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%). HELOC Annual Fees: $0. Equal Housing Lender new window. Find out if a Fixed-Rate Loan Option could help meet your home equity needs. Find another loan officer to help you with a mortgage refinance. The bank is tight-lipped on its eligibility requirements, though it does say borrowers need a loan-to-value ratio of 80% or less. 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 application will ask for the following. Loan Features - 4 / 5. Get an instant home valuation. Bank of America Home Equity Line of Credit – 2.74% Intro APR for 12 Months. The easiest way to apply is online. We've selected the best HELOC … View mortgage, refinance and home equity rates from multiple lenders and apply online. We're unable to display rates at this time. If you want to set up automatic payments, you can do that online or at any financial center. All rights reserved. Bank of America offers a great discounted rate for homeowners who open a HELOC, especially if they are already Bank of America customers. 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. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Bank of America: Home Equity Loan Rates. to us. Application Fee. We may also receive payment if you click on certain links posted on our site. Upload any necessary documents and submit your application. That said, these reviews aren’t specific to the home loans division. 32 East 31st Street, 4th Floor, No hidden fees, multiple loan terms, and member discounts available. 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). 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 … 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. 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. It offers loans up to $1 million or up to 85% of the value of your home — more than other lenders. Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. 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. Automatic payment from a checking account (or savings account) discount of 0.25% 2. 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. For initial loan withdrawals, borrowers enjoy up to 1.50% off their interest rate. with the product or service provider and understand the information they provide. Relationship-based ads and online behavioral advertising help us do that. Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance. Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV. This is not a commitment to lend. © 2020 Bank of America Corporation. New York, NY, 10016. information service that aims to provide you with information to help you make better decisions. While, Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance. Katia Iervasi is a staff writer who hails from Australia and now calls New York home. 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. Application Fee: Free. 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. Bank of America is for borrowers looking for high-dollar HELOCs. We may also receive compensation if you click on certain links posted on our site. We keep our reviews completely factual so you can use them to make better decisions. Find out more about available home equity credit line rates and start your online application now! Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. Preferred Rewards® clients get an interest rate discount of 0.125% (Gold tier), 0.25% (Platinum tier) and 0.375% (Platinum Honors tier). The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. 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. ET. 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. Select the Home Equity Assumptions link for information about these discounts, important loan disclosures and additional loan assumptions. Connect with vetted lenders quickly through this free online marketplace. Say your bank charges you 1.5 points over the prime rate for your HELOC, or 4.75 percent as of early April. *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 apologize for any inconvenience. unsure, you should get independent advice before you apply for any product or commit to any plan. Waived Fees: Closing Fee. We may receive payment from our affiliates for featured placement of their products or services. 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. We strive to ensure our content is clear and honest. Terms and conditions apply. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Like with all HELOC loans, you only pay interest on the amount of money you take out. 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. It also rewards eligible customers with rate discounts, but look out for climbing APRs and early closure fees. 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). finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. Bank of America’s rates and fees for a HELOC are relatively standard for the industry. 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. Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply). You can call 800-934-5626, use BillPay or transfer funds via online banking. A home loan officer will take over the application and reach out about the next steps. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider. The minimum amount that can be converted is $5,000. Member FDIC. On TrustPilot, Bank of America has a 2-star rating based on 51 reviews. Maximum HELOC: $1,000,000. Cash-out Refinance Terms : 5/1 Arm Variable, 15/30 Year Fixed. 2. To switch to steady monthly payments, convert all or part of your variable-rate balance to a fixed-rate during the draw period. 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 … Rate adjustments that is provided to us do that online or at any financial center to provide product service.: DE, HI, KY, MD, NY, SC, TX UT., after which the rate goes up on 250 reviews — standard for a traditional with... Including bank of America customers or commit to any plan the app now to sign in online! Independent comparison platform and information service that aims to provide you with a traditional mortgage best rates reserved! 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