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Frequently asked questions

  • What can I do online with my home equity account?

    Once signed in to Online Banking, you will be able to do things like:

    • Check your account balance and available credit line
    • Confirm your next payment amount and due date
    • Make a payment
    • Transfer funds to your Bank of America checking or savings account
    • Pay bills directly from your home equity line of credit with the Bill Pay option
  • How can I access the money in my Bank of America home equity account?

    There are several ways you can borrow from your home equity line of credit:

    • Sign in to Online Banking and select the Transfer tab
    • Use a home equity line of credit check or Visa Access card
    • Visit a financial center
    • Call 800.934.5626, Monday through Friday 8 a.m. to 9 p.m. ET
  • Where can I get year-end tax information?

    Bank of America mails you a 1098 form if interest paid on your home equity account is $600 or greater for the year. For amounts less than $600, please review your regular statements or see below for more information.

     Information available online for your home equity account varies depending on the type of account and when it was opened. Sign in to Online Banking and select your home equity account to see the Account Details page.

    You will see one of these display options:

      Option A: a Summary tab and a Services tab or
      Option B: a Summary tab, a Statements tab, and a Services tab

    Option A:
    Look for the Interest Information section at the bottom of the account display on the Summary tab. You will see the amount of interest paid for last year.

    If you need additional assistance, please call us at 800.934.5626, Monday through Friday 8 a.m. to 9 p.m. local time.

    Option B:
    Select the Statements tab and look for the Year End statements section. Select the link to your 1098 tax form. To print these documents, select the Print this page link on the Year End Statement page. You may also access up to two years of Year End Statement information.

    If you need additional assistance, please call us at 800.669.6607, Monday through Friday 8 a.m. to 9 p.m. local time, and one of our Call Center Associates will be able to resend the statement by mail.

  • How do I reorder home equity checks?

    Ordering checks online is not an available option for home equity lines of credit. You can request more checks by visiting any financial center or by calling us at 800.934.5626, Monday through Friday 8 a.m. to 9 p.m. local time.

  • How do I make a payment to my home equity line of credit?

    You can make a payment to your home equity account by using any of the following:

    • Transfer funds within Online Banking
    • Set up automatic payments online or at any banking center
    • Use Bill Pay to make monthly payments
    • Call us at 800.934.5626, Monday through Friday 8 a.m. to 9 p.m. local time
  • How do I transfer funds within Online Banking?
    • Sign in to Online Banking
    • Select the Transfer tab
    • Choose your home equity account as the "Transfer To" account, then press Continue
    • Select the Regular Payment or Principal Only option

    The Frequency option lets you choose how often the payment takes place; for example, once a month or once a week.

  • Can I fix the interest rate on all or part of my home equity line of credit?

    Yes. With our Fixed-Rate Loan option, you have the option to convert all or a portion of your variable-rate balance to a fixed-rate without any conversion fee ($5,000 minimum). This allows you to pay down principal while enjoying a predictable monthly payment for the life of the loan.

  • How do I lock in a Fixed-Rate Loan Option?

    You can schedule an appointment to speak one on one with a specialist at a financial center or call us at 800.934.5626 (Mon.-Fri. 8 a.m.-9 p.m. local time).

  • Can I switch from a Fixed-Rate Loan Option to a variable rate on my home equity account to reduce my interest rate or payment?

    Yes, You can schedule an appointment to speak one on one with a specialist at a financial center or call us at 800.934.5626 (Mon.-Fri. 7 a.m.-7 p.m. local time).

  • How can I obtain a copy of my home equity statement?

    After signing in to Online Banking, go to the Help & Support menu, select Contact us, choose a topic and then click Send a message. You can also order copies of your statements by visiting any banking center or by calling us at 800.934.5626, Monday through Friday 8 a.m. to 9 p.m. local time.

    In addition, some home equity accounts allow you to print out copies of your statements from within Online Banking.

  • What happens if I am unable to make my payment?

    If you are unable to make your payment for any reason, please contact us at 800.451.6362, Monday through Friday 8 a.m. to 9 p.m. ET.

     

     Visit Online Banking for more service information.

  • What is the draw period and what happens at end of draw?

    The draw period (or borrow period) is the period of time during which you can access your funds to pay for expenses with your home equity line of credit.  Depending on the terms, typically the draw period will be up to 10 years after which you will reach end of draw, and no longer be able to borrow against your home equity line of credit.

    Learn how to prepare for end of draw

  • What happens when I pay my balance to zero?

    If your HELOC is in the repayment period, the account will be closed once the final balance is received.

    If your HELOC is in a draw period, you may continue to draw on your available credit. You may also request to have your HELOC closed by contacting customer service at 800.934.5626.

  • What is the difference between a payoff and a paydown?

    A payoff brings the balance to zero, closes the HELOC, and releases the lien. A paydown will also bring the account to zero, but the HELOC will be left open for further draws if it is still within the draw period. Please reference payoff or paydown with your payoff funds to ensure proper handling and timely processing.

  • What is a payoff statement?

    A payoff statement itemizes the amounts required to fully satisfy all obligations secured by the loan that is the subject of the payoff request. This written statement is prepared in response to a customer or an authorized third party (ATP) request.

  • Will I be charged a fee for a payoff statement?

    A fee may apply if you or an authorized third party (ATP) would like the payoff statement faxed. There is no charge for a mailed payoff statement.

  • How can I see how my payoff was applied to my account?

    You can contact customer service at 800.934.5626 and request a payoff breakdown.

  • When should I expect my overage check?

    If there is an overpayment, a refund check for any additional amount will be sent within 14 business days. This ensures funds received have been sufficient to fully satisfy the payoff.

  • How do I payoff a loan that belongs to a deceased customer?

    Please contact customer service at 800.934.5626 for assistance.

  • Why did Bank of America return my payoff funds?

    There may have been an issue with your payoff. Please contact customer service at 800.934.5626 for further details.

  • How can I request a copy of my lien release?

    A lien release is a document stating your HELOC is paid in full. Your county will record the lien release after we notify and send them all applicable documents. Please contact your county recorder's office for a copy of the lien release.

Call customer service

  • Home equity accounts

    800.934.5626

    Monday –Friday
    8 a.m.–9 p.m. ET