Home Equity Credit Line (HELOC): Access Cash For Expenses
You are invited to apply. Your invoice of this material does not indicate you have been prequalified or pre-approved for any service or product we provide. This is not a dedication to lend; you should submit additional info for review and approval.
Merrill Lynch, Pierce, Fenner & Smith Inc., does not make dedications for or fund loans. Bank of America, N.A., (the "Bank") does not serve in a fiduciary capability with regard to all service or . Fiduciary requirements or fiduciary tasks do not apply, for instance, when the Bank is providing or offering credit services, banking or custody services or referrals to other affiliates of the Bank.
1You are welcomed to apply for a Home Equity Line of Credit (HELOC). This is not a commitment to lend; you must send additional details for evaluation and approval.
The regard to a HELOC is 30 years: 10-year draw period, 20-year payment duration. Residential or commercial property insurance coverage is always needed and flood insurance coverage is needed where essential. Certain residential or commercial property types are not qualified collateral. If you select the Interest Only Option, throughout the Draw Period the minimum month-to-month payment will be the amount of accumulated interest, plus any unpaid charges. Under the Amortizing Payment Option, the variable minimum monthly payment for both the Draw Period and the Repayment Period will be a quantity sufficient to repay the outstanding balance in principal and interest payments over the staying term at the suitable APR, subject to a minimum payment of at least $100. The minimum line amount is generally $25,000, but lines as low as $15,000 are available in specific locations. Bank of America pays all closing costs on lines up to and consisting of $1,000,000.
2 Please consult your tax advisor concerning interest deductibility.
3 Fixed-Rate Loan Option at account opening: You might transform a withdrawal from your home equity credit line (HELOC) account into a Fixed-Rate Loan Option, leading to repaired month-to-month payments at a set rates of interest. The minimum HELOC amount that can be converted at account opening into a Fixed-Rate Loan Option is $5,000 and the optimum amount that can be transformed is limited to 90% of the maximum line amount. The minimum loan term is 1 year, and the maximum term will not go beyond the account maturity date.
Fixed-Rate Loan Option throughout loan term: You might transform all or a portion of your impressive HELOC variable-rate balance to a Fixed-Rate Loan Option, leading to fixed monthly payments at a set rate of interest. The minimum outstanding balance that can be transformed into a Fixed-Rate Loan Option is $5,000 from an existing HELOC account. The minimum loan term is 1 year, and the maximum term will not go beyond the account maturity date. No more than 3 Fixed-Rate Loan Options might be open at one time. Rates for the Fixed-Rate Loan Option are generally higher than variable rates on the HELOC.
HELOC funds may not be used to purchase, bring or trade securities or repay financial obligation incurred to purchase, bring or trade securities.
4 Lower your interest rate when you established automatic payments at account opening from your Bank of America checking or cost savings account; by drawing and maintaining a preliminary qualifying balance for at least the first three billing cycles; and when you're enrolled in Bank of America's Preferred Rewards program at the time of application submission.
5 Preferred Rewards Program Eligibility: You can enlist, and keep your membership, in the Bank of America Preferred Rewards
- a three-month combined typical everyday balance in your certifying deposit and financial investment accounts, or
- an existing combined balance, provided that you enlist at the time you open your first qualified individual monitoring account and satisfy the balance requirement at the end of a minimum of one day within 30 days of opening that account.
Describe your Personal Schedule of Fees for information on accounts that qualify towards the combined balance computation and get program benefits. Eligibility to enlist is usually readily available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become efficient within 1 month of your registration, or for brand-new accounts within 1 month of account opening, unless we indicate otherwise. Bank of America Private Bank clients certify to enroll in the Diamond Honors tier no matter balances. Certain benefits are likewise offered without enrolling in Preferred Rewards if you satisfy balance and other requirements. For information on Bank of America worker certification requirements, please call Employee Financial Services or describe the Bank of America intranet site. Employees of companies getting involved in the Bank of America Employee Banking and Investing Program may be eligible to participate on personalized terms. Refer to CEBI Program for information.
6 Preferred Rewards Home Equity Credit Line. Home Equity Line of Credit (HELOC) interest rate discount rates are offered to customers who are registered or are qualified to enlist in Preferred Rewards, based on their rewards tier at the submittal of home equity application (for co-borrowers, at least one candidate should be registered or qualified to enlist). Amount of discount rate (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, and 0.625% for Diamond Honors tier) is based on the rewards tier at the submittal of home equity application and is exempt to adjustment after the application is submitted. Benefit is non-transferable. Preferred Rewards home equity benefit can be integrated with specific other home equity interest rate discounts. Credit and security topic to approval. Terms and conditions use. Programs, rates, terms and conditions subject to change without notice.
Banking, mortgage and home equity items are provided by Bank of America, N.A., and connected banks, Members FDIC and entirely owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender. Credit and collateral go through approval. Terms and conditions use. This is not a commitment to provide. Programs, rates, conditions undergo change without notification.
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