Bank of America Private Bank, and Merrill clients should contact your Private Client Advisor, Private Client Manager, Merrill Advisor or client team for help and available pricing and guidelines, which are not reflected in the calculator results and/or loan assumptions below, and are not available when applying online.
The Home Equity Line of Credit (HELOC) calculator will display data and results for a variety of information, including but not limited to, rates, Annual Percentage Rates (APRs), line of credit amounts, etc., but note that not all loan terms and guidelines are available within the calculator or the advertising disclosures. Results in this calculator are not based on Introductory Rates. Please see below for more information, and contact us so we may provide you with even more details and information about our products.
You are invited to apply for a HELOC. Your receipt of this material does not mean you have been pre-qualified or pre-approved for any product or service that we offer. This is not a commitment to lend; you must submit additional information for review and approval. Rate(s) and APR(s) are subject to change without notice. The sample rates, APRs, and monthly payments displayed are valid as of xxxx.
Important information about our variable-rate HELOC
The variable APR and variable-rate monthly minimum payment amount shown are based on the draw amount you provided (and other factors) being initially withdrawn at account opening and are for illustrative purposes only. Sample APRs and monthly payments assume a new HELOC on an owner-occupied single family detached primary residence, a borrower with excellent credit, and combined loan to value (CLTV) ratio based upon information you provided. The APR is based on The Wall Street Journal Prime Rate plus a margin and will vary with the Prime Rate. Your APR will not exceed 24% or go below 1.99% at any time during the term of your account. The term of a HELOC is 30 years: 10-year draw period, 20-year repayment period. During both the draw period and the repayment period, your variable-rate monthly minimum 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 sample APR includes 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; and an "initial draw" discount based on the above specified draw amount being initially withdrawn at account opening and maintained for at least the first 3 full billing cycles. Speak with a loan officer for more information regarding available discounts. Available rate, margin and payment amount may vary based on actual CLTV, initial withdrawal, property value, property location, line amount and other factors.
Property insurance is always required and flood insurance is required where necessary. To obtain a HELOC from Bank of America, a security interest will be taken on borrower's owner-occupied primary residence (or vacation or second home if selected by user) as collateral. Certain property types are not eligible collateral. 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 combined amount of all third party fees for a line of credit generally total between $456.10 ($25,000 line) and $23,879.10 ($1,000,000 line), and in New York $778.60 ($25,000 line) and $34,413.10 ($1,000,000 line).
Additional Information for HELOCs in Texas subject to Section 50(a)(6) of the Texas Constitution: Early Closure Fee does not apply. Minimum advance amount on the HELOC is $4,000, maximum CLTV is typically 80% and maximum LTV is typically 80%. Access to the HELOC account via an ATM card or other access cards is not allowed.
Important information about our HELOC calculator with Fixed-Rate Loan Option results
The sample Annual Percentage Rate (APR) and monthly fixed rate payment amount displayed are for illustrative purposes only, assume a new HELOC, combined loan to value (CLTV) ratio based on information you provided on an owner-occupied single family detached, and a borrower with excellent credit. The minimum line of credit amount withdrawn at account opening that can be converted to a Fixed-Rate Loan Option is $5,000 and the maximum that can be converted is 90% of the maximum line amount. The minimum term is 1 year, and the maximum loan term will not exceed the account maturity date. The minimum payment due on a Fixed-Rate Loan Option includes principal and interest in fixed monthly payments. The sample APR includes a 0.25% discount for maintaining automatic payment from a Bank of America account. Rates for the Fixed-Rate Loan Option are typically higher than variable rates on the HELOC account. As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate.