Your home's equity can provide you with a low-rate borrowing option
for expenses such as home improvements, education and debt consolidation, along with other large expenses.
Log in to Online Banking and use the Transfer tab
Using your line of credit
Achieve your financial goals
Use your home equity line of credit to:
- Make home improvements, finance education, or cover other necessary expenses
- Consolidate higher-interest credit balances with no transaction fee for one low monthly payment and reduced interest costs1
- Take advantage of possible tax benefits (interest paid on your home equity line of credit is usually tax deductible). Please consult your tax advisor for more information.
Take advantage of convenient access
There are several ways you can borrow from your line of credit:
- Through the Transfer tab on Online Banking
- With checks
- By phone at 855.786.4853
- At thousands of banking centers and ATMs nationwide
To request no-fee checks call us at 855.786.4853
Managing your account
Access your funds securely and conveniently with Online Banking
Log in to Access your funds securely and conveniently with Online Banking and select your home equity account from the Accounts Overview tab to:
- Check your account balance and available credit line
- Confirm your next payment due date and payment amount
- Transfer funds to your Bank of America checking or savings account
- Pay bills directly from your home equity line of credit with the Bill Pay option
Convert to a fixed rate for long-term stability
- With the fixed-rate loan option, you have the option to convert all or a portion of your variable-rate balance to a fixed rate without any conversion fee ($5,000 minimum)
- Pay down principal while enjoying a predictable monthly payment for the life of the loan
- Choose the term you prefer and control how quickly you pay down the balance
- Switch back to an adjustable rate at any time and pay no conversion fees
- If you do not have an automatic monthly payment set up, you'll receive an additional statement for your fixed-rate loan option
To set up a fixed-rate loan option, call 855.786.4853. Customer Service Hours: Monday – Friday, 7a.m. – 7p.m. Local Time.
Consider options for when your borrowing period ends
Your borrowing period (a/k/a draw period) is the time when you can borrow funds from your line of credit. Once the 10-year borrowing period ends, you can choose whether to:
- Apply for a new home equity line of credit, and if approved, we will transfer your outstanding balance to your new home equity line of credit, continue to withdraw funds for an additional 10 years2.
- Begin to repay your principal balance through the repayment period
- Pay off your balance in full ahead of time
Making monthly payments
Be sure to make at least the minimum payment every month.
Pay by check, by phone or online
To pay online, log in to Online Banking and use the Transfer tab.
From there you can:
- Schedule a single payment
- Set up recurring payments
- Pay regular monthly payments
- Go to Online Banking and select the Transfer tab
- Choose your home equity account as the Transfer To account
- Press Continue to go to the next page
- Select either the Regular Payment or Principal Only option
- The Frequency option lets you choose how often the payment takes place; for example, once a month or once a week.
If you do not have an Online Banking account, you can enroll now. It's easy and it's free. Or you can call 855.786.4853
Monday - Friday, 7 a.m. - 7 p.m. Local Time, to enroll, make a phone transfer, or order checks.
Get access to funds up to your available credit limit as you need them during your borrowing term
Your borrowing term is the time when you can access funds from your line of credit. Keep in mind that:
- Accounts are generally granted a 10-year borrowing term
- You can lock in all or just part of the outstanding variable-rate balance on your line of credit to a fixed-rate loan
Answer: A home equity line of credit includes these benefits:
- Secured against your home, so interest rates are typically lower than other credit products
- No transaction fees and no cash advance fees
- Potential tax advantages—ask your accountant or financial advisor
- You can generally borrow against the line for 10 years before it moves into repayment
Answer: The borrowing period, also known as the draw period, is the time when you can borrow from your available line of credit. Once the 10-year borrowing period ends, you will begin the repayment period. If you have been making interest-only payments during the borrowing period, your minimum monthly payment may increase when the borrowing period ends because you will begin paying both interest and part of your principal balance each month (plus any fees, past due amounts and unpaid finance charges accrued on the account). This is something that you should plan for so you are not surprised by the larger required payments. If your line is structured to repay your loan balance with principal and interest installments over the remaining loan term, then during the repayment period, you will continue to make the monthly principal and interest payments needed to fully pay off the HELOC by the end of the repayment period.
Answer: When your borrowing period ends, you'll have several options. You can:
- Apply for a new home equity line of credit; if approved, we will transfer your outstanding balance to your new home equity line of credit, and continue to withdraw funds for an additional 10 years2
- Repay your principal balance through the repayment period
- Pay off your balance in full ahead of time
Answer: Interest is charged daily. You can estimate your monthly interest rate by dividing your contractual rate (for example, 4.25%) by 365 days, multiplying by your average monthly principal balance (for example, $20,000), then multiplying by the number of days in the billing month.
Example: ((0.0425 ÷ 365 ) x 20,000) x 30 = $72.00
Please call us at 855.786.4853 if you have any questions.
Answer: Your variable rate is based on an index—usually The Wall Street Journal Prime Rate—plus a margin, and will vary with changes in the index. The margin is the number of percentage points the lender adds to the index to determine the interest rate. If you prefer the predictability of a fixed payment, you can convert all or a portion of your home equity line's outstanding variable rate balance to a fixed-rate loan. Lock in a fixed rate.
Answer: If you are refinancing your first mortgage with Bank of America, you should inform your mortgage loan specialist that you would like to retain your home equity line of credit. If you are refinancing with another lender and wish to retain your home equity line of credit, please call our Customer Service line at 855.786.4853 to request a subordination.
Answer: There are several easy ways to make a payment:
- The easiest way is to make a transfer. You can make either a regular or principal-only payment by selecting the Transfer tab within Online Banking
- Mail in your payment along with the coupon attached to your statement
- You can also use Bill Pay to make monthly payments
- Call us at 855.786.4853, Monday - Friday, 7 a.m. - 7 p.m. Local Time
- Visit your local banking center; see Location Finder
- Set up an automatic payment
Answer: There are three ways to set up automatic payments:
- Call 855.786.4853
- Set up a recurring payment through Online Banking
- Stop by your nearby banking center; see Location Finder
Answer: There are two ways to do so:
- Call 855.786.4853
- Stop by your local banking center. See Location Finder
Answer: Bank of America mails you an IRS 1098 form by January 31 if the interest you paid on your home equity account is $600 or greater for the year. If the interest you paid was less than $600, you can either find the amount on your regular statements that arrive from January through March of the next year.
If you need help, please call us at 855.786.4853, Monday - Friday, 7 a.m. - 7 p.m. Local Time.
We're here to help
For assistance, call 855.786.4853, Monday – Friday, 7a.m. – 7p.m. Local Time.