Bank of America offering 2.99% Introductory APR on HELOC for 12 Months

Bank of America logoHomeowners who are fortunate enough to have built up equity in their primary residence can tap into that equity through a loan or line of credit (HELOC). With a home equity line of credit, major expenses like funding a child’s college, paying for home renovations or updates, or consolidating high-interest debt can be managed with more ease and less cost than alternative forms of borrowing. Before taking out a home equity line of credit against a home, it is important to compare offers from multiple mortgage lenders, then understand the terms and conditions, the total cost of borrowing, and the requirements for repayment.

The Offer

Currently, Bank of America is offering qualified homeowners an opportunity to take out a new home equity line of credit with an interest rate as low as 2.99%. The introductory interest rate is variable but can remain as low as the advertised rate for the first 12 months; after that time, the rate may be as low as 4.56%. In addition to the low interest rate, homeowners with a new home equity line of credit with Bank of America benefit from no application fees or closing costs, a streamlined online application, and flexibility with regards to drawing against the credit line through online banking, phone transactions, ATM withdrawals, or no-fee checks.

The lowest available interest rate for the home equity line of credit includes several discounts. A 0.25% interest rate discount is available to those who establish monthly automatic payments from a Bank of America checking or savings account. An additional interest rate discount ranging from 0.10% to 1% may be applied once an initial draw is taken from the line of credit at the time an account is established. Each $10,000 provides for a 0.10% rate discount. Homeowners who are also Preferred Rewards clients may receive an added interest rate discount between 0.125% and 0.375%.

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All borrowers listed on a home equity line of credit application must qualify based on credit history and score. A review of the home’s current value, as well as an evaluation of other outstanding debts, may be required for approval.

About Bank of America

Bank of America is one of the largest personal and commercial financial institutions in the world, currently serving nearly 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. In addition to home equity products, the bank offers checking and savings accounts, personal and auto loans, mortgage lending, and wealth management services.

Homeowners interested in the introductory rate offered on new home equity lines of credit with Bank of America may gather additional information by visiting a financial service center, contacting a lending specialist at 1-866-290-4674 or by visiting the bank online.

Posted on September 18, 2017 by in Home Equity Line of Credit, Mortgages,

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Comments & Discussion

4 Responses to “Bank of America offering 2.99% Introductory APR on HELOC for 12 Months”

John Doe September 21, 2017

I just signed up for this and wanted to add that you get an additional .25% discount if you only pay the minimum payment for the first 3 months. I’m refinancing my HELOC and I’m paying trying to pay the balance off in 12 months total. 70k loan total.

Is it worth losing that .25% discount so I can make additional payments and lower my principal for those first 3 months?

Wes September 21, 2017

The best thing to do would be to have your loan rep bread it down for you. However, you can also use our mortgage payment calculator.

Joseph Mehalyak September 26, 2017

I’ve been with BOA for 30 years, started as Barnett Bank. I have had several mortgages and refinanced several times. I also had a line of credit! I just paid off my mortgage and line of credit!! I received a letter from BOA to reopen my HELOC. I reapplied and have had no luck with the application. The bank employee states if I cannot show a loan satisfaction from 1991 he cannot help me?? You must satisfy a first loan to open another!! He doesn’t seem to care or wants to help? I already had a line of credit with BOA!! Now I have to jump through hoops to try to reopen it!!

Wes September 26, 2017

I’m sorry to hear that Joseph. I’ve had similar type things happen with other banks too. They send me what feels like a very personalized letter based in my circumstances asking me to apply for something that feels like a sure thing. Just to either make me jump through hoops or deny me altogether. However, it sounds like that employee should have been a little more helpful, because it sounds like they haven’t fully acknowledge the previous loan closure on their end.