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Home Equity

Fixed-Rate Home Equity Loan

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Lock in a fixed-rate loan

If you like the predictability of fixed payments, consider a fixed-rate home equity loan option. A fixed-rate loan option is a convenient way to convert all or a portion of your variable-rate home equity line of credit (HELOC) balance to a fixed-rate loan.

Converting to a fixed rate that will not change for the life of your loan keeps your rate and payment stable and protects you from potential rising interest rates. You choose the amount (a minimum of $5,000) and the terms.Footnote 1

Here’s how you can take advantage of the fixed-rate home equity loan option:

  • Lock in a rate for all or a portion of your current outstanding HELOC variable-rate balance
  • Transfer credit card or installment loan balances from other financial institutions to your HELOC and set up a fixed-rate loan for the balancesFootnote 1
  • Transfer funds from your HELOC into your Bank of America deposit accounts and then lock the outstanding balance on the HELOC into a fixed-rate loan

Benefits of the fixed-rate loan option include:

  • Predictable monthly payments that stay the same for the life of your loan
  • No fees to convert to a fixed-rate loanFootnote 1
  • Flexibility of maintaining up to 3 fixed-rate loan options at one time

Getting started is easy
To find out more, call us at 1.800.934.5626


Total home equity line of credit: $40,000

Pie chart example for home equity line of credit: $40,000. Outstanding balances share $5,000. Available Credit share: $8,500. Kitchen remodel fixed rate loan share: $26,500.

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