Bank Of America Home Equity Loan Terms. Once the borrowing period ends you ll repay the remaining balance on your heloc with interest just like a regular loan. The bank of america payment deferral program is available for customers who currently have only one payment due on their loan.
The minimum loan term is 1 year and the maximum term will not exceed the account maturity date. You can typically borrow up to 85 of the value of your home minus the amount you owe. The time you have to fully repay your outstanding balance according to your payment terms.
Once the borrowing period ends you ll repay the remaining balance on your heloc with interest just like a regular loan.
You may convert all or a portion of your outstanding heloc variable rate balance to a fixed rate loan option resulting in fixed monthly payments at a fixed interest rate. Rescission skip to next word the cancellation of a contract. Other helocs require minimum payments of principal and interest. In general here s how it works.