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Last Updated: 04/18/2025

Bank of America HELOC

from Bank of America

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

Up to $1,000,000

Maximum LTV

80%

Minimum Draw

N/A

Loan Term (Years)

Up to 30

Bank of America HELOC Review

Bank of America HELOC is offered by Bank of America (NMLS #399802), a bank founded in 1784 and based in Charlotte, NC. Bank of America heloc are available in 50 states and Washington, DC.

Key Takeaways

Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
Maximum LTV. Bank of America HELOC has a maximum loan to value ratio of 80%.

Bank of America HELOC Pros & Cons

Pros

Cons

No prepayment penalty.
Available in all 50 states.

Charges an origination fee.
No co-sign option available.

Bank of America HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $1,000,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 80%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $60k in credit.

What are the terms for Bank of America HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Bank of America HELOC offers home equity loans with a maximum term of 30 years and a draw period of up to 10 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Bank of America heloc charge for a HELOC?

Bank of America HELOC may charge an origination fee.

What types of property can you use as security for a HELOC with Bank of America heloc?

Bank of America may consider HELOCs secured by the following property types:

Primary residences
Secondary or vacation homes

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

100 North Tryon Street

Charlotte, NC 28255

(800) 932-2775

Visit Site

Email Support

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SuperMoney Net Recommendation Score

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-1000+100

No one recommends

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