The number of percentage points the lender adds to or subtracts from the index rate to determine the interest rate.
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If you need the flexibility of access to funds for large expenses, now and in the future, a home equity line of credit (HELOC) could be the right option for you.
What is a home equity line of credit?
A home equity line of credit, also known as a HELOC, is secured by your home and allows you to access the available equity you have in your home. With a HELOC, you can borrow as much or as little as you need, whenever you need it, up to a credit limit established at closing. As you repay your outstanding balance, the amount of available credit is replenished, which means you can borrow against it again, if needed, throughout your draw period.
Popular HELOC uses include making home improvements that might increase the value of your home and consolidating higher-interest rate debt on other loans (such as credit cards and auto loans).Footnote 1
Want to view HELOC features and home equity loan features side by side? Compare a home equity loan vs. home equity line of credit.
Note: A home equity line of credit is not available on Glossary Term: investment or rental homes.
About HELOC rates:
You could get a reduction of up to 0.50% off your variable interest rate:
An additional discount is available for having an eligible relationship status with Bank of America at the time of home equity application. (Contact us for details.)
You can get estimated home equity line of credit of rates for the amount you need to borrow, up to $500,000 by using our home equity calculator.
There are a number of convenient ways to access your funds:
You can choose a payment option to fit your budget (actual payment amounts are based on the outstanding balance of your HELOC):