Bank of America ~ home loans
Home Equity Account Services. Access the many convenient services that accompany your home equity line of credit.

Home Equity Line of Credit Servicing Page

Learn about the features and benefits of your account

Click on the tabs to learn more about the features and benefits of your account

Features and Benefits

A home equity line of credit offers a number of distinct features and benefits that can give you more financial flexibility.

  • You can use it to make home improvements, finance education, or cover other necessary expenses
  • You may save on the interest you pay by consolidating high-interest balances§ into one low monthly payment
  • Monthly interest payments are usually tax-deductible§
  • You can also take advantage of a fixed-rate loan option§
  • You can enjoy secure and convenient access to your account through Online Banking

Ways to Use Your Home Equity

Enjoy security and easy access through Online Banking.

  • Pay bills directly from your home equity line of credit with the Bill Pay option.
    Remember to use your credit responsibly.
  • Transfer funds to your Bank of America checking or savings account.
  • View any special offers you may have available on your home equity line of credit.
    Go to your home equity account detail page.

Pay down high-interest credit debt with your home equity line of credit

  • Consolidate debt§ to reduce monthly interest payments with no balance transfer fee.
  • Get potential tax benefits since interest paid on your home equity line is usually tax-deductible§.
  • Use your interest payment savings for other necessary expenses or to pay down your principal
    debt faster.
  • Go to the Online Balance Transfer Tool and sign in with your Online Banking access code or simply call us and we can handle it for you.

Use a Home Equity Line of Credit Visa® access card§ for purchases

  • Pay for purchases anywhere that Visa is accepted
  • Enjoy an interest rate lower than that offered by most credit cards.
  • See all transactions on your home equity line of credit statement.
  • To request your Bank of America Home Equity Line of Credit Visa access card,
    call us at 1.800.934.5626 or 1.800.621.1044 (for California residents)

Write a convenience check

  • As a new Home Equity customer you will initially receive a Welcome kit with 3 convenience checks about 5-10 business days after the account is opened.*
  • If you need additional checks, simply stop by your local banking center or call us at 1.800.934.5626 or 1.800.621.1044 (for California residents) to order. Best of all it's free.

Visit a nearby banking center or ATM. Our convenient Locator will show you where the closest one is.

Manage Your Account Online

Reviewing account information

Log into Online Banking and select your home equity account from the Accounts Overview tab. You can:
  • Check your account balance and available credit line
  • Confirm your next payment due date and payment amount
  • See interest rate information, including interest paid this year

Using your line of credit

  1. Pay down high-interest credit card debt§ with your home equity line of credit and the fast Online Balance Transfer.
    • Enjoy fee-free balance transfers
    • Reduce monthly interest payments by consolidating high-interest balances into one low monthly payment
    • Save time and reduce the risk of late payments by paying just one consolidated bill
    • Take advantage of possible tax benefits (interest paid on your home equity line of credit is usually tax deductible§)
  2. Use Online Bill Pay to pay a bill directly from your home equity line of credit. It's quick and easy:

    Sign in to Online Banking; select the Bill Pay tab; choose the company you want to pay; select your home equity account from the Pay From menu, and complete the process

  3. Move funds easily from your home equity account to your Bank of America checking or savings accounts with Online Banking.

    Select the Transfer tab; choose the account or accounts you want to use; enter the amount, and complete the process

Making a payment towards your Line of Credit

Make your monthly payments with Online Banking Transfers. It's easy to:
  • Make principal-only payments
  • Set up recurring payments
Here’s how:
  1. Go to Online Banking and select the Transfer tab
  2. Choose your home equity account as the transfer To account
  3. Press Continue to go to the next page
  4. 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.

Lock in a Fixed Rate

A fixed rate means long-term stability

  • For existing Home Equity customers, you can lock in a fixed rate for all or a portion ($5,000 minimum) of your variable rate balance without any fee
  • Pay down principal while enjoying a predictable monthly payment for the life of the loan
  • With a choice of terms, you control how quickly you pay down the balance
  • You can switch back to an adjustable rate at any time and pay no fees
  • It's easy to set up. Call today

    1.800.934.5626
    1.800.621.1044 (for California residents)
    Mon-Fri 8am - 9pm ET

Frequently Asked Questions

Where can I get year-end tax information?

Bank of America mails you an IRS 1098 form by January 31 if interest paid on your home equity account is $600 or greater for the year. For amounts less than $600, please review your regular statements (January - March) or go to Online Banking for your interest paid tax information. A 1098 tax form is not sent if the amount of interest paid is less than $600.

To access your tax information online, follow these simple steps:
  • Log into Online Banking from www.bankofamerica.com or directly from this page (use "Sign into my account" from Account Services menu on right)
  • Click on your home equity account to see the Account Details page.
  • Look for the Interest Information section at the bottom of the account display on the Summary tab. You will see the amount of interest paid for last year.


If you need additional assistance, please call us Monday - Friday 8 a.m.- 9 p.m. Eastern at 1.800.934.5626 (for California accounts, please call 1.800.621.1044 ).
 

How are my monthly finance charges calculated?

Divide your contractual rate (for example, 4.25%) by 365 days, take that figure (0.00012) and multiply by your average monthly principal balance (for example, $20,000), then multiply by the number of days in the billing month.

Thus, ((0.0425 ÷ 365 ) x 20,000) x 30 = $72.00

How do I make a payment to my home equity line of credit?

There are several easy ways to make a payment:
  • Transfer funds within Online Banking
  • Set up an automatic payment
  • Use Bill Pay to make monthly payments
  • Mail in your payment along with the coupon attached to your statement
  • Call us at 1.800.934.5626, Mon-Fri 8am - 9pm ET

How do I make a principal-only payment?

There are four easy ways to make a principal-only payment:
  • Go to Online Banking and select the Transfer tab; choose your home equity account as the transfer To account; continue to the next screen and select the Principal Only option
  • If mailing in your payment, fill in an Additional principal amount on the coupon attached to your statement
  • Call us at 1.800.934.5626, Mon-Fri 8am - 9pm ET
  • Visit a local banking center

Why does my rate change periodically?§

Your variable rate is based on an index such as 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 outstanding variable rate balance to a fixed rate loan. Lock in a fixed rate.

How can I request a Home Equity Line of Credit Visa® access card§?

Call 1.800.934.5626; California residents, call 1.800.621.1044

How do I set up automatic payment?

Three ways:
  • Call 1.800.934.5626; California residents, call 1.800.621.1044
  • Set up a recurring payment through Online Banking using Bill Pay or the Transfer Option
  • Stop by your local banking center. See Location Finder

How can I reorder home equity convenience checks?*

Two ways:
  • Call 1.800.934.5626; California residents, call 1.800.621.1044
  • Stop by your local banking center. See Location Finder

Can I keep my current Bank of America Home Equity Line of Credit if I am refinancing my first mortgage?

Yes, you can request to retain your home equity line of credit if you are refinancing your first mortgage. If you are refinancing your first mortgage with Bank of America, you should explain to the first mortgage Associate assigned to your loan refinance that you would like to retain your home equity line of credit. If you are refinancing with another lender, you or your lender can call our fax on demand line at 1.866.384.2124 to receive more information and make the request to retain your home equity line of credit.
 

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