Whether you're making home improvements, consolidating high-interest bills, paying education expenses, or financing any major expense, a Home Equity Line of Credit or Fixed-Rate Home Equity Loan can be a smart, easy way to do it all. Both have competitive interest rates and no application fees, appraisal fees or closing costs (in most states).* Plus, the interest you pay may be tax deductible.*
With a Home Equity Line of Credit, you'll enjoy:
The flexibility to borrow the money you need, when you need it
Interest-only payments*
Anytime access with convenient checks
Or, choose a Fixed-Rate Home Equity Loan with:
Terms from 3 to 30 years*
The security of an interest rate that is locked in and will never change, even if interest rates increase
Fixed principal and interest payments that remain the same for the life of the loan
A Bank of America Home Equity Specialist can answer all your questions, discuss the many home equity financing options available and custom-fit a loan with the best rate and term for you. Call (888) 880-9704, stop by any Bank of America Banking Center or apply now!
Home Equity Lines of Credit and Fixed-Rate Loans are available to qualified residents of all the states except South Carolina and Texas. Click here for more detailed information about the terms and conditions (PDF, 88k) of our Home Equity Lines of Credit.
Home Equity Line of Credit
Owner-Occupied 1-4 Units
80% or less Loan-to-Value
$5,000-$24,999
6.500%
$25,000-$49,999
5.250%
$50,000-$99,999
4.750%
$100,000 or more
4.250%
Home Equity Loan Rates
Up to 80% LTV - Owner Occupied
Loan Term in Months*
Loan Amount
30-60
61-120
121-180
181-240
241-360
$5,000-$24,999
9.29%
9.29%
9.29%
N/A
N/A
$25,000-$49,999
7.69%
7.69%
7.69%
7.79%
7.79%
$50,000-$99,999
6.69%
6.69%
6.99%
6.99%
6.99%
$100,000-$249,999
6.49%
6.49%
6.89%
6.89%
6.99%
$250,000 or more
6.69%
6.69%
6.79%
6.79%
6.89%
For loans above 80% loan-to-value or non-owner occupied properties, including second homes, call (888) 880-9704
to speak with a Home Equity Specialist and receive a personal rate quote.
Home Equity Line of Credit
The Annual Percentage Rates (APRs) on Home Equity Lines of Credit are based on Prime plus or minus a margin. Prime is the highest Prime Rate as published in the “Money Rates” section of The Wall Street Journal on the last publishing day of the calendar month immediately preceding the billing cycle. The margin may be determined by your credit line amount, credit history, and combined loan-to-value. On 3/31/08, Prime was 5.25% and the APR on Home Equity Line of Credit products with 80% or less LTV ranged from Prime - 1% (4.25% APR) to Prime + 3.25% (10.75% APR). The APRs ranged from Prime + .75% (6.00% APR) to Prime + 4.25%(9.50% APR) on products with 81% to 90% LTV. Prime is a variable rate; as it changes, the APR on your account will change. If during the course of the draw period Prime increases, the amount of your minimum monthly payment will also increase. The maximum APR is 21%, even if Prime plus the margin exceeds this amount. A balloon payment will result at the end of the ten-year draw period. Home Equity Lines of Credit advertised are limited to owner-occupied, 1-4 family principal residences, and are subject to no less than a second lien position on your property. You must carry insurance on the property that secures this loan. Flood insurance required if necessary. There is a $50 annual fee after the first year. Annual fee may be waived for customers participating in certain checking account programs. All third party closing costs are paid by lender in IL, MI, IN, OH and other states with no state or local mortgage, intangible, or stamp taxes. In states where applicable, borrower shall be responsible for state or local mortgage, intangible, or stamp taxes, which range from $5 to $8,750 ($37.50 to $12,750 in NY). Consult your tax advisor concerning the deductibility of interest. The APRs are subject to change without notice. Because your minimum monthly payment during the draw period is interest only, at the end of the draw period you will owe the total principal amount you have borrowed in a lump-sum payment. By paying only the interest due during the draw period, you will not build equity in your home by reducing the principal balance of your loan.
Fixed-Rate Home Equity Loan
The Annual Percentage Rates (APRs) are effective on 3/31/08 and are subject to change without notice. Home Equity Loans advertised are limited to owner-occupied, 1-4 family principal residences and are subject to no less than a second lien position. You must carry insurance on the property that secures the loan. Flood insurance required if necessary. Consult your tax advisor concerning the deductibility of interest. All closing costs are paid by LaSalle Bank in IL, MI, IN, OH, and other states with no state or local mortgage, intangible, or stamp taxes. In states where applicable, Borrower shall be responsible for state or local mortgage, intangible, or stamp taxes. Your exact monthly payment will vary depending on the term, APR and amount of loan. The APR will vary depending on the loan amount, combined loan-to-value (LTV), and term. For example, a loan of $50,000 with a loan-to-value ratio of 80% would have a monthly payment of $992.18 with a 5 year term (7.09% APR); $585.45 with a 10 year term (7.19% APR); $454.74 with a 15 year term (7.19% APR); $396.40 with a 20 year term (7.29% APR); and $345.85 with a 30 year term (7.39% APR).
