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Home Equity

Home Equity Loans

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If you need a specific amount of money right away for large expenses and want a predictable monthly payment, a home equity loan could be the right option for you.

What is a home equity loan?

A home equity loan is secured by your home and enables you to access your available equity in the form of a single payout and a fixed interest rate with fixed monthly payments. Unlike a home equity line of credit (HELOC), your home equity loan proceeds are paid out as a one-time lump sum, and you can't borrow funds on the loan again, even if you repay them.

Home equity loans could be a good way to pay for home improvements or other large expenses, or to consolidate higher-interest rate debt (such as credit cards).Footnote 1

Want to view home equity loan features and HELOC features side by side? Compare a home equity loan vs. home equity line of credit

Today’s home equity rates

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Home equity loan basic features

  • Features a fixed interest rate, with fixed monthly Glossary Term: principal and interest payments
  • Fixed Glossary Term: term ranging from 3 to 25 years
  • Minimum loan amount: $25,000
  • Maximum loan amount: $500,000 (primary residence) and $100,000 (second/vacation home)

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.

Interest rate discountsFootnote 1

You could get a reduction of up to 0.25% off your fixed 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)

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

You can get an idea of rates for the amount you're thinking about borrowing by using our home equity loan calculator.

Fees and closing costsFootnote 1

  • No application fee
  • No closing cost on home equity loans of $500,000 or less

Apply now or contact us