What is Bank of America HELOC? Without a doubt, Bank of America is amongst the top and leading multinational investment and financial institutions, offering a wide range of services and products. It was first founded in San Francisco in the year 1923. With more than a million customers and small business clients from across the world, BOFA has grown to become one of the best banks in the United States.
Bank of America offers different services and products, including HELOC. New customers can apply for a HELOC with the company and also enjoy transparent services. In this review, we will be discussing the Bank of America HELOC. In the meantime, HELOC, which means Home Equity Line of Credit, is a type of loan that allows you to borrow funds as needed and then return them at a variable interest rate.
This loan allows you to borrow against available equity while using your home as collateral. It is advisable to make use of a reputable and reliable company before applying for this type of loan. One of the top and most secure companies that offer HELOCs is Bank of America. The Bank of America Home Equity Line of Credit (BOFA HELOC) is easy to apply for and there are no application fees. In addition, you can manage your account online or through the mobile app.
An Overview of Bank of America HELOC
As previously stated above, Bank of America offers one of the most secure and convenient Homes of Equity Loans which can be accessed via the company’s official website. It features benefits such as Long repayment terms, potential low-interest rates, and few fees. Unlike its competitors, Bank of America makes HELOCs affordable for borrowers to apply for.
In addition, you can make use of the company’s Home of Equity rate calculator to compare rates and search for the best rate based on your country, budget, and need. They offer transparent services and there is a wide range of discounts that can be applied for. You don’t need to pay application, closing, and annual fees to apply for loans. BOFA offers a HELOC repayment term of the 10-year draw and 20-year repayment and their loan limit is $25,000 to 1$ Million.
The company’s APR is in the range of 1.99% to 24%. However, to apply for this loan, you need to have a minimum credit score of 620 or above. The downside of using this company is that it offers an early termination fee, and a high minimum line amount. Aside from this, the company provides its customers with the best services.
Read More: Home Equity
How to Check BOFA Today’s Home Equity Line Of Credit Rate
On a daily basis, Bank of America provides its customers across states and regions where their HELOC is available with rates. You can check the current Home Equity Rate for your state via their official website.
- Visit the official Bank of America HELOC website.
- On the homepage, you find the bank’s today’s home equality rate calculator.
- Select your state from the options.
- Then, tap on Go and your state HELOC current rate will be displayed.
How to Use the Bank of America HELOC Calculator
You can get the estimated payment and rate for your HELOC online via the Bank of America official website.
- Go to bankofamerica.com/home- equity-calculator.
- On the homepage, you will need to fill out your property information.
- Enter your Home Value, the Amount you owe on your Home.
- Also, enter your property zip code.
- Select your primary residence.
- Enter your total line of credit your want and the cash you need now.
- Lastly, click on Calculate.
Credentials Needed to Apply For BOFA HELOC
To apply for Bank of America HELOC, there are certain credentials and documents needed. In this section of the article, we will be discussing some of the credentials needed to apply for the BOA Home of Equity Loan.
- Your personal information as well as your spouse and co-applicant.
- Employment and income information.
- Mortgage Payments and Outstanding Balance.
- Your Property Taxes and Homeowners insurance amounts.
With the above-listed credentials and information, you are ready to apply for a Home Equity loan with BOA.
How to Apply for Bank for America HELOC
Applying for a BOA Home Equity Line of Credit Loans is easy and simple to go about once you have the necessary information and details. You can apply online using your computer and a stable internet connection. Here are the step-by-step guidelines to follow;
- Visit the official website of Bank of America HELOC.
- Click on the Get Started Icon on the homepage.
- Select your property location.
- State what your property is used for.
- Enter your property estimate value and Line of Credit.
- Fill out the other necessary information.
- Lastly, click on continue and follow the on-screen instructions.
Note, if you cannot complete your application, you can click on the “save for later” icon. Also, you can manage your account using the Bank of America App for Android and iOS users.
Bank of America HELOC Customer Service
If you cannot apply for Bank of America HELOC online, you can schedule an appointment from Monday to Friday from 8 am to 10 PM ET and Saturdays from 8 am to 6:30 pm ET.
Also, you can talk to one of the Bank of America Lending specialists by calling 866 290 4674 from Mon to Fri from 8 am to 10 pm ET and Sat 8 am to 6:30 pm ET. Note; make sure to make use of the Bank of America Find a Location online to locate the nearest BOFA around your state or region.