Transcript[ Music in background ] Show In life, you often face major home improvement projects, unexpected costs, education expenses, On screen copy: or the need to consolidate debt. On screen copy: 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. On screen copy: Through Bank of America, you can generally borrow up to 85% of the value of your home minus the amount you still owe. On screen copy: 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. On screen copy: 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. On screen copy: 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, On screen copy: as well as discounts based on the funds you initially use when opening the HELOC. On screen copy: 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. On screen copy: Most HELOCs have a variable rate, which means the interest rate can change over time based on the Wall Street Journal Prime Rate. On screen copy: On screen copy: And Bank of America offers you the option to convert $5,000 or more of your balance to a fixed rate, On screen copy: 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. On screen copy: 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. On screen copy: And be sure to inquire about all the ways we can assist you with rate discounts. On screen copy: 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. On screen copy: On screen copy:  Transcript[ Music in background ] In life, you often face major home improvement projects, unexpected costs, education expenses, On screen copy: or the need to consolidate debt. On screen copy: 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. On screen copy: Through Bank of America, you can generally borrow up to 85% of the value of your home minus the amount you still owe. On screen copy: 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. On screen copy: 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. On screen copy: 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, On screen copy: as well as discounts based on the funds you initially use when opening the HELOC. On screen copy: 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. On screen copy: Most HELOCs have a variable rate, which means the interest rate can change over time based on the Wall Street Journal Prime Rate. On screen copy: On screen copy: And Bank of America offers you the option to convert $5,000 or more of your balance to a fixed rate, On screen copy: 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. On screen copy: 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. On screen copy: And be sure to inquire about all the ways we can assist you with rate discounts. On screen copy: 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. On screen copy: On screen copy: How long does a bofa HELOC take to process?“It's almost identical to the mortgage process, and hence the mortgage timeline,” Gupta says. You'll need to provide much of the same documentation, and it's likely to take 30 to 60 days, he adds.
How long does it take to get approved for a home equity line of credit?Applying for and obtaining a HELOC usually takes about two to six weeks. How long it takes to get a HELOC will depend on how quickly you, as the borrower, can supply the lender with the required information and documentation, in addition to the lender's underwriting and HELOC processing time.
What credit score do you need for a home equity loan with Bank of America?How to qualify for a home equity loan with Bank of America. Bank of America does not disclose a minimum credit score requirement, but based on historical data, borrowers will likely need a credit score in the mid-600 range.
What is the underwriting process for a HELOC?At the underwriting stage, we examine all your required loan documents and documents from other third parties. If more documentation is needed for an approval, we will contact you. During pre-closing, your home owner's insurance is ordered, all approval contingencies and loan conditions must be met.
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Bank of america home equity line of credit application status
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