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Home Equity Lines of Credit

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.

Thinking about using the available equity in your home?

  • Home equity line of credit

    Variable APRFootnote
  • Get custom rates for home equity
    Go get rates for the selected state

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.

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Benefits and rewards that grow with your balances

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Home equity line of credit basic features

  • Offers a Glossary Term: variable rate
  • 10-year draw period, followed by a 15-year repayment period
  • Minimum line amount: $25,000
  • Maximum line amount: $500,000 (primary residence) and $100,000 (second/vacation home)

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

Home equity line of credit rates and discountsFootnote 1

About HELOC rates:

You could get a reduction of up to 0.50% off your variable interest rate:

  • 0.25% discount when your monthly payment is automatically deducted from your Bank of America checking or savings account (this does not apply to Bill Pay service)
  • 0.25% discount for drawing and maintaining a minimum $25,000 balance for the first 3 full billing cycles

Preferred Rewards clients get an additional 0.125% to 0.375% interest rate discount on a new home equity line of credit.Footnote2 Learn more about preferred rewards

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.

Funds and payments

There are a number of convenient ways to access your funds:

  • 24/7 access with Online Banking from Bank of America to transfer money to your Bank of America checking or savings account
  • Home Equity Line of Credit Visa® access cardFootnote 1 to use at any location where the Visa logo is accepted and at Bank of America ATMs
  • Transfer by phone to a Bank of America account (available for most accounts)
  • Convenience checks
  • Banking centers

You can choose a payment option to fit your budget (actual payment amounts are based on the outstanding balance of your HELOC):

Fees and closing costsFootnote 1

  • No closing cost on HELOCs with a credit limit of $500,000 or less
  • No fee to convert your variable-rate balance to a fixed-rate loan option
  • No fees to make transfers via Online Banking

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