Bank of America offering 2.24% Introductory APR on HELOC for 12 Months

Bank of America logoHaving the ability to draw from equity within your home is a valuable financial management tool. Home equity can be used for just about anything you deem worthy – from planning a lavish vacation to financing your children’s education goals, borrowing from your home through a home equity line of credit (HELOC) works well to accomplish these goals. Before taking out a new home equity line of credit, it is necessary to do your homework to ensure you’re getting the most bang for your hard-earned buck.

Currently, Bank of America is offering a low variable introductory interest rate on new home equity lines of credit. For the first 12 months, homeowners can receive a variable interest rate as low as 2.24%, after which time it reverts to a variable rate as low as 3.66%. The lowest possible interest rate for new home equity lines of credit is based on obtaining the following rate discounts:

  • A 0.25% discount for establishing automatic monthly payments from a Bank of America checking or savings account
  • A 0.10% – 1.00% discount for taking a draw from the line of credit at account opening (0.10% per each $10,000, not to exceed 1.00%)
  • A 0.125% – 0.375% discount for being a preferred rewards client

A minimum credit line of $100,000 must be approved to receive the lowest possible interest rate, and homeowners best qualified will have a loan-to-value ratio of no more than 85%.

Home equity lines of credit offered through Bank of America are available without the burden of closing costs, and homeowners are not charged an annual fee for having a line of credit open. Borrowers have the option to convert a variable rate line of credit to a fixed-rate loan option, although a fee may apply. Applications for a new home equity line of credit with Bank of America can be completed online through a secure platform, and all borrowers must qualify based on credit history and score. Once approved, home equity funds can be easily accessed through convenience checks or by transferring funds online.

Bank of America is one of the largest personal and commercial financial institutions in the world, currently serving an estimated 57 million individual and small business customers throughout more than 40 countries. Bank of America provides access to over 5,000 full-service branch locations and a vast network of ATMs.

Homeowners interested in learning more about the promotional interest rate offered on home equity lines of credit through Bank of America may do so by visiting any financial service center, speaking with a lending representative by calling 1-800-763-2053, or by visiting the bank online.

Posted on October 14, 2016 by in HELOC, Mortgages,

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