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Our editorial team does not receive direct compensation from our advertisers. If you're struggling with your Bank of America home equity loan or line of credit payments, there may be options to change the terms to achieve more affordable payments. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site.
We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. At Bankrate we strive to help you make smarter financial decisions. While we adhere to stricteditorial integrity, this post may contain references to products from our partners. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. You can apply online, in-person or over the phone for a HELOC with Bank of America.
Is a home equity loan modification right for you?
If you're concerned about receiving marketing email from us, you can update your privacy choices anytime in the Privacy and Security area of our website. A home equity line of credit lets you borrow against available equity with your home as collateral.

Before joining CNET Money, Wojno was Senior Editor of Finance for ZDNet, writing on blockchain, cryptocurrency, financial services, investing and taxes. Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz. You have the option to convert a HELOC into a fixed-rate loan, which is ideal as interest rates keep rising. Please note, this does not include a transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account.
Top home equity FAQs
Manage your account, make payments and transfer funds using our top-rated Mobile Banking app and Online Banking. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current.

Those interested in Bank of America home loans should know that only HELOCs are available. These are still a solid option because of possible interest rate discounts and extensive online services. Bank of America does not disclose a minimum credit score requirement, but based on historical data, borrowers will likely need a credit score in the mid-600 range. We’ll review your situation, confirm your interest in a modification and send you a financial information packet.
How does a HELOC work?
Home equity loans are available only to borrowers with equity in their homes. If your home is worth $200,000 but you’ve already paid your mortgage down to $125,000, you have $75,000 in equity. But, if you’ve just recently purchased a home and have little or no equity in it yet, you won’t be eligible for a Bank of American HELOC. Use Bank of America Online Banking to make your regular monthly mortgage payment, make a payment directly to your principal or make a payment to your escrow account.

If you are experiencing a financial hardship related to the coronavirus, we may be able to postpone home loan payments for three months or longer. Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance. If you can’t pay your HELOC, you risk losing your home because the bank will seize the collateral to pay off your debt. This means that home equity lines of credit, whether from Bank of America or elsewhere, are only appropriate for those who know they can pay down the debt. A HELOC is never meant to be used to finance irresponsible spending.
You can reach a specialist via live chat right from your computer or you can call a support expert directly. If you don’t have time to wait on the phone, you can also request a call back when it’s more convenient for you. Or, you can schedule an appointment to speak with a representative directly with any concerns you have.
It’s important to understand which type of HELOC financing you have. This will determine your repayment method once you reach end of draw. Learn about a HELOC, how a variable rate is calculated and how to get a Fixed-Rate Loan Option.
A home equity loan or line of credit modification may make your payments more affordable. We have even more solutions, from assistance with credit cards to help with auto loans. If you have a loan that is not owned or insured by a government entity, understand how a loan modification may make your payments more affordable. Follow the prompts to provide the personal and financial information needed to complete the application, upload the corresponding documents and submit your application. The bank says your APR won’t exceed 24% over your loan’s lifetime.

Making extra principal payments helps you pay less interest and reduces your overall debt more quickly. Like a credit card, as you repay your outstanding balance, the amount of available credit is replenished. During this time , you can no longer take out money and you must pay off what you owe. With a fixed-rate loan, your rate will never change for the agreed-upon length of time. Bank of America makes this option accessible by providing a quick transfer service for those who have variable-rate home equity lines of credit.
We'll send you a Trial Period Plan Notice explaining the terms, such as the monthly payment amount, the deadline to accept the trial plan terms and the date your first trial payment is due. You can make payments through Online Banking, by mail, or over the phone. If approved, you’ll start a three month trial period to make sure you can afford the new payments.
Customers awarded the bank 1.05 stars out of 5 based on 598 reviews — standard for a traditional bank with several arms. That said, these reviews aren’t specific to the home loans division. The company’s website also offers a number of helpful tools for customers including a calculator to help you determine how much you can borrow and how much you’ll pay. You can use these tools to estimate the value of your home and what your HELOC will cost.