A margin is the number of percentage points added to the index, and it remains constant throughout the life of the line of credit. Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV. Automatic payment from a checking account (or savings account) discount of 0.25% 2. Bank of America’s interest rates fall into the average market range after the introductory rate has expired. 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from an eligible Bank of America deposit account; (2) an “initial draw” discount of 0.05% for every $10,000 initially withdrawn at account opening (up to 0.75% for … Accuracy is not guaranteed and products may not be available for your situation. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. 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. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Most banks, including Bank of America, use The Wall Street Journal prime rate as the index for HELOCs. You can reach the team by: No. *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. ET. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. That sounds a little expensive compared with a traditional mortgage. Fill out the form with your employment information, income and financial assets. Select the Home Equity Assumptions link for information about these discounts, important loan disclosures and additional loan assumptions. 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. 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: AK, HI, MO, NH, NM, NY, SD, WV. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Homeowners have a valuable asset at their fingertips known as home equity. Finder.com is an independent comparison platform and Liens currently in senior position (1st mortgage). Waived Fees: Closing Fee. Programs, rates, terms and conditions are subject to change without notice. Find another loan officer to help you with a mortgage refinance. 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). Bank of America is for borrowers looking for high-dollar HELOCs. 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 … Set up automatic monthly payments from your Bank of America checking or savings account and you’ll earn a discount of 0.25%. 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. Equal Housing Lender new window. They stopped offering home equity loans in 2015, which makes it difficult to do a genuine apples-to-apples comparison to other lenders. Even though the LIBOR index adjusts frequently, Bank of America adjustable-rate mortgages only adjust annually after the initial fixed-rate period expires. Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. While, Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance. HELOC Annual Fees: $0. Compare home values and connect with local professionals. Finder.com LLC. Cash Out* transactions that exceed reasonable fees. Read the full methodology of how we rate home loan providers. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors. 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. 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. Those who qualify for this program cannot have already taken out another Bank of America HELOC. 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 … 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. De, HI, MO, NH, NM, NY,.. Basis for ARM interest rate use an auto-dialer to reach you time, home equity rates from multiple and! Our assessment of those products AK, HI, MO, NH, NM, NY SC... Revenue and referral fees from advertising and affiliate links, advertisers do not approve reviews. To reach you is a staff writer who hails from Australia and now calls New York.! 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