Bank of America: 2025 Home Equity Review

Bank of America is a major player in the financial world in general, and in home equity lending in particular: In fact, it’s the largest HE lender by dollar volume, doing $4.38 billion in business in the first half of 2024 alone. The financial services company dates back to 1904, assuming its present form in 1998 with NationsBank’s purchase of BankAmerica. It offers a wide range of banking and other services to over 69 million consumer and small business clients throughout the nation. 

Bank of America home equity products offered

Bank of America offers home equity lines of credit (HELOCs) with a minimum line amount of $25,000 (with $15,000 in some locations) and a maximum line amount of $1 million. The HELOCs have a 10-year draw period and a 20-year repayment period.

You also have the option to convert part of your variable-rate HELOC to a fixed-rate loan at opening if you draw at least $5,000 (but no more than 90 percent of your line). You can decide to convert a portion of your HELOC balance (minimum $5,000) to a fixed-rate loan during the loan term, as well. There’s no charge for the conversion, and you can have up to three fixed-rate loans at one time. The loan term can range from one year up to the account maturity date.

Affordability: 5/5

• APR: Bank of America is known for its competitive rates. It usually offers an introductory variable APR for six months that’s well below the national average. If you set up automatic payments for your HELOC with a BofA account, you’ll receive a 0.25% discount If you make a withdrawal when you open your account, you’ll receive a 0.10% discount for each $10,000 withdrawn, up to a maximum of 1.50%.
• Fees: If you get a Bank of America HELOC, you won’t pay any application fee, closing costs, conversion fees or annual fees. The only fee charged is an early termination fee of $450, plus a repayment of covered closing fees, if you close your account within three years. 

The combination of an introductory APR, numerous discounts and minimal fees gives the lender a 5 out of 5 affordability rating. 

Availability: 4.3/5

• Credit score: Bank of America doesn’t disclose its minimum credit score. Most lenders require a score in the mid-600s for home equity products. 
• Loan products: Offers just a HELOC, in contrast to lenders that offer both HELOCs and HELoans. However, your variable-rate HELOC can in effect be converted to loan, if you exercise the fixed-rate option. 
• Where to find it: Bank of America’s home equity loans are available in all U.S. states.   

Bank of America’s nationwide footprint is a plus, but it gets dinged for not disclosing its minimum credit score requirements upfront,down to a 4.3 out of 5 for availability. 

Borrower experience: 3.6/5

• Rate Transparency: Bank of America discloses that you can borrow up to 85 percent of the value of your home. It does publish its intro rate, and then subsequent rate, on its website. But it provides little info on qualifying credit scores or other criteria.
• Convenience: Along with being located in every state, Bank of America offers robust online banking services. Much of the application can be done online, though closings have to occur in person at one of the company’s locations. 
• Customer service: You can contact Bank of America at a branch location, on the phone and through its online chat function. 

While it offers multiple customer service options, the requirement for in-person closings and their lack of transparency on minimum credit score and maximum loan APRs give BoA a 3.6 out of 5 rating for borrower experience. 

Bank of America has been accredited by the Better Business Bureau since 1949 and receives an A rating. As of this review, Trustpilot gives Bank of America a 1.3-star rating. The company was sued in 2024 for failing to refund overdraft fees for customers facing financial hardship during the COVID-19 pandemic. In the previous year, the Consumer Financial Protection Bureau fined Bank of America $12 million for reporting false mortgage data.   

What consumers say about Bank of America

On Bankrate, most customers deemed the application process “smooth and wrinkle-free,” and didn’t mind the “brief verification” visit to a branch on closing day. A few did feel “they treat you like a number,” complaining about excessive or duplicative documentation requests.

While you can borrow up to 85 percent of the value of your home, Bank of America does not disclose information on the required credit score needed to qualify. Your APR will depend on your credit score, loan amount, work history, monthly income and monthly debts, property value and location.

You can apply for a HELOC with Bank of America in person at a branch location, online or by phone at 800-779-3894. It takes about 15 minutes to submit the application online. Bank of America’s customer service team is available Monday through Friday, 8 a.m. to 10 p.m. ET or Saturday from 8 a.m. to 6:30 p.m. ET.