We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. Show Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. 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: Does Bank of America offer personal line of credit?Our unsecured line of credit does not require any collateral. You can borrow from $10,000. For a secured line of credit, you may need to provide collateral such as a blanket lien on general assets or a certificate of deposit. Our flexible revolving credit lines start at $25,000.
Is a home equity line of credit a fixed rate?A typical home equity line of credit tends to have a variable rate that changes based on market conditions. However, some lenders allow you to lock in a fixed APR, meaning that you'll continue to pay the same rate for each fixed withdrawal.
What's the difference between a home equity loan and a HELOC?With a home equity loan, you receive the money you are borrowing in a lump sum payment and you usually have a fixed interest rate. With a home equity line of credit (HELOC), you have the ability to borrow or draw money multiple times from an available maximum amount.
How long is a HELOC term?HELOC funds are borrowed during a “draw period,” typically 10 years. Once the 10-year draw period ends, any outstanding balance will be converted into a principal-plus-interest loan for a 20-year repayment period.
|
Bank of america home equity line of credit customer service
Related Posts
Copyright © 2024 hanghieugiatot Inc.
