As one of the largest banks in the country, Bank of America offers a wide range of products and services, especially when it comes to home equity, one of the most sought-after options by homeowners. If you’re looking for a reliable and solid credit option for your home, it’s worth exploring everything the bank has to offer.
Products
Currently, Bank of America’s home equity offerings include two main credit options:
HELOC (Home Equity Line of Credit): a revolving credit line secured by your home, typically featuring a draw period of up to 10 years followed by a repayment period of about 20 years.
Fixed‑Rate Loan Option: allows you to convert part of your HELOC’s variable balance into fixed monthly payments, with a defined term and no fee.
In other words, you can choose between ongoing access to credit over time or convert part of the available balance to use in emergency situations when quick cash is needed. Both options are backed by Bank of America and offer customers convenience and flexibility.
Main Advantages
For those considering Bank of America‘s home equity products, there are also several added benefits that make this credit line appealing. These include:
- No application, opening, closing, or annual fees (for lines up to $1 million)
- 0.25% APR discount when you set up automatic payments from a Bank of America account
- Up to 1.50% additional discount based on the amount of your initial withdrawal (0.10% for every $10,000 drawn)
- Preferred Rewards members receive an additional 0.125–0.625% APR discount depending on their relationship tier
- Option to convert portions of the credit line to a fixed rate, with up to three simultaneous conversions at no extra cost
- Generally lower rates than personal loans or credit cards, since the line is secured by your property
