Home Equity Assumptions

• This invitation to apply is available for new applications submitted between 3/1/21-7/31/21.
• APR During the Introductory Period: The variable Introductory APR is based on The Wall Street Journal Prime Rate ("Prime") minus a discount. Prime may change at any time and is subject to change without notice. If Prime increases or decreases during the Introductory Period, the variable Introductory APR and minimum required payment will correspondingly change. The 6-month Introductory Period begins on the date of account opening. No customer or other discounts are available during the Introductory Period.
• APR After the Introductory Period: After the Introductory Period ends, any and all remaining balances will automatically convert to the variable APR per the terms of the HELOC agreement. The variable APR is based on Prime plus a margin, and will vary with Prime. Your APR will not exceed 24% or go below 1.99% at any time during the term of your account. Sample APR assumes a new $100,000 HELOC in second lien position with a combined loan-to-value (CLTV) ratio of up to 70% on an owner-occupied single family detached primary residence and a borrower with excellent credit. APR may vary based on initial draw, actual CLTV, property value, property location, line amount and other factors. The term of a HELOC is 30 years: 10-year draw period, 20-year repayment period. Property insurance is always required and flood insurance is required where necessary. Certain property types are not eligible collateral. The variable minimum monthly payment will be an amount sufficient to repay the outstanding balance in principal and interest payments over the remaining term at the applicable APR, subject to a minimum payment of at least $100. The minimum line amount is generally $25,000, but lines as low as $15,000 are available in certain locations. The maximum line amount is generally $1,000,000, but may be $500,000 in certain locations. Bank of America pays all closing costs on lines up to and including $1,000,000. If you terminate your account within 36 months of opening it, you will be required to pay an Early Closure Fee consisting of (1) a $450 base fee, plus (2) any mortgage and government taxes, recording fees, and any closing agent or attorney fees Bank of America paid on your behalf. The Early Closure Fee does not apply for accounts with a maximum line amount less than $25,000 or for properties located in Maryland. The combined amount of all third-party fees generally ranges from $452 to $2,295 for a $50,000 line of credit and $452 to $3,320 for a $100,000 line of credit.
  
  Additional Information for HELOCs in Texas subject to Section 50(a)(6) of the Texas Constitution: Early Closure Fee does not apply. The minimum advance is $4,000, maximum CLTV is typically 80% and maximum LTV is typically 80%. Access to the HELOC account using an ATM card or other access cards is not allowed.

• Sample APR includes the following discounts:
  
  (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 {{ percentage rates.product.udeDiscountRate }} for drawing a minimum of $60,000 at HELOC account opening and maintaining a minimum balance of $60,000 for at least the first 3 full billing cycles (less any required principal payments)
  
  (3) a "relationship" discount of {{ params.preferredRewardsRateDiscount }}, which assumes eligibility for the Preferred Rewards {{ params.preferredType }} at the time of application

• Fixed-Rate Loan Option at account opening: The minimum line of credit amount withdrawn at account opening that can be converted to a fixed rate is $5,000 and the maximum that can be converted is 90% of the maximum line amount. The minimum term is 1 year, and the maximum loan term will not exceed the account maturity date.
• Fixed-Rate Loan Option during loan term: You may convert all or a portion of your outstanding variable-rate balance into a Fixed-Rate Loan Option resulting in a fixed rate and fixed payment. The minimum withdrawal from an existing HELOC that can be converted is $5,000. The minimum term is 1 year, and the maximum loan term will not exceed the account maturity date.
• No more than three Fixed-Rate Loan Options may be open at one time.
• There is no fee to convert to the Fixed-Rate Loan Option.
• Rates for the Fixed-Rate Loan Option are typically higher than variable rates on the HELOC account.
• Minimum payment due on a Fixed-Rate Loan Option includes principal and interest in fixed monthly payments.
• As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate.

You may access funds in your home equity line of credit account by:

• Writing home equity line convenience checks
• Going in person to a Bank of America financial center
• Telephone
• Online Banking
• Using your Bank of America ATM card at a Bank of America ATM
  (Some states do not allow access to a home equity line of credit account using an ATM card or other access cards.)