leonoramunger

Home Equity Credit Line (HELOC): Access Cash For Expenses

You are invited to apply. Your receipt of this product does not imply you have been prequalified or pre-approved for any services or product we use. This is not a commitment to lend; you must submit additional details for evaluation and approval.

Merrill Lynch, Pierce, Fenner & Smith Inc., does not make dedications for or fund loans. Bank of America, N.A., (the “Bank”) does not serve in a fiduciary capability with regard to all product and services. Fiduciary standards or fiduciary responsibilities do not apply, for instance, when the Bank is offering or supplying credit services, banking or custody services or referrals to other affiliates of the Bank.

1You are invited to get a Home Equity Line of Credit (HELOC). This is not a dedication to provide; you must submit extra information for evaluation and approval.

The regard to a HELOC is thirty years: 10-year draw duration, 20-year repayment period. Residential or commercial property insurance coverage is always needed and flood insurance is needed where necessary. Certain residential or commercial property types are not qualified security. If you select the Interest Only Option, during the Draw Period the minimum month-to-month payment will be the quantity of accrued interest, plus any unsettled charges. Under the Amortizing Payment Option, the variable minimum month-to-month payment for both the Draw Period and the Repayment Period will be a quantity enough to pay back the impressive balance in principal and interest payments over the staying term at the applicable APR, based on a minimum payment of a minimum of $100. The minimum line amount is typically $25,000, but lines as low as $15,000 are readily available in certain locations. Bank of America pays all closing costs on lines up to and consisting of $1,000,000.

2 Please consult your tax consultant relating to interest deductibility.

3 Fixed-Rate Loan Option at account opening: You might convert a withdrawal from your home equity credit line (HELOC) account into a Fixed-Rate Loan Option, resulting in repaired monthly payments at a set rates of interest. The minimum HELOC amount that can be transformed at account opening into a Fixed-Rate Loan Option is $5,000 and the maximum quantity that can be converted is restricted to 90% of the maximum line quantity. The minimum loan term is 1 year, and the maximum term will not surpass the account maturity date.

Fixed-Rate Loan Option throughout loan term: You might convert all or a part of your impressive HELOC variable-rate balance to a Fixed-Rate Loan Option, resulting in repaired regular monthly payments at a set rates of interest. The minimum impressive balance that can be transformed into a Fixed-Rate Loan Option is $5,000 from an existing HELOC account. The minimum loan term is 1 year, and the optimum term will not go beyond the account maturity date. No greater than three Fixed-Rate Loan Options may be open at one time. Rates for the Fixed-Rate Loan Option are generally higher than variable rates on the HELOC.

HELOC funds may not be used to acquire, carry or trade securities or pay back financial obligation incurred to purchase, bring or trade securities.

4 Lower your interest rate when you set up automated payments at account opening from your Bank of America inspecting or cost savings account; by drawing and keeping an initial qualifying balance for at least the very first 3 billing cycles; and when you’re registered in Bank of America’s Preferred Rewards program at the time of application submission.

5 Preferred Rewards Program Eligibility: You can enroll, and preserve your subscription, in the Bank of America Preferred Rewards ® program if you have an active, qualified personal bank account with Bank of America ® and keep the balance needed for among the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1,000,000 for the Diamond Honors tier. Balances include your combined, certifying Bank of America bank account (such as examining, savings, certificate of deposit) and/or your Merrill financial investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for registration with either:
1. a three-month integrated average day-to-day balance in your certifying deposit and investment accounts, or
2. a current combined balance, provided that you register at the time you open your very first eligible individual bank account and please the balance requirement at the end of a minimum of one day within 30 days of opening that account.

Describe your Personal Schedule of Fees for details on accounts that certify towards the combined balance estimation and get program advantages. Eligibility to enroll is generally available 3 or more service days after the end of the calendar month in which you please the requirements. Benefits end up being reliable within one month of your registration, or for brand-new accounts within one month of account opening, unless we suggest otherwise. Bank of America Private Bank clients qualify to register in the Diamond Honors tier regardless of balances. Certain advantages are also available without enrolling in Preferred Rewards if you please balance and other requirements. For information on Bank of America employee qualification requirements, please call Employee Financial Services or describe the Bank of America intranet site. Employees of business taking part in the Bank of America Employee Banking and Investing Program may be qualified to participate on customized terms. Refer to CEBI Program for information.

6 Preferred Rewards Home Equity Credit Line. Home Equity Credit Line (HELOC) rate of interest discounts are provided to customers who are registered or are qualified to register in Preferred Rewards, based on their benefits tier at the submittal of home equity application (for co-borrowers, a minimum of one applicant must be registered or qualified to enlist). Amount of discount (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, and 0.625% for Diamond Honors tier) is based upon the rewards tier at the submittal of home equity application and is not subject to change after the application is sent. Benefit is non-transferable. Preferred Rewards home equity benefit can be integrated with specific other home equity interest rate discount rates. Credit and collateral subject to approval. Terms use. Programs, rates, terms and conditions subject to alter without notification.

Banking, mortgage and home equity items are supplied by Bank of America, N.A., and associated banks, Members FDIC and completely owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender. Credit and collateral undergo approval. Terms and conditions apply. This is not a to lend. Programs, rates, conditions are subject to alter without notification.