Please consult your tax advisor regarding interest deductibility as tax rules may have changed. The interest rate is often lower than other forms of credit, and the interest you pay may be tax deductible, but you should consult a tax advisor. Plus, Bank of America offers rate discounts when you sign up for automatic payments,Īs well as discounts based on the funds you initially use when opening the HELOC.Īnd there's Preferred Rewards, which extends benefits to you as your qualifying Bank of America balances grow. With a Bank of America HELOC, there are no closing costs, no application fees, no annual fees, and no fees to use the funds. Much like a credit card, a HELOC is a revolving credit line that you pay down, and you only pay interest on the portion of the line you use. If you still owe $120,000 on your mortgage, you'll subtract that, leaving you with the maximum home equity line of credit you could receive as $50,000. Through Bank of America, you can generally borrow up to 85% of the value of your home minus the amount you still owe.įor example, say your home's appraised value is $200,000. Your home's equity is the difference between the appraised value of your home and your current mortgage balance. A HELOC is a line of credit borrowed against the available equity of your home. At Bank of America®, we want to help you understand how you might put a HELOC to work for you. See important information on this web page.Ī home equity line of credit, or HELOC, could help you achieve your life priorities. In life, you often face major home improvement projects, unexpected costs, education expenses,
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