The minimum loan term is 1 year and the maximum term will not exceed the account maturity date. Many caps allow a rate increase of 2 5 over the starting interest rate in an adjustment period for example a starting rate of 5 could increase to 7 or depending on the loan guidelines to as much as 10.
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Other helocs require minimum payments of principal and interest.
Bank of america home equity loan terms. Fixed rate loan option during loan term. The repayment period is usually 10 or 20 years. You may convert all or a portion of your outstanding heloc variable rate balance to a fixed rate loan option resulting in fixed monthly payments at a fixed interest rate.
2 an initial draw discount of 0 05 for every 10 000 initially withdrawn at account opening up to 0 75 for initial draws of 150 000 or more when that minimum balance is maintained for at least the. Once the borrowing period ends you ll repay the remaining balance on your heloc with interest just like a regular loan. Some helocs allow interest only payments during the borrowing period.
A lender s lifetime interest rate cap is typically 6 over the life of the loan. Your fixed rate won t change for the selected term which means you re protected from the possibility of rising interest rates. The following discounts are available on a new home equity line of credit heloc.
The minimum outstanding balance that can be converted into a fixed rate loan option is 5 000 from an existing heloc account. 1 an auto pay discount of 0 25 for setting up automatic payment at or prior to heloc account opening and maintaining such automatic payments from an eligible bank of america deposit account. Enjoy the predictability of fixed payments when you convert some or all of the balance on your variable rate home equity line of credit heloc to a fixed rate loan option.
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