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Bank of America HELOC

HELOC from $25,000 to $1,000,000 with no closing costs, no annual fee and a fixed-rate loan option

Lender terms checked October 14, 2026
HELOC and Home Equity Lenders
See lender site

The Bottom Line

Max line
$1 million (verified Oct 14, 2026). All rates and fees

Key facts

  • Draw period: 10 years
  • Fees: No closing costs; $450 early closure

Pros

  • Bank of America pays the closing costs on lines up to $1,000,000, with no annual fee
  • Convert all or part of the balance to a fixed rate, with no conversion fee
  • 10-year draw period and 20-year repayment period, in all 50 states and DC
  • Autopay and larger initial draws can lower the rate, and BofA Rewards members get an extra discount

Cons

  • A $450 early closure fee if you close the account within 36 months
  • The variable APR can go as high as 24%
  • The best discounts need autopay, a large initial draw held for three billing cycles, or a rewards tier
  • The introductory rate lasts 6 months, and the margin is not published

At a glance

Lender terms checked October 14, 2026
Product
HELOC with a fixed-rate loan option
Lender type
Bank
Credit line
$25,000 to $1 million
Minimum credit score
660
Draw period
10 years
Repayment period
20 years
Term details
30-year term. The minimum monthly payment is at least $100. Lines can start as low as $15,000 in some places, and the maximum can be $500,000 in some places. You need at least 15% equity. Bank of America says it will lend up to 85% of the total equity in your home for a new HELOC secured by a first or second lien.
Rate type
Variable, with a fixed-rate loan option
Index and margin
Prime plus a margin after the introductory period (margin not published). The introductory rate is Prime minus a discount for 6 months.
Rate floor and cap
The APR will not exceed 24% or go below 1.99%
Fixed-rate option
Convert all or part of the balance to a fixed-rate loan option: at least $5,000 each, at least a 1-year term, up to three at once, no conversion fee. Fixed rates are usually higher than the variable rate.
Origination fee
No application fee, and no origination fee is published
Appraisal and closing costs
No closing costs: Bank of America pays them on lines up to and including $1,000,000
Annual fee
None
Early closure fee
$450 if the account is closed within 36 months (not for lines under $25,000 or in Maryland)
Other costs and rules
Discounts: 0.125% for autopay; 0.10% for each $10,000 of the initial draw, up to 1.50%; up to 0.625% for BofA Rewards. An introductory APR offer applies to applications submitted from September 1 to December 31, 2026.
States served
All 50 states and DC
Online application
Yes
NMLS ID
399802

Sources: bankofamerica.com/home-equity, bankofamerica.com/home-equity/assumptions-home-…, read October 14, 2026

Things to know before you apply

  • If you close the account within 36 months of opening it, a $450 early closure fee applies (not on lines under $25,000 or properties in Maryland).
  • The variable APR will not exceed 24% or go below 1.99% during the term of the account.
  • The rate discounts need autopay (0.125%), a large initial draw (0.10% for each $10,000, up to 1.50%) held for three billing cycles, or a BofA Rewards tier (up to 0.625%).
  • Fixed-rate loan options need at least $5,000, run at least a year, and are usually priced higher than the variable rate.
  • The sample APR on its page did not display in the text we could read, so none is shown. The margin is not published.

Regulatory record

We found no CFPB enforcement action about home equity lending by this lender on consumerfinance.gov. Searched the CFPB enforcement actions list on October 14, 2026 for Bank of America. The only mortgage-related item is listed on its mortgage page. That is not a clean bill of health: other regulators, courts and state agencies also act on lenders.

Where these numbers come from

Everything in the table above was read from the lender's own pages, listed here with the day we read them.

NMLS ID 399802, as the lender prints it on its own site. Confirm its licenses in your state on NMLS Consumer Access (that site blocks automated checks, so we have not confirmed the lookup ourselves).

What is Bank of America HELOC?

Sources read on the date shown
Bank of America HELOC is a home equity line of credit (HELOC) from Bank of America, N.A. It is a bank. Product notes: HELOC with a fixed-rate loan option. Limits and terms as the lender publishes them: Credit line: $25,000 to $1,000,000. Minimum credit score: 660. Draw period: 10 years. Repayment: 20 years. Rate type: variable, with a fixed-rate loan option. Fees, as published: Origination: No application fee, and no origination fee is published. Closing costs: No closing costs: Bank of America pays them on lines up to and including $1,000,000. Annual fee: None. Early closure: $450 if the account is closed within 36 months (not for lines under $25,000 or in Maryland). Bank of America HELOC did not publish a current sample rate with stated assumptions on the pages we read, so we show none. HELOC rates are usually variable and your own rate depends on your credit, home value and the amount you borrow. Your home is the collateral for a HELOC, so falling behind on payments could put it at risk. We read these figures from the lender's own pages on October 14, 2026; the pages are listed under 'Where these numbers come from'.
Sourcebankofamerica.com ↗

Key details

$25,000 to $1,000,00010-year draw, 20-year repaymentNo closing costs on lines up to $1 millionFixed-rate loan option on all or part of the balance660 minimum credit score

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Bank of America HELOC FAQ

How much can you borrow with Bank of America HELOC?

Bank of America HELOC publishes credit lines from $25,000 to $1,000,000. The minimum credit score it states is 660. Your own limit depends on your home's value, what you owe and your credit.

Is the Bank of America HELOC rate fixed or variable?

Rate type: Variable, with a fixed-rate loan option. Rate basis: Prime plus a margin after the introductory period (margin not published). The introductory rate is Prime minus a discount for 6 months. Floor and cap: The APR will not exceed 24% or go below 1.99%. A variable rate can change over the life of the line.

What fees does Bank of America HELOC charge?

Origination: No application fee, and no origination fee is published. Closing costs: No closing costs: Bank of America pays them on lines up to and including $1,000,000. Annual fee: None. Early closure: $450 if the account is closed within 36 months (not for lines under $25,000 or in Maryland).

What are the draw and repayment periods at Bank of America HELOC?

Draw period: 10 years; repayment: 20 years. During the draw period you can borrow and repay; after it ends you can no longer borrow and payments are often higher.

Will Bank of America HELOC quote my rate here?

No. Financeradar is not a lender and we do not quote personal rates. We show what the lender publishes, with the date we checked it. Your own rate comes from an official offer from the lender.

Source: bankofamerica.com