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Feel confident knowing your financing options. We can help guide you before you begin the journey of buying, refinancing or using your home’s equity.
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Home is more than just a place. It’s a feeling of comfort; a chance to settle in and grow. And whether you’re refinancing an existing mortgage or purchasing a new home, we want to thank you for choosing Bank of America, and let you know that we’re here to help you feel more in control.
It all starts with being informed about the process of getting a mortgage, and we’re here to work with you to make the experience as straightforward and stress-free as possible, by offering a real understanding of the steps you need to take… and the steps we will take to help get you the home loan you’re looking for.
There will be five main steps to the loan process. During Application and Review, you’ll work with a Lending Specialist to select the loan that’s right for you, and submit an application and required documentation, allowing us to complete the initial review of your application.
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Step 1
Application & Review
Then, during Approval, you will receive additional information outlining any remaining documents needed from you, and we’ll complete items like an appraisal, title search, insurance reviews, and anything additional that may be specific to your application to meet all requirements.
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Step 2
Approval
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Initial Credit Decision and Loan Conditions
Once approved, we’ll move into Closing, where we’ll review an outline of your final closing costs and work with you to schedule your closing appointment.
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Step 3
Closing
The fourth step, Servicing, is when your loan application process is finalized and you transition into a new account for repayment. Bank of America® online tools, the Mobile App, and great customer service will be available to make it as easy as possible.
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Step 4
Servicing
Prior to your First Payment, you'll receive additional resources to help navigate you through your payment options, as well as provide more insights around escrow payments and paperless billing.
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Step 5
First Payment
When you’re ready to get started, your Lending Specialist will begin guiding you through the process.
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Find the right loan solution for you.
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Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rights may apply.
And with the Bank of America team at your side, you’ll feel more in control every step of the way. We’re here to work with you to achieve your home loan goal.
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What would you like the power to do?®
Bank of America® logo
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Bank of America Community Homeownership Commitment is a trademark of Bank of America Corporation. What would you like the power to do?, America’s Home Grant, Affordable Loan Solution, Bank of America and the Bank of America logo are registered trademarks of Bank America Corporation. 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. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply. Sequences shortened. Screen images simulated. All rights reserved. Bank of America, N.A. Member FDIC Equal Housing Lender. ©2022 Bank of America Corporation.
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One of the benefits of a home equity line of credit from Bank of America® is our fixed rate loan option, which makes your payments predictable, could protect you from rising interest rates, and allows you to customize your loan structure. Here’s how it works.
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Accounts overview screen on mobile device
A typical Bank of America HELOC begins with a variable interest rate, in which your payments can change based on the fluctuating market rates. But if you’re concerned about the possibility of rising interest rates, or simply prefer more predictable monthly payments,
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Calendar payments screen on mobile device
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“Payment alert”
there’s no fee to convert some or all of your HELOC’s balance to a fixed rate.
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Fixed rate
Variable rate
Though this fixed rate loan option is typically set higher than the current variable rate, it would not change, which protects you from the possibility of rising interest rates. And if interest rates go down, you can easily convert your fixed rate balances back to your variable rate.
Let’s say you have a $50,000 credit line, and use $35,000 of it for various expenses.
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Home Equity Credit Line: $50,000
Available Credit $50,000
Variable Rate Balance $35,000
That balance would start at a variable rate, but could be converted to up to three fixed rate loan options at one time, and you can customize your payment terms for each.
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Available Credit $15,000
Debt Consolidation $20,000 Fixed
Backyard Deck $10,000 Fixed
Kitchen Appliances $5,000 Fixed
Your fixed and variable balances appear as separate line items in online and Mobile banking,
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Loan accounts overview screen on mobile device
like separate loans.
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HELOC Available Credit - $15,000.00
Debt Consolidation - $20,000.00
Backyard Deck - $10,000.00
Kitchen Appliances - $5,000.00
You will receive individual statements for each loan, and payments will be managed independently. But they’re all connected to your available line of credit. So as you pay down fixed rate balances,
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Available Credit $15,000
Debt Consolidation $20,000 Fixed over 10 years
Backyard Deck $10,000 Fixed over 7 years
Kitchen Appliances- $5,000.00
your available credit on your parent account will be replenished.
