Skip to main content
Home Equity

Home Equity Loans vs. Lines of Credit

Get started online.

Apply

apply-link

Apply

apply-link

Home equity line of credit (HELOC)

Home equity loan

Rates Dropdown
Go get new rates

Variable rate

  • Variable interest rate based on The Wall Street Journal prime rate plus a Glossary Term: margin
  • Ability to fix the interest rate—and therefore the monthly payments—on your outstanding variable-rate balance by converting to a Glossary Term: Fixed-Rate Loan Option after you've drawn from your HELOC

Sample rates are for illustrative purposes only, assumes a borrower with excellent credit, property located in state selected above, and is subject to change without notice. Accuracy is not guaranteed and products may not be available for your situation.

Sample rates shown are not reflective of a discounted introductory rate.

Rate as of 05/29/2015
Home Equity AssumptionsOpens in a new window

Fixed rate with a 25-year term

Fixed interest rate

Sample rates are for illustrative purposes only, assumes a borrower with excellent credit, property located in state selected above, and is subject to change without notice. Accuracy is not guaranteed and products may not be available for your situation.

Rate as of 05/29/2015
Home Equity AssumptionsOpens in a new window

Who it’s for

Those who need access to funds now and in the future

Note: A home equity line of credit is not available on Glossary Term: investment or rental homes.

Those who need a specific amount for an immediate need

Note: A home equity loan is not available as a first mortgage or lien, and is not available on Glossary Term: investment or rental homes. If you need a fixed-rate loan to pay off your current mortgage or do not have a first mortgage, learn about mortgage refinancing.

Great option if

You want to receive your funds all at once and/or want the flexibility to use your credit any time

You want to receive all of your funds up-front and/or prefer to always pay your loan in fixed payments over a fixed period of time

Payment options

  • Variable-rate monthly minimum payments that include principal and interest
  • Convert outstanding variable-rate balance to a Glossary Term: Fixed-Rate Loan Option, which provides a predictable monthly payment that pays down both the outstanding balance and accrued interest

Note: Actual payment amounts are based on the outstanding balance of your HELOC

Fixed-rate monthly minimum payments that include principal and interest

Fees and closing costsFootnote1

  • No application fee
  • No closing cost on HELOCs with a credit limit of $500,000 or less
  • No fees to make transfers via Online Banking
  • No fee to convert your variable rate balance to a Fixed-Rate Loan Option
  • No application fee
  • No closing cost on home equity loans of $500,000 or less

DiscountsFootnote1

You could get the following discounts off your variable interest rate:

  • An interest rate discount of 0.25% when your monthly payment is automatically deducted from your Bank of America checking or savings account (This does not apply to Bill Pay service.)
  • An interest rate discount of 0.125% to 0.375% for Preferred Rewards clients on a new home equity loan or line of creditFootnote2 Learn more about preferred rewards
  • An interest rate discount for drawing an initial qualifying balance at closing and maintaining that qualifying balance for at least the first 3 full billing cycles (Ask us to learn more about this option.)


You could get the following discounts off your fixed interest rate:

  • An interest rate discount of 0.25% when your monthly payment is automatically deducted from your Bank of America checking or savings account (This does not apply to Bill Pay service.)
  • An interest rate discount of 0.125% to 0.375% for Preferred Rewards clients on a new home equity loan or line of creditFootnote2 Learn more about preferred rewards

10-year draw period, followed by a 20-year repayment period

Fixed terms available from 3 to 25 years

Access to fundsFootnote1

  • 24/7 access with Online Banking
  • Home Equity Line of Credit Visa® access card
  • Request a transfer by phone (available for most accounts)
  • Bank of America ATMs
  • Convenience checks
  • Banking centers

Funds are paid out by check and/or an electronic transfer to the account(s) of your choice

Tax-deductible interestFootnote1

Interest is usually tax-deductible

Interest is usually tax-deductible

Close  the preferred rewards slider window

Benefits and rewards that grow with your balances

Close the slider window.

Apply now or contact us