Rescission skip to next word the cancellation of a contract. The minimum outstanding balance that can be converted into a fixed rate loan option is 5 000 from an existing heloc account.
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The minimum loan term is 1 year and the maximum term will not exceed the account maturity date.
Bank of america home equity loan terms. 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. The repayment period is usually 10 or 20 years. The minimum loan term is 1 year and the maximum term will not exceed the account maturity date.
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. Other helocs require minimum payments of principal and interest. The minimum outstanding balance that can be converted into a fixed rate loan option is 5 000 from an existing heloc account.
Fixed rate loan option during loan term. In a home equity line of credit for example the repayment period typically 20 years is the loan term that follows the draw period typically 10 years. Fixed rate loan option during loan term.
Some helocs allow interest only payments during the borrowing period. Once the borrowing period ends you ll repay the remaining balance on your heloc with interest just like a regular loan. The time you have to fully repay your outstanding balance according to your payment terms.
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