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Available Credit $50,000
Paid
Paid
Paid
A fixed rate loan option gives you more control over your interest rate and payments, helping you feel more confident about reaching your financial goals. If you’re a new or existing HELOC customer, you could take advantage of our fixed-rate loan option.
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What would you like the power to do?®
Learn more today.
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Bank of America logo®
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Learn more about our fixed-rate loan option
bankofamerica.com/HELOCFixedrate
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.
Equal Housing Lender. Bank of America, N.A. Member FDIC.
©2022 Bank of America Corporation. All rights reserved.
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In life, you often face major home improvement projects, unexpected costs, education expenses,
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Please see important information on this web page.
or the need to consolidate debt.
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Loan 1
Loan 2
Loan 3
A home equity line of credit, or HELOC, could help you achieve your life priorities. At Bank of America®, we want to help you understand how you might put a HELOC to work for you. A HELOC is a line of credit borrowed against the available equity of your home. Your home's equity is the difference between the appraised value of your home and your current mortgage balance.
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Value of home
Mortgage balance
Home’s Equity
Through Bank of America, you can generally borrow up to 85% of the value of your home minus the amount you still owe.
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Value of home
Mortgage balance
HELOC
For example, say your home’s appraised value is $200,000. 85% of that is $170,000. If you still owe $120,000 on your mortgage, you’ll subtract that, leaving you with the maximum home equity line of credit you could receive as $50,000.
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$200,000 Value of home
x85%
$170,000
-$120,000 Mortgage balance
$50,000 Max. HELOC
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.
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Available Credit
Withdraw funds
Male a payment
With a Bank of America HELOC, there are no closing costs, no application fees, no annual fees, and no fees to use the funds. Plus, Bank of America offers rate discounts when you sign up for automatic payments,
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Discounts available
as well as discounts based on the funds you initially use when opening the HELOC.
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Opening Funds
And there’s Preferred Rewards, which extends benefits to you as your qualifying Bank of America balances grow. The interest rate is often lower than other forms of credit, and the interest you pay may be tax deductible, but you should consult a tax advisor.
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Please consult your tax advisor regarding interest deductibility as tax rules may have changed.
Most HELOCs have a variable rate, which means the interest rate can change over time based on the Wall Street Journal Prime Rate.
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5.6%
6.3%
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Chart for illustrative purposes only.
And Bank of America offers you the option to convert $5,000 or more of your balance to a
fixed rate, so you can take advantage of fixed monthly payments and protect yourself from rising interest rates. Continue to use your home equity line of credit as needed for the duration of your borrowing period, usually 10 years.
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Make purchase
OK
Once that borrowing period ends, you’ll continue to pay principal and interest on what you borrowed. You’ll typically have 20 years for this repayment stage. If a HELOC sounds right for you, get started today by giving us a call, visiting a financial center, or applying online at bankofamerica.com/HomeEquity.
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Home Equity
Apply now
And be sure to inquire about all the ways we can assist you with rate discounts.
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Interest Rate Discounts
Automatic Payments
Opening Funds
Preferred Rewards
No matter what large expenses you may face in the future, a home equity line of credit from Bank of America could help you achieve your life priorities.
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What would you like the power to do?®
Bank of America® logo
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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. Sequences shortened. Screen images simulated. All rights reserved. Bank of America, N.A., Member FDIC. Equal Housing Lender © 2022 Bank of America Corporation.
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Zelle® should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle® to send money to those you do not know. Transfers require enrollment in the service with a U.S. checking or savings account and must be made from an eligible Bank of America consumer or business deposit account. Transactions between enrolled users typically occur in minutes and transactions between enrolled consumers do not typically incur transaction fees. We will send you an email alert with transaction details after you send money using Zelle®. Dollar and frequency limits apply. See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle® offers a protection program for any authorized payments made with Zelle®. Regular account fees apply.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.
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. ©2023 Bank of America Corporation. 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.
