Home Equity Line of Credit (HELOC): Access Cash For Expenses

You are invited to apply. Your invoice of this product does not imply you have been prequalified or pre-approved for any services or product we provide. This is not a commitment to provide; you need to send additional details for evaluation and approval.
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Merrill Lynch, Pierce, Fenner & Smith Inc., does not make dedications for or fund loans. Bank of America, N.A., (the "Bank") does not serve in a fiduciary capability with respect to all services or products. Fiduciary requirements or fiduciary responsibilities do not use, for instance, when the Bank is providing or providing credit solutions, banking or custody services or referrals to other affiliates of the Bank.

1You are invited to request a Home Equity Line of Credit (HELOC). This is not a commitment to lend; you need to submit additional information for review and approval.

The regard to a HELOC is thirty years: 10-year draw period, 20-year payment duration. Residential or commercial property insurance coverage is constantly required and flood insurance is required where required. Certain residential or commercial property types are not eligible security. If you select the Interest Only Option, during the Draw Period the minimum month-to-month payment will be the quantity of accumulated interest, plus any unpaid costs. Under the Amortizing Payment Option, the variable minimum month-to-month payment for both the Draw Period and the Repayment Period will be a quantity adequate to pay back the outstanding balance in principal and interest payments over the staying term at the applicable APR, subject to a minimum payment of at least $100. The minimum line quantity is typically $25,000, however lines as low as $15,000 are readily available in particular areas. Bank of America pays all closing costs on lines up to and consisting of $1,000,000.

2 Please consult your tax consultant relating to interest deductibility.

3 Fixed-Rate Loan Option at account opening: You may convert a withdrawal from your home equity line of credit (HELOC) account into a Fixed-Rate Loan Option, leading to fixed month-to-month payments at a set interest rate. The minimum HELOC amount that can be transformed at account opening into a Fixed-Rate Loan Option is $5,000 and the maximum amount that can be transformed is limited to 90% of the optimum line amount. The minimum loan term is 1 year, and the maximum term will not go beyond the account maturity date.

Fixed-Rate Loan Option throughout loan term: You may convert all or a part of your impressive HELOC variable-rate balance to a Fixed-Rate Loan Option, resulting in repaired month-to-month payments at a fixed interest rate. The minimum impressive balance that can be transformed into a Fixed-Rate Loan Option is $5,000 from an existing HELOC account. The minimum loan term is 1 year, and the optimum term will not exceed the account maturity date. No greater than 3 Fixed-Rate Loan Options might be open at one time. Rates for the Fixed-Rate Loan Option are generally greater than variable rates on the HELOC.

HELOC funds might not be used to buy, carry or trade securities or repay financial obligation sustained to buy, bring or trade securities.

4 Lower your interest rate when you established automated payments at account opening from your Bank of America checking or cost savings account; by drawing and keeping an initial certifying balance for at least the first three billing cycles; and when you're enrolled in Bank of America's Preferred Rewards program at the time of application submission.

5 Preferred Rewards Program Eligibility: You can enroll, and maintain your subscription, in the Bank of America Preferred Rewards ® program if you have an active, qualified individual monitoring account with Bank of America ® and preserve the balance needed for among the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1,000,000 for the Diamond Honors tier. Balances include your combined, certifying Bank of America deposit accounts (such as inspecting, cost savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can please the combined balance requirement for registration with either: 1. a three-month combined typical everyday balance in your certifying deposit and investment accounts, or 2. a current combined balance, provided that you register at the time you open your very first qualified individual bank account and satisfy the balance requirement at the end of a minimum of one day within 30 days of opening that account.

Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance estimation and get program advantages. Eligibility to enlist is usually offered three or more service days after completion of the calendar month in which you satisfy the requirements. Benefits become efficient within one month of your enrollment, or for brand-new accounts within thirty days of account opening, unless we indicate otherwise. Bank of America Private Bank customers qualify to enroll in the Diamond Honors tier regardless of balances. Certain benefits are likewise available without registering in Preferred Rewards if you please balance and other requirements. For information on Bank of America worker credentials requirements, please call Employee Financial Services or describe the Bank of America intranet website. Employees of business participating in the Bank of America Employee Banking and Investing Program may be eligible to take part on tailored terms. Refer to CEBI Program for information.

6 Preferred Rewards Home Equity Line of Credit. Home Equity Line of Credit (HELOC) rates of interest discounts are offered to who are enrolled or are eligible to enlist in Preferred Rewards, based upon their rewards tier at the submittal of home equity application (for co-borrowers, at least one candidate must be registered or eligible to register). Amount of discount (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, and 0.625% for Diamond Honors tier) is based upon the rewards tier at the submittal of home equity application and is exempt to adjustment after the application is submitted. Benefit is non-transferable. Preferred Rewards home equity advantage can be combined with specific other home equity rates of interest discount rates. Credit and collateral topic to approval. Conditions use. Programs, rates, terms and conditions subject to alter without notice.

Banking, mortgage and home equity products are supplied by Bank of America, N.A., and associated banks, Members FDIC and completely owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender. Credit and security undergo approval. Terms apply. This is not a commitment to lend. Programs, rates, conditions are subject to alter without notification.