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Bank of America: 2023 Home Equity Review

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At a glance

NMLS: 399802

Bankrate Score
Rating: 3.8 stars out of 5
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Bankrate Score

Customer Rating
Rating: 1 stars out of 5

1 ratings


Loan amount

$25,000-$1 million

Credit Good

Min. credit score required



Repayment terms

10-year draw period and 20-year repayment term

Funds available in


Bank of America features

Here's a breakdown of some of the benefits and drawbacks of Bank of America home equity loans.

Bank of America overview

Bank of America is one of the biggest banks in the world and the second-largest in the U.S., currently serving 68 million customers and small-business clients, with 3,900 branches and 16,000 ATMs. On the home equity front, the bank offers home equity lines of credit (HELOCs) with introductory low rates.

Bank of America snapshot

Home equity loan types Home equity line of credit (HELOC)
Loan amounts $25,000-$1 million
Credit score minimum Undisclosed
Repayment terms 10-year draw period and 20-year repayment term
Average time to approval Undisclosed

How Bankrate rates Bank of America

Bankrate Score 3.8
Affordability 3.6/5
Availability 3/5
Borrower experience 4.8/5


To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.


  • Bank of America doesn’t charge HELOC application or annual fees, and it covers the closing costs on lines of up to $1 million. There are also rate discounts available if you set up auto-payment, and preferred customers can receive additional discounts ranging from 0.125 percent to 0.375 percent.
  • At opening, you can convert a portion of your HELOC to a fixed-rate loan if you withdraw at least $5,000 and no more than 90 percent of the maximum line amount. You can also convert all or a portion of your balance to a fixed-rate option during the loan term. All of this can be done without an additional fee.


  • If you close your HELOC account within three years, you’ll pay a $450 fee and any closing fees Bank of America paid on your behalf.
  • The bank’s minimum line amount is $25,000; you’re not required to draw this amount, but you won’t be approved if your home doesn’t have sufficient equity.

Types of fees charged

If you get a Bank of America HELOC, you won’t pay any application fee, closing costs or annual fees. There are also no fees if you choose to convert your HELOC to a fixed-rate loan. The only fee charged is an early termination fee of $450 if you close your account within three years. You’ll also be on the hook for any closing fees Bank of America paid on your behalf.

Bank of America offers discounts for setting up autopay, making initial withdrawals and being a Preferred Rewards client. If you set up automatic payments for your HELOC with a bank checking or savings account, you’ll receive a 0.25 percent discount. If you make a withdrawal when you open your account, you’ll receive a 0.10 percent discount for each $10,000 withdrawn, up to a maximum of 1.50 percent.

If you’re a Preferred Rewards client, you’ll receive a discount ranging from 0.125 percent to 0.375 percent depending on your tier. Check out the Bank of America website or speak to a Preferred Rewards specialist to learn more about this program and whether or not you qualify.

Home equity loan products offered

Bank of America offers HELOCs with a minimum line amount of $25,000 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.

While the APR on a fixed-rate loan might be higher, it does give you the option to pay both interest and principal in predictable and fixed payments. That certainty allows you to better budget your money, as you’ll never have to guess the monthly payment amount or face higher payments if rates rise.

How to qualify for a HELOC with Bank of America

Bank of America doesn’t disclose a minimum credit score requirement for a HELOC. Your APR will depend on your credit score, loan amount, work history, monthly income and monthly debts, property value and location.

How to get started

You can apply for a Bank of America HELOC using the bank’s online application. The whole process should take about 15 minutes. After answering the initial questions, you’ll be shown how to upload any required documents and check on the status of your application.

If you need assistance with the application, or if you have questions or want to discuss fixed-rate loan options, you can schedule an appointment with a branch lending specialist or speak to one over the phone or through an online chat. You’ll also need to visit a financial center in order to close your HELOC.

For more information about Bank of America’s HELOCs, visit the bank’s website or call 800-779-3894, Monday through Friday, 8 a.m. to 10 p.m. ET or Saturday from 8 a.m. to 6:30 p.m. ET. You can also schedule an appointment online to meet with a lending specialist at your local branch. In addition to information about its products and the online loan application, the Bank of America website features a wealth of information on tapping your home’s equity.

Bank of America customer ratings and reviews


NMLS: 399802


Rating: 1 stars out of 5

1 ratings


This lender has 1 reviews.

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0% of customers would recommend this lender.

of 1 reviews

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