Home Equity Loan vs Line of Credit Comparison - Bank of

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Those who need access to funds now and in the future

Note: A home equity line of credit is not available on Glossary Term: investment or rental homes.

Those who need a specific amount for an immediate need

Note: A home equity loan is not available as a first mortgage or lien, and is not available on Glossary Term: investment or rental homes. If you need a fixed-rate loan to pay off your current mortgage or do not have a first mortgage, learn about mortgage refinancing.

You want to receive your funds all at once and/or want the flexibility to use your credit any time

You want to receive all of your funds up-front and/or prefer to always pay your loan in fixed payments over a fixed period of time

Note: Actual payment amounts are based on the outstanding balance of your HELOC

• No application fee
• No closing cost on HELOCs with a credit limit of $500,000 or less
• No fees to make transfers via Online Banking
• No fee to convert your variable rate balance to a fixed-rate loan option

• No application fee
• No closing cost on home equity loans of $500,000 or less

You could get a reduction of up to 0.50% off your variable interest rate

• 0.25% discount when your monthly payment is automatically deducted from your Bank of America checking or savings account (this does not apply to Bill Pay service)
• 0.25% discount for drawing and maintaining a minimum $25,000 balance for the first 3 full billing cycles

An additional discount is available for having an eligible relationship status with Bank of America at the time of home equity application. (Contact us for details.)

You could get a reduction of up to 0.25% off your fixed interest rate:

• 0.25% discount when your monthly payment is automatically deducted from your Bank of America checking or savings account (this does not apply to Bill Pay service)

An additional discount is available for having an eligible relationship status with Bank of America at the time of home equity application. (Contact us for details.)

10-year draw period followed by an additional 15-year repayment period

Fixed terms available from 3 to 25 years

• 24/7 access with Online Banking
• Home Equity Line of Credit Visa^® access card
• Request a transfer by phone (available for most accounts)
• Bank of America ATMs
• Convenience checks
• Banking centers

Funds are paid out by check and/or an electronic transfer to the account(s) of your choice

Interest is usually tax-deductible

Interest is usually tax-deductible