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Bank of America Private Bank, and Merrill clients should contact your Private Client Advisor, Private Client Manager, Merrill Advisor or client team for help and available pricing and guidelines, which are not reflected in the calculator results and/or loan assumptions below, and are not available when applying online.
Bank of America home equity lines of credit (HELOCs) are available in all 50 United States and the District of Columbia.
You are invited to apply for a Home Equity Line of Credit (HELOC). This is not a commitment to lend; you must submit additional information for review and approval. Rate(s) and Annual Percentage Rate(s) ("APR(s)") are for illustrative purposes only and are subject to change without notice.
If you terminate your account within 36 months of opening it, you will be required to pay an Early Closure fee of $450. The Early Closure Fee does not apply for accounts with a maximum line amount less than $25,000 or for properties located in Maryland. See section below for Additional Information for HELOCs in Texas.
Based on loan and discount assumptions used for online rates and payments
Line amount
$100,000
Initial withdrawal amount at account opening
$60,000
Variable annual percentage rate (APR)
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Includes the following discounts:
Auto payment discount
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Initial Draw discount
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Sample monthly payment amount
(Based on $60,000 draw only)
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Effective date
(All rates and terms subject to change without notice.)
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Rate and payment information are for {{ params.state }}. The monthly payment example assumes partial utilization of the line with variable-rate monthly minimum payments. For other rate and monthly payment estimates based on different assumed initial draw amounts, please contact us.
Home Equity
LINE OF CREDIT
Primary Residence
Texas (a)(6) Lien (homestead property)
Home Equity
LINE OF CREDIT
2nd Home
Not Texas (a)(6) Lien (non-homestead property)
Product Information
A line of credit on a primary residence homestead property in Texas for the sole purpose of obtaining cash (including debt consolidation) or refinancing a prior Texas (a)(6) lien. These liens are subject to Section 50(a)(6) of the Texas Constitution.
A line of credit in Texas for the sole purpose of refinancing (with no cash-out) an existing lien that is not a Texas (a)(6) lien under Section 50(a)(6) of the Texas Constitution. Second homes are not subject to Texas (a)(6) requirements.
Combined loan to value (CLTV)
Maximum CLTV is 80%.
Maximum CLTV is 80%.
Closing costs
Bank pays all closing costs.
Note: Bank of America cannot use a client's home equity funds to pay (in part or in full) Bank of America non-homestead debt at closing.
Bank pays all closing costs.
Early closure fee
Early closure fee is not allowed.
An early closure fee will be assessed if account is terminated within 36 months of opening. Early closure fee is $450 plus 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.
Advance (draw) requirement
Minimum draw is $4,000.
There is no minimum draw.
Home Equity LINE OF CREDIT Primary Residence Texas (a)(6) Lien (homestead property)
Product Information A line of credit on a primary residence homestead property in Texas for the sole purpose of obtaining cash (including debt consolidation) or refinancing a prior Texas (a)(6) lien. These liens are subject to Section 50(a)(6) of the Texas Constitution.
Combined loan to value (CLTV) Maximum CLTV is 80%.
Closing costs Bank pays all closing costs.
Note: Bank of America cannot use a client's home equity funds to pay (in part or in full) Bank of America non-homestead debt at closing.
Early closure fee Early closure fee is not allowed.
Advance (draw) requirement Minimum draw is $4,000.
Home Equity LINE OF CREDIT 2nd Home Not Texas (a)(6) Lien (non-homestead property)
Product Information A line of credit in Texas for the sole purpose of refinancing (with no cash-out) an existing lien that is not a Texas (a)(6) lien under Section 50(a)(6) of the Texas Constitution. Second homes are not subject to Texas (a)(6) requirements.
Combined loan to value (CLTV) Maximum CLTV is 80%.
Closing costs Bank pays all closing costs.
Early closure fee An early closure fee will be assessed if account is terminated within 36 months of opening. Early closure fee is $450 plus 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.
Advance (draw) requirement There is no minimum draw.
You may access funds in your home equity line of credit account by:
Please consult your tax advisor regarding interest deductibility.
The relative benefits of a loan for debt consolidation depend on your individual circumstances. For example, you may realize interest payment savings by making monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what was previously paid towards the higher rate debt(s) being consolidated.
[Texas (a)(6) liens only: A client's non-homestead debt with Bank of America cannot be paid at closing by Bank of America using funds from a Bank of America home equity account. Non-homestead debt includes, but is not limited to, credit card, auto, boat, recreational vehicle or unsecured lines or loans.]