Bank of America Home Equity Loan

Bank of America home equity loan is tailor made for individuals that have one-time financing requirements. With Bank of America home equity loan, you can get a one-time cash payout with fixed installments. Borrowers have an option of going for automatic deduction. You do not need to pay anything in the form of application fee. For lines of $500,000 or less, no closing costs are applicable. The maximum term for the home equity loan is 25 years. More importantly, you are going to get a 100 percent tax deductible interest. Once you get an approval, money will be in your bank account straightaway.

Discounts

You are going to get a discount of 0.25 percent if you maintain a qualified Bank of America relationship account. You can get a discount of 0.25 percent by maintaining automatic payment from a Bank of America savings account. To get additional discounts, pay all your dues on time. Bank of America runs promotional schemes from time to time where discount is being offered to individuals who have a good repayment record.

How to get an approval for Bank of America home equity loan?

To get an approval for Bank of America home equity loan, you need to provide your personal details as well as your monthly source of income. You need to mention it clearly in your application how much balance you still need to pay in your current mortgage. In order to get an approval, make sure that you estimate your home market value correctly. Once you submit your home equity loan application, you will get a response from the bank in a matter of one week regarding your application status. If your loan application is rejected, look out for reasons that are responsible for this situation.

Benefits of Bank of America home equity loan

Find below some of the benefits of Bank of America home equity loan.

• You do not need to go through any credit check. Even if you are suffering from bad credit there is a good chance that you can avail home equity loan.
• Regarding repayment, there is no pressure on you as monthly installments are set taking into account your monthly source of income.
• It is totally up to you how much loan amount you are interested in.
• Bank of America provides grace period of six months to their customers. During grace period, you do not need to pay any money in the form of monthly installment.
• With Bank of America home equity loan, there is going to be significant improvement in your credit rating.