Social Security number for you and your co-borrower if you have one, Details about your homeowners insurance and property taxes, Driver’s license or government-issued photo ID. We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. primary residence), estimated value and how much you’re hoping to borrow. Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors. Or, hop online to schedule an appointment at a financial center. The following discounts are available on a new home equity line of credit (HELOC): (1) an “auto pay” discount of 0.25% for setting up automatic payment (at or prior to HELOC account opening) and maintaining such automatic payments from an eligible Bank of America deposit account; (2) an “initial draw” discount of 0.05% for every $10,000 initially withdrawn at account opening (up to 0.75% for … The index, and consequently your HELOC interest rate and required payment, can move up or down. Say your bank charges you 1.5 points over the prime rate for your HELOC, or 4.75 percent as of early April. By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if youâve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. Select the Home Equity Assumptions link for information about these discounts, important loan disclosures and additional loan assumptions. Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments. Automatic payment from a checking account (or savings account) discount of 0.25% 2. {{ percentage rates.product.promoOffer.introRateAmount }}, Special Introductory variable APRVariable APR Disclosures† for 12 months, {{ percentage rates.product.currentAPR }}, Variable APRVariable APR Disclosures† after the introductory period, (based on rates as of {{ date rates.product.effectiveDate }} and can change), This rate includes discounts of {{ percentage rates.product.defaultDiscountRate }} for automatic payment and {{ percentage rates.product.udeDiscountRate }} for a $60,000 initial withdrawalVariable APR Disclosures†, † Home equity assumptions (discount information plus disclosures and additional assumptions) based on a $100,000 line of credit. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender. It also rewards eligible customers with rate discounts, but look out for climbing APRs and early closure fees. Bank of America offers a great discounted rate for homeowners who open a HELOC, especially if they are already Bank of America customers. View mortgage, refinance and home equity rates from multiple lenders and apply online. And those who qualify can reduce their rate even further under the following conditions: 1. Learn more about fixed-rate HELOC options from Bank of America. We may rely on information that is provided 2. These ads are based on your specific account relationships with us. Ameris Bank will pay your closing costs—up to $2,000 1; Affordable annual fee of $50; No origination fee; Competitive interest rate; Monthly payment plan; Interest-only payment option; Consult your tax advisor regarding the deductibility of interest and charges; How A HELOC works: A HELOC is a revolving line of credit. For initial loan withdrawals, borrowers enjoy up to 1.50% off their interest rate. New York, NY, 10016. ET. Most banks, including Bank of America, use The Wall Street Journal prime rate as the index for HELOCs. This is not a commitment to lend. With Bank of America, you can typically borrow up to 85% of your home’s equity — which is more than many traditional lenders. The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. 3 Consolidate your debt Since the interest rate on your home equity line of credit may be lower than those of your other loans, you might consider using it to consolidate your debt. To switch to steady monthly payments, convert all or part of your variable-rate balance to a fixed-rate during the draw period. The easiest way to apply is online. Application Fee. To ensure you have the most up to date information, you should verify relevant information Get an instant home valuation. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties). finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. But if you’re looking for a low maximum interest rate, BOA is not your bank — its lifetime interest rates are capped at 24%. The maximum line amount is $1 million for your … Get competitive rates from multiple lenders at once. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider. The interest rate is variable and follows the prime rate, but if for any reason you would like to freeze your interest rate, Bank of America can do so for a limited time. HELOC Amounts Annual Fees Draw Period Repayment Period; U.S. Bank: Best Overall: $15,000 to $750,000 ($1 million in California) Up to $90 (can be waived) 10 years: 20 years: PenFed: Best Credit Union: $25,000 to $500,000: Up to $99 (can be waived) 10 years: 20 years: Bank of America: Best for Low Fees: $25,000 to $1 million: $0: 10 years: 20 years: PNC Bank Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. We keep our reviews completely factual so you can use them to make better decisions. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. Finder® is a registered trademark of Hive Empire Pty Ltd, and is used under license by Bank of America is for borrowers looking for high-dollar HELOCs. The application will ask for the following. Our experienced lending specialists are ready to help you with your financing needs: Set up and maintain automatic monthly payments from your Bank of America checking or savings account and receive a 0.25% interest rate discount (does not apply to Bill Pay service). The promotional rates apply up to five Fixed Rate Equity Loan Options (FRELO) during the draw period of your HELOC; it is available to existing and to new owner-occupant EEX accounts with an advance on the line of at least the minimum loan amount and automatic payment from an ASB checking account. We may also receive payment if you click on certain links posted on our site. Find another loan officer to help you with a mortgage refinance. The following discounts are available on a new home equity line of credit (HELOC): (1) an “auto pay” discount of 0.25% for setting up automatic payment (at or prior to HELOC account opening) and maintaining such automatic payments from an eligible Bank of America deposit account; (2) an “initial draw” discount of 0.05% for every $10,000 initially withdrawn at account opening (up to 0.75% for … Maximum HELOC: $1,000,000. The bank is tight-lipped on its eligibility requirements, though it does say borrowers need a loan-to-value ratio of 80% or less. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Accuracy is not guaranteed and products may not be available for your situation. 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