Bank of America: 2025 Home Equity Review

Affordability: 3.4 stars

Bank of America is rated 3.4 out of 5 for affordability, largely because of its higher-than-average APR. 

• APR: While Bank of America offers a low introductory variable APR for six months, its standard APR is slightly above the Bankrate average. 
• 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.

Availability: 4.3 stars

Bank of America’s nationwide footprint is a big plus, earning the company a 4.3 out of 5 for availability. 

• Footprint: Bank of America is licensed to provide home equity loans in all U.S. states.
• Credit score: Bank of America's minimum credit score is 660, which is in line with the industry average. To get a HELOC with that score, you can’t have late payments on your credit report and a debt-to-income ratio below 55%. 
• Loan minimum: While the minimum line amount is generally $25,000, Bank of America offers lines as low as $15,000 in certain areas.
• Draw requirement: While Bank of America doesn’t have a draw requirement per se, the APR discount you receive may vary based on your initial draw and other factors, like the property’s value and location.

Borrower experience: 4.7 stars

Bank of America’s low introductory rates, multiple contact methods and fixed-rate conversion option earn the bank a 4.7 out of 5 rating for borrower experience.

• Rate transparency: Bank of America discloses that you can borrow up to 85% of the value of your home. It does publish both its intro rate and subsequent rate on its website, but provides little info on qualifying credit scores or other criteria.
• Convenience: In addition to being available in every state, Bank of America offers robust online banking services. Much of the application can be completed online, though closings must occur in person at one of the company’s locations. 
• Customer service: If you live near one of Bank of America’s 3,600 financial centers across more than 100 U.S. markets, you have plenty of options for getting help. Scheduling an appointment online to speak with a specialist is also easy. Phone support is available every day, except Sunday (Monday to Friday, 8 am ET to 10 pm ET) and Saturdays, 8 am ET to 6:30 pm ET).
• Fixed-rate options: Bank of America doesn’t offer fixed-rate home equity loans. However, borrowers can convert all or part of their variable-rate HELOC to a fixed-rate loan when opening the account.

Bank of America has been accredited by the Better Business Bureau since 1949 and receives an A+ rating. The bank also ranks number one in J.D. Power’s overall satisfaction survey for mortgage servicer digital experience. However, as of this review, Trustpilot gives the lender a 1.3-star rating. Of more than 2,900 reviews, most users complained about their overall experience and customer service.