What it is
A line of credit with your property as collateral
Your HELOC will be a new independent loan with a 10 year borrowing period and a 20 year repayment period1
How it can help finance your goals
It can give you access to a revolving line of credit
A HELOC allows you to borrow money from the equity in your home, in the form of a revolving credit line. Similar to a credit card you will have a maximum borrowing limit, withdraw the available funds you need, and as you pay down what you owe it frees up those funds to borrow for other purposes.
Interest rate options
Variable interest rate, but with the option to convert a portion to fixed rate upon request4
Why choose it
Flexible access to funds now and in the future only paying interest on what you borrow
Common uses:
Things to consider
You have flexible access to your available funds as you need them and only pay interest on what you borrow.
Decreases the available equity you have in your home as you borrow
Unlike a credit card, a HELOC is secured by your home
Bank of America Product Benefits
No application fee, no closing costs, and no annual fee1
What it is
A new loan that replaces your existing mortgage
A specific type of refinance
How it can help finance your goals
It can give you access to a lump sum of cash
Get a one-time cash payout at closing by withdrawing from the equity you have built in your home. The cash you withdraw from your home’s equity will be added as debt owed on the new mortgage.2
Interest rate options
Traditionally fixed interest rate, or can be adjustable depending on the type of loan you choose
Why choose it
Finance large expenses now at a rate that is generally lower than a credit card or personal loan.
Common uses:
Things to consider
You pay interest on the funds you withdraw whether you use them or not.
Decreases the equity you have in your home at closing
Refinancing may result in more interest paid over the life of the loan
Bank of America Product Benefits
Our Digital Mortgage Experience quick and easy application process
Preferred Rewards:
$200-$600 reduction in the origination fee for Preferred Rewards members
(based on eligible balances at time of application9)
What it is
A new loan that replaces your existing mortgage
How it can help finance your goals
It can allow you to change your loan to new terms that meet your evolving needs
For example: It can reduce your mortgage payment each month, allowing that money to be saved or used for other things.3
Interest rate options
Traditionally fixed interest rate, or can be adjustable depending on the type of loan you choose
Why choose it
Change your mortgage to fit your budget with minimal impacts to home equity and principal owed
Things to consider
Does not provide immediate access to funds
How long you will be in your home can influence the financial benefit
Refinancing may result in more interest paid over the life of the loan
Bank of America Product Benefits
Our Digital Mortgage Experience quick and easy application process
Preferred Rewards:
$200-$600 reduction in the origination fee for Preferred Rewards members
(based on eligible balances at time of application9)
