Bank Of America Home Equity Line Of Credit Rates. When a mortgage balance is paid down and the market value of the home increases over time home equity is created. 1 an auto pay discount of 0 25 for setting up automatic payment at or prior to heloc account opening and maintaining such automatic payments from an eligible bank of america deposit account.
But they are different and understanding how each one works can help you decide whether one or the other might work for you. Homeowners have a valuable asset at their fingertips known as home equity. When a mortgage balance is paid down and the market value of the home increases over time home equity is created.
Fixed rate loan option at account opening.
Bank of america s heloc has a minimum credit line amount of 25 000. When a mortgage balance is paid down and the market value of the home increases over time home equity is created. This financial asset can be used for a variety of needs including home remodeling or renovations college funding for children or grandchildren debt consolidation or even paying for a family vacation or other large expense. 1 an auto pay discount of 0 25 for setting up automatic payment at or prior to heloc account opening and maintaining such automatic payments from an eligible bank of america deposit account.