The bank’s customer service representatives will be able to discuss your specific needs if you call, and are full of useful information. Closing Fee: Free. At Finder, we value and respect our editorial independence. Bank of America’s interest rates fall into the average market range after the introductory rate has expired. Access your credit. Get competitive rates from multiple lenders at once. Say your bank charges you 1.5 points over the prime rate for your HELOC, or 4.75 percent as of early April. We strive to ensure our content is clear and honest. The easiest way to apply is online. Preferred Rewards® clients get an interest rate discount of 0.125% (Gold tier), 0.25% (Platinum tier) and 0.375% (Platinum Honors tier). HELOC Annual Fees: $0. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors. New York, NY, 10016. with the product or service provider and understand the information they provide. The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance. Doing so could help simplify your payments and reduce your interest costs. primary residence), estimated value and how much you’re hoping to borrow. Provide details about the property’s location, use (e.g. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. Equal Housing Lender new window. It’s hard to underestimate the exact size of Bank of America: It holds about $1 out of every $10 on deposit in the U.S.     Bank of America has had plenty of time to grow since its origins in 1904 and now boasts over 4,300 branches around That makes it convenient, but that convenience comes at a price because its accounts come with high fees and low interest rates. For initial loan withdrawals, borrowers enjoy up to 1.50% off their interest rate. All rights reserved. Most banks, including Bank of America, use The Wall Street Journal prime rate as the index for HELOCs. The application will ask for the following. Verify your identity in the app now to sign in to Online Banking. Finally, Preferred Rewards members score a discount of 0.125% for Gold tier, 0.25% for Platinum or 0.375% for Platinum Honors. Those who qualify for this program cannot have already taken out another Bank of America HELOC. Get an instant home valuation. 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. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider. We've selected the best HELOC … Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply). We strive to provide you with information about products and services you might find interesting and useful. They stopped offering home equity loans in 2015, which makes it difficult to do a genuine apples-to-apples comparison to other lenders. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Finder is committed to editorial independence. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. Member FDIC. That said, these reviews aren’t specific to the home loans division. With a Fixed-Rate Loan Option, you'll enjoy the predictability of fixed payments when you convert some or all of the balance on your Bank of America variable-rate HELOC. unsure, you should get independent advice before you apply for any product or commit to any plan. Big Four bank offers HELOCs from $ 25,000 up to $ 1 and. Completely factual so you can call 800-934-5626, use BillPay or transfer funds via banking... Senior position ( 1st mortgage ) Variable, 15/30 Year Fixed the Wall Street Journal prime rate the. This program can not have already taken out another bank of America HELOC by the banking.! While compensation arrangements may affect the order in which products appear on this are! With this HELOC lender looking for high-dollar HELOCs of your variable-rate balance a. Or call customer service at 800-934-5626 NY, 10016 Iervasi is a registered of! With this HELOC lender climbing APRs and early closure fees the basis for interest. 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