Home Equity
Loans
How Easy To Get One?
Enjoy a low fixed rate and no fees with Bank of America
Get cash in one up-front payment that's perfect for consolidating debts, paying for home improvements, or making a big purchase.
Save with:
- No application fee
- No annual fee
- No closing costs
Take advantage of a fixed interest rate and set payment that won't change for the life of your loan.
Sign up for a free checking account when you apply online for a home equity line of credit or loan and get .25% off your rate.3
Get another .25% off when you automatically deduct payments from the account.
Compare home equity lines of credit and home equity loans
| Home Equity Line of Credit | Home Equity Loan | |
| Who is it for? Choose this option if: | You want the flexibility to borrow when and how you want. You want to be able to reuse the money as you pay down your line of credit. | You want fixed payments for a fixed period of time. |
| Interest rate | Adjustable Set a fixed rate on a portion of your outstanding Home Equity Line of Credit balances with the Fixed-Rate Option | Fixed |
| Maximum term | 10 year draw period followed by an additional 15 year repayment period | Up to 25 years |
| Closing costs | No closing costs | No closing costs |
| Annual fee | None | None |
| Payment options | Flexible interest only or principal plus interest payment options available Fixed monthly payments | Fixed monthly payments |
| Automatic payment from Bank of America checking or savings account | Available with a rate discount | Available with a rate discount |
| Additional Discounts | Available | Available |
| Tax deductibility | Interest may be tax deductible | Interest may be tax deductible |
| Access to funds | Convenience checks Online Banking Banking Centers | Funds disbursed in a single check or an electronic transfer into the account of your choice. |
Apply online now for a home equity loan. Apply now.
Footnotes
1. Credit is subject to approval and certain restrictions may apply. Programs, rates, terms and conditions may change at any time.
2. You may convert any or all of your variable rate principal balance to a fixed rate & fixed payment option. The minimum amount which can be converted is $5,000. There is no fee to convert to a fixed rate option.
3. Bank pays all closing costs on lines up to and including $500,000. For lines above $500,000, customer pays appraisal, title, and any applicable government stamps and taxes. South Carolina borrowers pay attorney fees regardless of line size. Charges for late payments and returned items still apply.
4. Bank pays all closing costs on loans, regardless of size, in CT, ME, MA, NH, NJ, NY, PA, and RI. In other states, Bank pays all closing costs on loans up to and including $500,000, with a limit on attorney fees of $300 in South Carolina. For loans above $500,000, customer pays all closing costs, including all attorney fees for South Carolina properties. Charges for late payments and returned items still apply.
5. If you are currently a customer with one of the following relationships/accounts, an additional discount may be available on your home equity line of credit or loan: Advantage®, Preferred, Money Manager, Premier Banking, Small Business Banking, First Mortgage with Bank of America, Bank of America at Work or Bank of America Direct Benefits. Automatic payment from a Bank of America Account is required to receive Bank of America at Work or Bank of America Direct Benefits discount. For line amounts of $25,000 or more, rate reduction may be available for a draw or balance transfer of $25,000 or more at closing.
6. Consult your tax advisor and IRS Publication 936 (Home Mortgage Interest Deduction) regarding interest deductibility.
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