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finder.com’s rating: 3.9 / 5.0
★★★★★
This Big Four bank offers HELOCs from $25,000 up to $1 million and $500,000 on second homes. It also rewards eligible customers with rate discounts, but look out for climbing APRs and early closure fees.
Loan products offered | Purchase, Refinance, Home Equity |
---|---|
Minimum credit score | 620 |
State availability | Available in all states |
Eligible borrowers can open a HELOC between $15,000 and $1 million on a primary residence, and $500,000 on a secondary residence. Most major banks cap their HELOCs at $500,000.
Set up automatic monthly payments from your Bank of America checking or savings account and you’ll earn a discount of 0.25%. The bank also offers an initial draw discount of 0.1% for every $10,000 withdrawn, up to a maximum discount of 1.5%. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors.
With Bank of America, you can typically borrow up to 85% of your home’s equity — which is more than many traditional lenders.
The bank is tight-lipped on its eligibility requirements, though it does say borrowers need a loan-to-value ratio of 80% or less.
The site suggests the best rates are reserved for Preferred Rewards customers who set up automatic payments from their Bank of America checking account.
Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. That said, these reviews aren’t specific to the home loans division.
On TrustPilot, Bank of America has a 2-star rating based on 51 reviews. Customers praised the bank’s wide physical presence and personalized service, while many others complained about their experience.
Along with its wide HELOC range and interest rate discounts, opening a line of credit with this lender also has these benefits:
The easiest way to apply is online. These are the steps:
To apply over the phone, call 800-779-3894 weekdays from 8 a.m. to 10 p.m. or Saturday from 8 a.m. to 6:30 p.m. ET. Or, hop online to schedule an appointment at a financial center.
The application will ask for the following
Make the most of your HELOC with these tips:
Convert to a fixed-rate. To switch to steady monthly payments, convert all or part of your variable-rate balance to a fixed-rate during the draw period. The minimum amount that can be converted is $5,000.
Access your credit. These are your options:
Contact customer service. You can reach the team by:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Bank of America is for borrowers looking for high-dollar HELOCs. It offers loans up to $1 million or up to 85% of the value of your home — more than other lenders. But if you’re looking for a low maximum interest rate, BOA is not your bank — its lifetime interest rates are capped at 24%.