Bank Of America Home Equity Loan

Have one-time financing needs, or want predictable fixed payments? A Home Equity Loan can help you make home improvements, consolidate higher interest debt or pay for education or other necessary expenses.

A Home Equity Loan from Bank of America can give you:

• Fixed interest rate only
• Fixed monthly payments with automatic deduction available
• No application fees or closing costs on loans of $500,000 or less
• 25 year maximum term
• Possible tax deductions
• Funds paid to you in a single check or an electronic transfer to your account

Note: A home equity loan is not available as a first mortgage or lien. You must already have and retain at least 1 existing mortgage or lien on your property to apply for a home equity loan.
Discounts

• 0.25% - if you maintain a qualified Bank of America relationship account
• 0.25% - for maintaining automatic payment from a Bank of America checking or savings account

What do I need to apply?

• Personal information for each borrower
• Employment income and income from other sources
• Outstanding balance on your current mortgage(s)
• Estimated market value of your home
• Bank of America account and routing number