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Home Equity
Unlock the possibilities using your home equity
Fast and flexible access to cash for home improvements, large purchases and more with a home equity line of credit (HELOC).
Already applied for a home equity line of credit? Check your status or submit your documents
A home equity line of credit (HELOC) lets you borrow against available equity with your home as collateral.
Today's competitive
home equity rates Click to go to home equity assumptions page
You could enjoy a variable introductory rate on a home equity line of credit
(based on rates as of 3/16/2025 and can change)
Home equity assumptions (discount information plus disclosures and additional assumptions) based on a $100,000 line of credit
The Variable Intro Rate is based upon The Wall Street Journal Prime Rate (“Prime”) minus a discount; that results in the APR stated above, and can change periodically based on Prime. No customer or other discounts are available during the Variable-Rate Introductory Period. See “Home equity assumptions” link for important additional information. Rates are for illustrative purposes only, are subject to change without notice, and assume a borrower with excellent credit. The Home Equity Line of Credit has a variable rate that may increase or decrease based on adjustments to the Wall Street Journal Prime Rate, which could change multiple times during the life of the loan.
Take advantage of these interest rate discounts
0.25%
For automatic monthly payments
Set up and maintain automatic monthly payments from your Bank of America checking or savings account and receive a 0.25% interest rate discount (does not apply to Bill Pay service) Footnote [1] .
Up to 1.50%
For initial withdrawals
Make an initial withdrawal when you open your account and receive a 0.10% interest rate discount for each $10,000 withdrawn (up to a maximum discount of 1.50%) Footnote [1] .
0.125% to 0.625%
For Bank of America Preferred Rewards® enrolled or eligible members
Specific rate discount is based on your rewards tier, or eligible rewards tier at the time of application Footnote [2]
Start with an estimate of your home’s value
Then use our home equity calculator
Low competitive home equity rates — plus:
No application fees, no closing costs and no annual fee Footnote [3]
There's no fee to apply, no closing costs (on lines of credit up to $1,000,000) and no annual fee. There's also no fee to convert your variable-rate balance to a Fixed-Rate Loan Option. Footnote [4]
Online application
Submitting your application takes about 15 minutes. When you're done, we'll show you how to check your application status and securely upload documents.
Convenient access to funds
You have the flexibility to decide when and how much to use (up to your available credit limit) through Online Banking, by phone, at our financial centers or with no-access-fee checks.
Mobile & Online Banking
Manage your account, make payments and transfer funds using our top-rated Mobile Banking app Footnote [5] and Online Banking.
What can a HELOC help you do?
Learn about how a home equity line of credit works and how it may help you realize your goals – from covering unexpected expenses to paying for educational costs and funding home renovations.
Footnote
[6]
[Music in background]
[Bank of America® logo shown throughout. Animated characters shown throughout as they experience life events such as a new baby, a house renovation, going off to college and a broken leg injury that are appropriate uses for a HELOC loan.]
In life, you often face major home improvement projects, unexpected costs, education expenses, or the need to consolidate debt.
On screen disclosure:
See important information on this web page.
[Visual of three circles, representing different loans. The circles merge into one to represent debt consolidation.]
A home equity line of credit, or HELOC, could help you achieve your life priorities. At Bank of America®, we want to help you understand how you might put a HELOC to work for you. A HELOC is a line of credit borrowed against the available equity of your home. Your home's equity is the difference between the appraised value of your home and your current mortgage balance.
On screen copy:
Value of home
Mortgage balance
Home's Equity
Through Bank of America, you can generally borrow up to 85% of the value of your home minus the amount you still owe.
On screen copy:
Bank of America® logo
Value of home
Mortgage balance
HELOC
For example, say your home's appraised value is $200,000. 85% of that is $170,000. If you still owe $120,000 on your mortgage, you'll subtract that, leaving you with the maximum home equity line of credit you could receive as $50,000.
[Math equation shown on screen as it is being described in the voiceover.]
On screen copy:
$200,000 Value of home
x85%
$170,000
-$120,000 Mortgage balance
$50,000 Max. HELOC
Much like a credit card, a HELOC is a revolving credit line that you pay down, and you only pay interest on the portion of the line you use.
On screen copy:
Available Credit
Withdraw funds
Make a payment
With a Bank of America HELOC, there are no closing costs, no application fees, no annual fees, and no fees to use the funds. Plus, Bank of America offers rate discounts when you sign up for automatic payments,
[Character shown using the Bank of America® mobile app while ‘Discounts available’ is shown.]
as well as discounts based on the funds you initially use when opening the HELOC.
On screen copy:
Opening Funds
And there's Preferred Rewards, which extends benefits to you as your qualifying Bank of America balances grow. The interest rate is often lower than other forms of credit, and the interest you pay may be tax deductible, but you should consult a tax advisor.
On screen disclosure:
Please consult your tax advisor regarding interest deductibility as tax rules may have changed.
Most HELOCs have a variable rate, which means the interest rate can change over time based on the Wall Street Journal Prime Rate.
[Calendar shows an example interest rate of 5.6% and the next month it changes to 6.3%. A line graph is then shown, also demonstrating that rates can fluctuate.]
On screen disclosure:
Chart for illustrative purposes only.
And Bank of America offers you the option to convert $5,000 or more of your balance to a fixed rate,
On screen copy:
Fixed rate
Predictable monthly payments
so you can take advantage of fixed monthly payments and protect yourself from rising interest rates. Continue to use your home equity line of credit as needed for the duration of your borrowing period, usually 10 years.
Once that borrowing period ends, you'll continue to pay principal and interest on what you borrowed. You'll typically have 20 years for this repayment stage. If a HELOC sounds right for you, get started today by giving us a call, visiting a financial center, or applying online at bankofamerica.com/home-equity.
[Character shown on his computer selecting ‘apply now’ for a Home Equity loan.]
And be sure to inquire about all the ways we can assist you with rate discounts.
On screen copy:
Interest Rate Discounts
Automatic Payments
Opening Funds
Preferred Rewards
No matter what large expenses you may face in the future, a home equity line of credit from Bank of America could help you achieve your life priorities.
On screen copy:
What would you like the power to do?®
Bank of America® logo
On screen disclosures:
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Sequences shortened. Screen images simulated. All rights reserved. Bank of America, N.A., Member FDIC. 
Equal Housing Lender © 2022 Bank of America Corporation. 4652820
[End of transcript]
*This video is provided for educational purposes only and is not a commitment to lend. Please contact us so we can discuss your specific situation.
Top home equity FAQs
Home equity basics
The more equity you have, the more options will be available to you.
Evaluating the equity in your homeLearn about a HELOC, how a variable rate is calculated and how to get a Fixed-Rate Loan Option.
What is a home equity line of credit (HELOC)?Consider a cash-out refinance loan to get the financing you need.
Cash-out refinance or HELOC?- Learn more about home equity
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