Home Equity Line Of Credit HELOC : Access Cash For Expenses
You are invited to apply. Your invoice of this product does not mean you have been prequalified or pre-approved for any product and services we offer. This is not a dedication to lend; you must submit additional info for evaluation and approval.
Merrill Lynch, Pierce, Fenner & Smith Inc., does not make dedications for or fund loans. Bank of America, N.A., (the "Bank") does not serve in a fiduciary capability with regard to all product and services. Fiduciary requirements or fiduciary responsibilities do not use, for instance, when the Bank is offering or offering credit options, banking or custody services or recommendations to other affiliates of the Bank.
1You are invited to make an application for a Home Equity Credit Line (HELOC). This is not a commitment to provide; you should send additional info for evaluation and approval.
The regard to a HELOC is 30 years: 10-year draw duration, 20-year payment period. Residential or commercial property insurance is constantly needed and flood insurance coverage is needed where essential. Certain residential or commercial property types are not eligible collateral. If you select the Interest Only Option, throughout the Draw Period the minimum month-to-month payment will be the quantity of accrued interest, plus any unpaid charges. Under the Amortizing Payment Option, the variable minimum monthly payment for both the Draw Period and the Repayment Period will be an amount sufficient to pay back the outstanding balance in principal and interest payments over the staying term at the APR, subject to a minimum payment of at least $100. The minimum line amount is usually $25,000, however lines as low as $15,000 are offered in certain locations. Bank of America pays all closing costs on lines up to and including $1,000,000.
2 Please consult your tax consultant regarding interest deductibility.
3 Fixed-Rate Loan Option at account opening: You may convert a withdrawal from your home equity line of credit (HELOC) account into a Fixed-Rate Loan Option, resulting in repaired monthly payments at a fixed rate of interest. The minimum HELOC amount that can be converted at account opening into a Fixed-Rate Loan Option is $5,000 and the optimum quantity that can be converted is restricted to 90% of the maximum line amount. The minimum loan term is 1 year, and the maximum term will not exceed the account maturity date.
Fixed-Rate Loan Option throughout loan term: You may transform all or a part of your exceptional HELOC variable-rate balance to a Fixed-Rate Loan Option, resulting in fixed monthly payments at a set interest rate. The minimum exceptional balance that can be converted into a Fixed-Rate Loan Option is $5,000 from an existing HELOC account. The minimum loan term is 1 year, and the optimum term will not exceed the account maturity date. No more than three Fixed-Rate Loan Options might be open at one time. Rates for the Fixed-Rate Loan Option are generally greater than variable rates on the HELOC.
HELOC funds may not be utilized to purchase, bring or trade securities or pay back debt sustained to buy, bring or trade securities.
4 Lower your rates of interest when you established automatic payments at account opening from your Bank of America examining or cost savings account; by drawing and keeping an initial certifying balance for a minimum of the very first 3 billing cycles; and when you're registered in Bank of America's Preferred Rewards program at the time of application submission.
5 Preferred Rewards Program Eligibility: You can enroll, and preserve your subscription, in the Bank of America Preferred Rewards ® program if you have an active, qualified individual bank account with Bank of America ® and keep the balance required for among the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as inspecting, cost savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for registration with either:
1. a three-month combined typical everyday balance in your qualifying deposit and financial investment accounts, or
2. a present combined balance, provided that you register at the time you open your first qualified individual bank account and satisfy the balance requirement at the end of a minimum of one day within one month of opening that account.
Describe your Personal Schedule of Fees for details on accounts that qualify towards the combined balance estimation and receive program advantages. Eligibility to enroll is typically available 3 or more organization days after completion of the calendar month in which you satisfy the requirements. Benefits end up being reliable within one month of your registration, or for new accounts within thirty days of account opening, unless we suggest otherwise. Bank of America Private Bank customers certify to enlist in the Diamond Honors tier regardless of balances. Certain advantages are likewise available without registering in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or describe the Bank of America intranet site. Employees of companies getting involved in the Bank of America Employee Banking and Investing Program may be eligible to participate on tailored terms. Describe CEBI Program for details.
6 Preferred Rewards Home Equity Line of Credit. Home Equity Line of Credit (HELOC) rates of interest discount rates are provided to clients who are registered or are eligible to register in Preferred Rewards, based on their rewards tier at the submittal of home equity application (for co-borrowers, at least one candidate needs to be registered or qualified to register). Amount of discount rate (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, and 0.625% for Diamond Honors tier) is based upon the rewards tier at the submittal of home equity application and is exempt to change after the application is sent. Benefit is non-transferable. Preferred Rewards home equity benefit can be combined with specific other home equity rates of interest discount rates. Credit and security topic to approval. Terms use. Programs, rates, terms subject to alter without notification.
Banking, mortgage and home equity items are offered by Bank of America, N.A., and connected banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender. Credit and security are subject to approval. Terms use. This is not a commitment to lend. Programs, rates, conditions go through change without notification.