Home Equity Lines of Credit
One of the major advantages of home ownership is that it can enable you to use the available equity in your home to borrow money at very attractive rates. In addition, the interest you pay on the money you borrow may be tax-deductible.1 With a home equity line of credit, you can use the money for anything that’s important to you.2 We offer the following home equity products for your personal financing needs (see links for product specific information and important loan considerations).
|Equity Access® Home Equity Line of Credit
- A home equity line of credit that offers the flexibility to draw funds as needed.
- Competitive rates (Click here for Important Loan-Cost Disclosures.)
- Bank of America, N.A. will pay all closing costs for credit lines up to $1 million. For credit lines greater than $1 million, the borrower will be responsible for all closing costs (minimum credit line is $50,000). (Click here for Important Loan-Cost Disclosures.)3
- Large loan amounts available.4
- Close from the comfort of your home or office with our Convenient Loan Closing program.5
|Combination Mortgage and Home Equity Line of Credit
1Neither Merrill Lynch nor its Financial Advisors provide tax advice. Please consult your tax advisor regarding the deductibility of mortgage interest.
2Equity Access® funds may not be used to purchase, carry or trade securities or repay debt incurred to purchase, carry or trade securities.
“Interest-only” mortgages allow you to pay only the interest on the money you borrow for a certain number of years. If you only pay the amount of interest that’s due, once the interest-only period ends, you will still owe the original amount you borrowed and your monthly payment will increase—even if interest rates stay the same—because you must pay back the principal as well as interest. You should ask what the payments on your loan will be after the end of the interest only period. If you are considering an adjustable-rate mortgage, ask about what your payments can be if interest rates increase.
3Bank of America, N.A. (BANA) will pay all closing costs for credit lines up to $1,000,000. For credit lines over $1,000,000, the borrower will be responsible for all closing costs. This will include a credit report, flood determination, appraisal, recording and closing fees which will range between $330 and $3,450. In addition, the borrower will be responsible for paying title insurance that will range from $1.00 to $9.00 per $1,000 of the credit line amount and mortgage recording taxes if your property is located in AL, FL, GA, KS, LA, MD, MN, NY, OK, TN or VA that range from $1.50 to $27.50 per $1,000 of the credit line amount. Property insurance is required to establish and maintain your line of credit.
4Loan amounts over $1 million may be available on a case-by-case basis to qualified applicants.
5The following states are not eligible for this program; New York, Texas, Connecticut, Maine, Georgia, South Carolina, Delaware, Maryland and Arkansas because loans in these states must be closed with a local attorney.
6Combined loan amounts over $3M may be available on a case-by-case basis to qualified applicants. Please note, minimum home equity credit line is $50,000; credit lines are available up to $1 million; credit lines larger than $1 million may be available on a case-by-case basis to qualified applicants. BANA reserves the right to reduce or suspend your Equity Access® credit limit in the future for reasons set forth in your loan agreement, including but not limited to a significant decline in the value of your property or a material change in your financial circumstances.
Equity Access is a registered trademark of Bank of America Corporation.