The number of percentage points the lender adds to or subtracts from the index rate to determine the interest rate adjustments. The margin is constant throughout the life of the mortgage and is specified in the promissory note.
The Variable Annual Percentage Rate (APR) for home equity lines of credit is based on an index such as The Wall Street Journal Prime Rate plus a margin popup and will vary with changes in the Prime Rate. Your APR will not exceed 24% or go below 1.99% at any time during the term of your account. Please refer to the terms of your home equity line of credit agreement for information regarding your index and margin, and the method used to calculate your APR.
Please consult your tax advisor regarding interest deductibility.
You can use your Bank of America home equity line of credit available balance to consolidate debt, such as installment loans and credit cards that are held at most financial institutions by using Online Bill Pay (in addition to using your HELOC access checks). Online Bill Pay cannot be used to pay debts that are owed to individuals.
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.
There is no fee to transfer from your existing home equity line of credit up to the amount of your credit limit.
The terms of your existing home equity line of credit agreement continue to apply. Finance charges begin on the date a transfer posts to your Bank of America account.
Bank of America reserves the right to reject or return transfers as described in your home equity line of credit agreement.
If your transfer is approved, it may take up to 10 business days for your creditor to receive a transfer payment, and you must allow additional time for your creditor to apply the payment to your account(s). It is your responsibility to timely make any required payments that may become due on your account(s). If you wish to maintain other credit account(s), it is your responsibility to continue to make any required payments. If you choose to close other credit account(s), it is your responsibility to do so. Bank of America is not responsible for any charges you may incur on your other accounts as a result of a transfer.
If you have a dispute with a creditor and pay that balance by transferring it to your Bank of America account, you may lose certain dispute rights.
Additional information for Texas collateral: Home equity lines secured by a primary residence homestead property in Texas for the purpose of obtaining cash, or refinancing a prior Texas (a)(6) lien are subject to Article 16, Section 50(a)(6) of the Texas Constitution, and the following exception applies: the minimum advance amount on the line of credit is $4,000.
The number of percentage points the lender adds to or subtracts from the index rate to determine the interest rate adjustments. The margin is constant throughout the life of the mortgage and is specified in the promissory note.