With two distinct credit lines and many years of experience in the lending market, Bank of America Home Equity program stands out to homeowners looking for quick and secure financing. So after learning more about the benefits, it’s time to go over the next steps to apply.
Rates, Terms, and Requirements
Bank of America’s home equity loans come with specific terms designed to give customers the best possible deal. The maximum amount you can borrow is typically up to 85% of your home’s value, minus your remaining mortgage balance.
There are no application or transfer fees, and interest rates are variable, based on the Prime Rate plus a fixed margin, which can change monthly. Of course, your home’s condition, renovation plans, existing mortgages, and other financial details all play a role.
An introductory lower interest rate is offered for the first six months as an incentive. And if you have a solid financial history, your rate may be even lower. To qualify, you’ll generally need a FICO score of 640 or higher, along with positive credit history.
How to Apply for Bank of America Home Equity
If you’re interested in applying for a Bank of America home equity loan, follow these steps to get started:
Pre-qualification
Before submitting a full application, check if you’re pre-qualified on the Bank of America website. This step won’t impact your credit score, as it doesn’t trigger a hard inquiry.It’s also a good way to find out which loan option is available to you and move forward with the one that best fits your needs.
Fill Out the Application
Once you confirm eligibility, complete the full online application, including details about your property, income, and credit score. You may need to upload some documents to help with the review, but the entire process can be done digitally.
If needed, Bank of America’s loan specialists are available to assist with the application and review process.
Wait for a Decision
Application review is typically fast, and you may get a decision the same day you apply. After approval, follow the instructions to access your funds—whether you choose to lock in a fixed rate for a portion at no cost or use the home equity credit line for your property.
Is Bank of America Home Equity Worth It?
Bank of America’s home equity program is among the most competitive on the market and definitely worth considering. The availability of two separate options, a fixed-rate loan and a HELOC, is a key advantage that draws in customers.
It’s also a flexible and practical solution for increasing your home’s value under competitive conditions, along with the various discounts offered. The fixed-rate conversion feature, at no extra cost, adds a layer of security against interest rate fluctuations.
While the program does have eligibility requirements, those with good credit profiles will find this a highly accessible loan option using their home as collateral. It’s worth looking into what Bank of America has to offer before making your final decision.
Disclaimer: This website/blog provides general information about U.S. government benefits and is not affiliated with any government agency. It does not offer legal advice or guarantee eligibility. For official guidance, please visit benefits.gov or consult a licensed professional.
All information in this and other BOISLA articles is subject to change over time. Please check for updates directly with the institutions and companies mentioned. Approval is subject to the institution’s review.
REFERENCES:
https://www.bankofamerica.com/
Read more about loans in https://boisla.com/category/loans
