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Bank of America can be a standout option if you are looking for a jumbo HELOC, discounts on autopay and perks like no application fees. Because of its national reach, Bank of America is a smart choice if you prefer an in-person experience. But if the $25,000 loan amount is too high for you, there are other lenders that offer smaller HELOC options.
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 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.
The combination of an introductory APR, numerous discounts and minimal fees gives the lender a 5 out of 5 affordability rating.
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.
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.
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
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.
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.
Selected lender
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NMLS: 399802
Bankrate score
4.3
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
4.0
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 401052
Bankrate score
4.9
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
2.6
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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$25,000-$1 million |
$25,000-$1,000,000 |
Up to $400,000 (up to $100,000 in some states) |
Min. credit score required |
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Undisclosed |
700 |
640 |
Repayment terms |
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20 years |
10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan |
Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years |
Funds available in |
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Undisclosed |
Undisclosed |
With 7 business days |
Recent customer review |
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The application was smooth and wrinkle-free. Judy, the rep who assisted us, was professional, efficient, and very pleasant to do business with. Anonymous Reviewer |
The absolute worst HELOC underwriting ever! Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing. ... Jim . |
Low offer and extremely high rates and fees They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee... Heloc |
NMLS: 399802
4.0
25 ratings
80% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Anonymous Reviewer
(July 1, 2024)
The application was smooth and wrinkle-free. Judy, the rep who assisted us, was professional, efficient, and very pleasant to do business with.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
It was a simple and straightforward application process and they helped me every step of the way.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
The application process was simple and easy to complete the staff was very knowledgeable and able to explain any questions I had
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
The paperwork was streamlined quickly with no issues.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
the are speedy and efficient but treat you like a number
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
The bank of America loan is the most swiftest I have ever seen, the application is topnotch and doesn't require in person.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Applied with the help of our Merrill Lynch financial advisors. They most of the work, we went and signed the papers at a Bank of America branch. Smooth. No issues
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Tjey were over responsive and not in a coordinated way. I had a hard time getting it straight what they wanted exactly and different people told me different things
Closed loan with this lender?
No
Would you recommend this lender?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Anonymous Reviewer
(July 1, 2024)
I have good experience with BOFA
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
The application process was simple because Bank of America was my primary bank provider. It was not very to reach out the the Bank of America Home Equity service.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes