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Unlock the possibilities with a home equity line of credit (HELOC)

Borrow money against the equity you’ve built up in your home to pay for home improvements, consolidate debt¹ or fund a major purchase.

Interest rate discounts

Interest rate discounts

We offer rate discounts of 0.25% for automatic monthly payments³, up to 1.50% for initial withdrawals³ and up to 0.625% for Bank of America Preferred Rewards members⁴.

Fixed rate loans

Fixed rate loan options

For predicable payments and an interest rate that will stay the same for the entire term of the loan.

$0 fees

There are no closing costs, no application fees, no annual fees and no fees to use the funds.³

Apply

Fast and flexible access to funds

A HELOC is a fast and convenient way to access funds. There’s no fee and no obligation.

Work with a specialist

Work with a specialist

Our experienced lending specialists will help you every step of the way.

Get a home equity line of credit

Introductory variable rate

variable APR¹ for first

6 months

Variable rate

Variable APR¹; includes discounts²

Rate above as of and subject to change. Based on a line amount of $100,000 and an initial draw of $60,000.

Home Equity rates are unavailable at this time

Please try reloading the page again or try back later. You can also call and speak to an agent Monday through Friday, 8:00 am to 10:00 pm Eastern and Saturday 8:00 am to 6:30 pm Eastern.

Information for:

Transcript

Knowing your home’s value can help you plan for the future

Use our estimator to see how much your home is worth.

Get closer to your goals with our helpful tools

Mortgage Calculator

Mortgage Calculator

Closing Costs Calculator

Understand the power of your home's equity

Transcript

What can a HELOC do for you?

Learn how our HELOC works and how it can help you access cash for the things you need.

Get the answers

Transcript

Learn about our fixed-rate loan option

See how you can convert variable rate balances to fixed rate loans with consistent payments.

TIP: Much like a credit card, a HELOC is a revolving credit line that you pay down, and you only pay interest on the portion of the line you use but typically with a lower rate than a credit card.

Feel more confident with our refinancing and home equity resources

Mature couple talking on a terrace overlooking city

Cash-out refinance or home equity line of credit?

They both have pros and cons. Learn the key differences and how they can impact your situation.

Get the answers

Kitchen overlaid with plans for renovation

Renovate your home without wrecking your budget

Discover remodeling dos and don’ts that could help you make the most of your home value.

Well maintained backyard with cement tiles, benches and recliners

Creating and funding your backyard oasis

Explore which outdoor projects make the most sense and how you can pay for them.

Read the article

Mother working in home office with daughter sitting on table looking on

Trading the kitchen table for a home office

Thinking about creating a home workspace? Here are some key questions to consider.

Read the article

Transcript

Is debt consolidation right for you?

Save money, simplify payments and pay off debt sooner by consolidating your debt.

Watch the video

TIP: While you may have a lot of equity in your home and qualify for a generous line of credit, you should still draw only what you need and can afford to pay.

Questions?

Call to speak with a lending specialist

Call to speak with a lending specialist

Call 1-800-593-7306

Schedule an appointment

Book an appointment with one of our specialists

You are invited to apply. Your receipt of this material does not mean you have been prequalified or preapproved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval.

1

The relative benefits of a loan for debt consolidation depend on your individual circumstances. For example, you may realize interest payment savings by making monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what was previously paid towards the higher rate debt(s) being consolidated.

2

You are invited to apply for a Home Equity Line of Credit (HELOC). This is not a commitment to lend; you must submit additional information for review and approval. Rate(s) and Annual Percentage Rate(s) (“APR(s)”) are for illustrative purposes only and are subject to change without notice.

