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Home Equity

Home Equity Line of Credit Fixed-Rate Loan Option

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Learn about a Fixed-Rate Loan Option

If you like the predictability of fixed payments, consider a Fixed-Rate Loan Option. A Fixed-Rate Loan Option is a convenient way to convert a portion of your variable-rate home equity line of credit (HELOC) balance to a fixed rate.

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 HELOC Fixed-Rate Loan Option:

  • Lock in a rate for 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 Option for the balancesFootnote 1
  • Transfer funds from your HELOC into your Bank of America deposit accounts and then convert the outstanding balance on the HELOC into a Fixed-Rate Loan Option

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 Loan OptionFootnote 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 HELOC: $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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