Bank Of America Home Equity Loan Terms. The minimum outstanding balance that can be converted into a fixed rate loan option is 5 000 from an existing heloc account. We ll defer home loan payments for up to three months.
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1 an auto pay discount of 0 25 for setting up automatic payment at or prior to heloc account opening and maintaining such automatic payments from an eligible bank of america deposit account. The following discounts are available on a new home equity line of credit heloc. Your fixed rate won t change for the selected term which means you re protected from the possibility of rising interest rates.
2 an initial draw discount of 0 05 for every 10 000 initially withdrawn at account opening up to 0.
The repayment period is usually 10 or 20 years. Enjoy the predictability of fixed payments when you convert some or all of the balance on your variable rate home equity line of credit heloc to a fixed rate loan option. The minimum loan term is 1 year and the maximum term will not exceed the account maturity date. 1 an auto pay discount of 0 25 for setting up automatic payment at or prior to heloc account opening and maintaining such automatic payments from an eligible bank of america deposit account.
