Bank of America offers HELOC with 2.74% Intro APR for 12 Months. We apologize for any inconvenience. All rights reserved. Say your bank charges you 1.5 points over the prime rate for your HELOC, or 4.75 percent as of early April. ET. Member FDIC. We keep our reviews completely factual so you can use them to make better decisions. This is not a commitment to lend. We may also receive payment if you click on certain links posted on our site. No. Like with all HELOC loans, you only pay interest on the amount of money you take out. Credit and collateral are subject to approval. Programs, rates, terms and conditions are subject to change without notice. Bank of America: Home Equity Loan Rates. Finder is committed to editorial independence. Get an instant home valuation. To switch to steady monthly payments, convert all or part of your variable-rate balance to a fixed-rate during the draw period. If you opt out, though, you may still receive generic advertising. 32 East 31st Street, 4th Floor, 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. 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. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%.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 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. We may receive compensation from our partners for placement of their products or services. 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 offers loans up to $1 million or up to 85% of the value of your home — more than other lenders. Equal Housing Lender new window. Optional, only if you want us to follow up with you. Read the full methodology of how we rate home loan providers. 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). The bank’s customer service representatives will be able to discuss your specific needs if you call, and are full of useful information. 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. New York, NY, 10016. View mortgage, refinance and home equity rates from multiple lenders and apply online. Customers praised the bank’s wide physical presence and personalized service, while many others complained about their experience. And those who qualify can reduce their rate even further under the following conditions: 1. Upload any necessary documents and submit your application. These factors include: rates and fees, product selection and borrower experience. Bank of America offers a great discounted rate for homeowners who open a HELOC, especially if they are already Bank of America customers. Select the Home Equity Assumptions link for information about these discounts, important loan disclosures and additional loan assumptions. 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. Rate also includes automatic payment and initial draw discounts. Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Finder.com is an independent comparison platform and If you prefer that we do not use this information, you may opt out of online behavioral advertising. Maximum HELOC: $1,000,000. While, Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance. Home equity line of credit (HELOC) Bank of America’s HELOC has a minimum credit line amount of $25,000. HELOC Annual Fees: $0. If you are How much is my home worth? If you want to set up automatic payments, you can do that online or at any financial center. You’ll need to visit a financial center or call customer service at 800-934-5626. We've selected the best HELOC … 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. 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