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Bank of America Home Equity

Bank of America Home Equity options allow you to liquidate funds easily to consolidate debts, pay off an existing mortgage and pay for home repairs, education and other necessary expenses. To be eligible, you need to have built significant equity in your home and there must be an existing lien on the property if you are applying for a BofA home equity loan. Application process starts with the determination of your home value and then of a combined loan to value ratio (CLTV), which should not exceed 85 percent in most cases.

Moreover, your credit information will be reviewed and income documentation will be verified to ascertain your eligibility. BOA home equity solutions are also available against rental, income and investment property. Contact the customer service department at 1.800.760.5941 to get more information on how you can apply. You can check your application status online by visiting the website of Bank of America.

Bank of America Home Equity Line of Credit (HELOC)


Bank of America HELOC allows you to have an easy access to funds whenever you require them. This works like a typical credit card in which you can withdraw as much money as you want, subject to the limitation defined in your HELOC document, and pay off the same at your convenience to use it again. Variable rates with 4.49 percent APR apply for most line of credit products, but you have option to convert to the Home Equity Fixed Rate Loan Program at no application cost.

You can use online banking or a line of credit Visa Access Card to access your funds. It is also possible to use B of A banking centers, ATMs, Convenience Checks and Phone Number to get money at your will. Bank of America HELOC payoff is made simple by automatic deduction from your account. Payment options also include interest only and 1.5% of variable rate balance.

Bank of America Home Equity Loan

In contrast to a line of credit, where you have option to draw money as and when you need it, Bank of America Home Equity Loan gives the entire loan amount in a lump sum at a fixed interest rate. BofA home equity loan rates are 7.19 percent APR in California. To pay off your mortgage, you are required to make monthly payments preferably through the automatic deduction facility. There are no application fees or closing costs for amount up to $500,000, which you can take for a maximum period of 25 years.

To get an estimate of your monthly payment, use the home equity calculator available at the website of the bank. The calculator can be put to use for both kinds of home equity solutions. Note that the result displayed by the calculator is only for illustrative purposes. To get exact and detailed payment information, you need to contact a loan officer at 1.800.782.9022.

Bank of America Home Equity Department

You can call Bank of America Home Equity Department to get knowledge about its loan and line of credit products. If you are an existing customer, you can call to get information about servicing details and also how you can pay off your balances. Balance transfer is also possible online but for that you need to go through the online banking channel and sign in first using your login ID.

To request for Bank of America Loan and Line of Credit (HELOC) payoff, you can call 1.800.621.1044 in California and 1.800.934.5626 in other US states. New customers can call 1.888.683.6405. If you are an existing Countrywide Bank customer, you can call Bank of America Home Loans at 1.800.909.8217. For more information, on home equity subordination, loan modification, HELOC settlement, short sale package and foreclosure, browse our website and go to BofA website. We are providing you the web address.

Website: www.bankofamerica.com


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