What is the Bank of America home equity line of credit? Just like many other types of home equity lines of credit, this is simple. A home equity line of credit from the bank of America allows you to borrow against available equity using your home as collateral.
Bank of America Home Equity Line Of Credit
The bank of America as you should already know offers one of the best rates when it comes to a home equity line of credit. The BOA offers a 5.150% variable APR and this very rate is inclusive of discounts of 0.250% for automatic payment and then 0.600% for an initial withdrawal of $60,000. There are lots of benefits to gain from the Bank of America home equity line of credit although it is a loan program which means you get to pay back at some point.
The Benefits of the Bank of America Home Equity Line Of Credit
There are lots of benefits that come with the Bank of America home equity line of credit and in a bit, I am going to be discussing some of them with you. Bank of America offers low competitive home equity rates in general. And in addition to that, the financial institution also offers no application fees, no closing costs, and no annual fee in regard to a home equity line of credit.
When applying, there are no fees to be paid. Also, there are no closing costs on lines of credit that are up to $1,000,000 when compared to other banks and financial institutions. There is also no fee in converting your variable-rate balance to a fixed-rate loan option.
Submitting your application online takes about 15 minutes of your time. And when you are done submitting your application, you will be guided on the necessary steps needed to check your application status and to upload your documents securely.
When it comes to accessing your funds, your options are always flexible. You can easily decide on when and just how much you want to make use of up to your available credit limit via online banking, by phone, with no access-fee checks, or at any bank of America centers.
How to Access Funds from your Bank of America Home Equity Line Of Credit
There are many ways and methods through which one can access his or her funds. You can either make use of online banking or mobile banking to access your funds or make use of a home equity line of credit check or a visa access card. Another good means of accessing your equity line funds is by visiting a financial center.
How to Make Payments to your Home Equity Line Of Credit
Just as accessing your funds, this is easy. There are many through which you can do this (make payment). You can transfer funds by making use of the online banking option. Also, you can set up automatic payments online or at any financial center closest to you.
There is also the option of making payments with bills. If however, you are unable to make your payments for reasons known to you, you should do well to make contact with the bank of America home equity line service.
What Is the Draw Period and What Happens At the End of Draw?
The draw period or the borrowing period normally is the 10-year borrowing period during the time you can access your funds using your home equity line of credit depending on the terms.
After that period, the period for repayment starts and during this time you will not be able to get access to additional funds. You should also know that your minimum monthly payments will be inclusive of a principal and interest amount necessary to pay off your home equity line of credit by the end of the repayment period fully.