Sample variable APR is based on The Wall Street Journal Prime Rate (“Prime”) plus a margin, and will vary with Prime. Your APR will not exceed 24% or go below 1.99% at any time during the term of your account. Prime may change at any time and is subject to change without notice. Sample APR assumes a new $100,000 HELOC in second lien position with a combined loan-to-value (CLTV) ratio of up to 70% on a {single-family detached/condominium} primary residence and a borrower with excellent credit. APR may vary based on initial draw, actual CLTV, property value, property location, line amount and other factors. Sample APR is also based on our state pricing for the property address associated with client’s Bank of America mortgage or HELOC; for clients without a Bank of America mortgage or HELOC, sample APR is based on client’s mailing address state on file. The term of a HELOC is 30 years: 10-year draw period, 20-year repayment period. Property insurance is always required and flood insurance is required where necessary. Certain property types are not eligible collateral. The variable minimum monthly payment will be an amount sufficient to repay the outstanding balance in principal and interest payments over the remaining term at the applicable 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 certain locations. The maximum line amount is generally $1,000,000, but may be $500,000 in certain locations. Bank of America pays all closing costs on lines up to and including $1,000,000. If you terminate your account within 36 months of opening it, you will be required to pay an Early Closure Fee of $450. The Early Closure Fee does not apply for accounts with a maximum line amount less than $25,000 or for properties located in Maryland.

Additional Information for HELOCs in Texas subject to Section 50(a)(6) of the Texas Constitution: Early Closure Fee does not apply. The minimum advance is $4,000, maximum CLTV is typically 80% and maximum LTV is typically 80%. Access to the HELOC account using an ATM card or other access cards is not allowed.

3

The following discounts are available on a new home equity line of credit (HELOC): (1) an “auto pay” discount of 0.25% for setting up automatic payment (at or prior to HELOC account opening) and maintaining such automatic payments from an eligible Bank of America deposit account; (2) an “initial draw” discount of 0.10% for every $10,000 initially withdrawn at account opening (up to 1.50% for initial draws of $150,000 or more). This initial draw minimum balance must be maintained for at least the first 3 billing cycles (less any required principal payments); and (3) a 0.25% discount for HELOCs in first lien position at account opening. These discounts are not available during the Introductory Period of any Introductory Rate offer. The advertised APR after the Introductory Period includes the auto pay discount and the initial draw discount based on a $60,000 assumed initial draw.

4

Important Information: As of May 19, 2025, or a later date we may provide you notice of, the Preferred Rewards Diamond and Diamond Honors tiers will be consolidated into a single tier called the Diamond Honors tier. The balance requirement for the new Diamond Honors tier after that date will be a three-month combined average balance of $1,000,000. Bank of America Private Bank clients with a Bank of America eligible personal checking account will qualify for the new Diamond Honors tier. If you are enrolled in the Diamond or Diamond Honors tier on that date, your membership in Preferred Rewards will be automatically set at the new Diamond Honors tier. No action is required of you. Your benefits will generally remain unchanged or in some cases enhanced, however for home equity line of credit (HELOC) applications received after the consolidation date the rate discount will be the rate discount of the current Diamond tier.

Preferred Rewards Program Eligibility. To enroll in the Bank of America Preferred Rewards® Diamond and Diamond Honors tiers you must: have an active, eligible personal checking account with Bank of America®, and maintain a qualifying combined balance of at least $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier in any combination of eligible Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:

a three-month combined average daily balance in your qualifying deposit and investment accounts or
a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.

Bank of America Private Bank clients qualify to enroll in the Diamond tier and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill, and Private Bank balances.

Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to enroll on customized terms. Refer to CEBI Program for details.

Preferred Rewards Home Equity Line of Credit. Home Equity Line of Credit (HELOC) interest rate discounts are offered to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their rewards tier at the submittal of home equity application (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). Amount of discount (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, 0.625% for Diamond tier and 0.750% for Diamond Honors tier) is based on the rewards tier at the submittal of home equity application and is not subject to adjustment after the application is submitted. Benefit is non-transferable. Preferred Rewards home equity benefit can be combined with certain other home equity interest rate discounts.

Banking, mortgage and home equity products offered by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Equal Housing Lender. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

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