Founded in 1904, Bank of America is one of the largest banking institutions in America, making it ideal if you're wanting to take out a home loan at an established lender with thousands of retail locations.
We love BofA's home equity line of credit for its extensive draw range (between $10,000 and $1 million, depending on your location) and the fact that BofA covers closing costs on loans up to $1 million, which can typically be as much as 6% of the loan. In addition, there are rate discounts for setting up autopay and for each $10,000 you withdraw at account opening.
However, borrowers must close at one of the bank's retail locations.
Bank of America HELOC
Loan types
HELOC
Minimum credit score
620
Maximum loan-to-value
85%
HELOC draw amount
$15,000 to $1 million
HELOC draw period
10 years
Repayment period
20 years
Fees
No application fees, annual fees or closing costs
Availability
Bank of America offers HELOCs in all 50 states and Washington, D.C.
Pros
- Available in all 50 states
- Lower credit score requirement
- lends up to $1 million
- No application fees, annual fees or closing costs on HELOC
Cons
- Doesn't offer home equity loans
- Have to complete closing at a branch
Bank of America HELOC review
What is a HELOC?
A HELOC is a line of credit backed by the value of the borrower's home. Homeowners typically have 10 years to withdraw up to a maximum amount.
During this period, they only have to make monthly interest payments. If they do make principal payments, however, they can draw more funds up to the established limit.
After the draw period closes, monthly payments on the principal balance and interest commence, usually over a 20-year repayment period.
Bank of America HELOC pros and cons
- Rate discount of 0.125% for setting up autopay
- Discount of 0.10% for every $10,000 withdrawn at closing, with a max discount of 1.50%
- Wide draw range between $25,000 (or $15,000 in some places) and $1 million (higher on wealth loans)
- Bank of America covers closing costs on loans up to $1 million
- Early closure fee of $450 if paid off within three years of opening
- Must go to a bank branch to close
- Maximum LTV is only 85%, lower than other lenders
Bank of America HELOC rates and terms
Bank of America offers HELOCs in all 50 U.S. states and Washington, D.C.
- Draw period: 10 years
- Repayment period: 20 years
- Loan minimum: $25,000 ($15,000 in some location)
- Loan maximum: $1 million, but wealth loans offer higher limits
- Closing timeline: Does not disclose
- Closing costs: None
- Annual fee: None
Bank of America HELOC requirements
In addition to a home appraisal, Bank of America has the following requirements for its applicants:
- Credit score: 660 or better
- Loan-to-value ratio: Up to 85% LTV
- Debt-to-income ratio: 43% to 54.99%, based on loan type and credit
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
10 years
585
25%
10, 15 or 20 years
680
20%
Bank of America customer service
With 3,500 branches nationwide, Bank of America has a reputation for outstanding customer service. It scored above average for customer satisfaction on J.D. Power's 2025 mortgage servicing survey and third for mortgage origination.
It also received an A+ from the Better Business Bureau, the agency's highest score, based on transparency, truthful advertising and its responsiveness to consumer complaints.
Bank of America has an easy-to-use mobile app with an AI-powered chat feature and its website resources are available in English and Spanish.
Applicants can call 800-779-3894, Monday to Friday, from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 6:30 p.m.
Existing HELOC customers can call 800-934-5626, Monday to Friday, from 8 a.m. to 9 p.m.
How does Bank of America compare?
Here's how Bank of America compares to two other HELOC providers.
Bank of America vs. Figure
Figure
Loan types
HELOC, DSCR, cash-out refinance, crypto-backed loan, small business loans
Minimum credit score
600
Maximum loan-to-value
85%
HELOC draw amount
$15,000 to $750,000
HELOC draw period
2 years or 5 years
Repayment period
10 years, 15 years, 20 years, 30 years
Availability
Figure HELOCs are available in all states but Hawaii.
Available APRs range from 6.75% to 14.35%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn't permit eNotary ($350), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0- $1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
Bank of America and Figure HELOCs are very different, but the best choice depends on your priorities.
BofA is a well-established brick-and-mortar bank with thousands of retail locations and a wide range of financial products, including mortgages, checking and savings accounts and credit cards. In contrast, Figure launched in 2018 as an entirely online operation focused exclusively on home equity lines of credit.
Figure prides itself on its speed: It takes only five minutes to get approved and five days to receive funding. (BofA does not disclose information about its closing timeline.) The San Francisco-based fintech company also offers a fully remote closing, while BofA borrowers must close at one of its branches.
But if you're seeking the traditional advantages of a HELOC, such as flexible draw options and a long interest-only payment period, BofA is the better choice. It offers the standard 10-year draw period, while Figure limits draws to between two and five years.
Figure HELOCs also have higher minimums and lower maximums — from $15,000 to $750,000 — compared to $25,000 to $1 million with Bank of America.
And, while BofA customers can withdraw as little or as much as they need, Figure requires borrowers to take out the entire line during the initial draw.
Bank of America vs. TD Bank
TD Bank Home Equity Loan
Annual Percentage Rate (APR)
Apply online for personalized rates
Loan minimum and maximum
Minimum: $10,000; Maximum: $500,000 without additional requirements
Terms available
5 to 30 years
Credit needed
660
Minimum equity required
10%
TD Bank offers HELOCs up to $6 million, six times the maximum provided by Bank of America, and it approves up to 90% LTV to BofA's 85%.
But BofA covers closing costs and offers rate discounts for those who enroll in autopay and those who take out $10,000 or more in their initial draw.
However, TD only lends in 15 states, while Bank of America provides loans in all 50 states and Washington, D.C. In addition, BofA doesn't charge origination, closing or annual fees on HELOCs.
Is a Bank of America HELOC right for me?
Bank of America is an excellent option for HELOC borrowers looking for rate discounts or a large draw maximum.
Getting a rate discount is easy, and the lender will cover closing costs on loans up to $1 million. It also offers a broad range — in some areas, borrowers can open a line of credit for as little as $10,000 to as much as $1 million.
However, if you're aiming to complete the process online or require a HELOC with more than 85% LTV, you'll need to consider another lender.
Bank of America HELOC FAQs
What is a HELOC?
A home equity line of credit (HELOC) is a revolving line of credit backed by the value of your home. You'll be able to draw up to the maximum as many times as needed for the 10-year draw period. During this time, you only have to make interest-only payments. Then, after this, you'll go into repayment and make payments on the principal and interest.
What credit score is required for a Bank of America HELOC?
BofA requires that HELOC applicants have a credit score of at least 660.
Do I need an appraisal for my Bank of America HELOC?
Yes, BofA requires an appraisal. You may also need to provide your most recent mortgage statements and other paperwork related to the property.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select reviews mortgage products using a variety of criteria, including average rates, terms, availability, fees, down payment options, online experience and customer satisfaction.
In addition, we incorporate findings from independent sources, including customer satisfaction scores from J.D. Power's mortgage origination and servicing surveys and ratings from the Better Business Bureau.
For home equity products, we review the amount of equity required, repayment terms and the minimum and maximum loan amounts available.
We also consider requirements for credit scores, debt-to-income ratios and combined loan-to-value ratios.
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