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| Home » Banks in USA » Bank of America » Home Equity Loan |
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Bank of America Home Equity Loan |
Bank of America Home Equity Loan is given against the equity in the home of a borrower. Most of the home equity loans are used to pay education expenses, bills and to do home repairs. Bank of America home equity loan is based on the credit score and most commonly given as second position lien. Thus BOA home equity loans fulfill the requirement of urgent financing. It is also used to pay-off your existing mortgage.
To start the process of home equity loan you need to provide certain information and it is better to keep every thing ready before the initiation of process, as it will save your valuable time. First and foremost is the personal information, which is mandatory to provide. After this total income of the family, balance on present home loan and current value of the home is given. Now if you already have the Bank of America account then you need to provide the routing number. With this you will get special discounts that are offered on Bank of America home equity loan.
Bank of America Home Equity Loan Interest Rates
After giving the complete information the loan amount is given to the borrower in the form of single check or the amount can also be transferred electronically to the account you wish. While giving home equity loan no application fee is charged. Along with this, if you take loan amount that is $500,000 or less than this then Bank of America home equity loan has no closing cost also. This type of loan is given the for the period that cannot exceed 25 years. Other benefit that is associated with home equity loan is that the interest rate is 100% tax deductible. The repayment is very easy, which is fixed and can be deducted automatically from your account. Along with this the scheme of discounts can also be availed if you are the customer of BOA.0.25% discount is given if you maintain the Bank of America relationship account and the same percent of discount is given is the mode of payment is automatic from the Bank of America checking and saving account.
Bank of America home equity department can also be contacted to get more information pertaining to this loan program. Along with this you can also visit the site and for which the link has been given by Realestatezing.com.
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Bank of America Home Equity Loan
Check this link to apply for BofA home equity loan. You can also read and compare other available loan with BofA.
Website:http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_heloc_loans
BofA Home Equity Loan Calculator
BofA Home Equity Loan Calculator can be used to calculate the monthly payment and rates on the loan amount taken. Here you need to fill the amount of money required, value of your home, location of home, how the home being used and credit profile.
Website:http://www.bankofamerica.com/loansandhomes/index.cfm?template=rates_search
Bank of America Home Equity Customer Service Phone Number
888-293-0264
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