What credit score does Bank of America require for a Heloc?
Emily Baldwin 
Details
| Loan products offered | HELOC |
|---|---|
| Minimum credit score | 620 |
| APR range | 1.99% to 24% |
| Repayment terms | 10 year draw and 20 year repayment |
| Loan limits | $25,000 to $1 million |
Does Bank of America have a line of credit?
Our unsecured line of credit does not require any collateral. You can borrow from $10,000. For a secured line of credit, you may need to provide collateral such as a blanket lien on general assets or a certificate of deposit. Our flexible revolving credit lines start at $25,000.
How does a Bank of America home equity line of credit work?
A HELOC is a line of credit borrowed against the available equity of your home. Your home’s equity is the difference between the appraised value of your home and your current mortgage balance. Through Bank of America, you can generally borrow up to 85% of the value of your home MINUS the amount you still owe.
What’s the interest rate on a home equity line of credit?
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, resulting in fixed monthly payments at a fixed interest rate.
How much equity can I borrow from Bank of America?
Your home’s equity is the difference between the appraised value of your home and your current mortgage balance. Through Bank of America, you can generally borrow up to 85% of the value of your home MINUS the amount you still owe. For example, say your home’s appraised value is $200,000. 85% of that is $170,000.
How long does a home equity line of credit last?
Continue to use your home equity line of credit as needed for the duration of your borrowing period, usually 10 years. Once that borrowing period ends, you’ll continue to pay principal and interest on what you borrowed. You’ll typically have 20 years for this repayment stage.
