Home Equity Credit Line (HELOC): Access Cash For Expenses
You are welcomed to use. Your receipt of this product does not suggest you have actually been prequalified or pre-approved for any product and services we provide. This is not a commitment to lend; you need to submit additional info for review 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 services or products. Fiduciary requirements or fiduciary responsibilities do not apply, for example, when the Bank is providing or supplying credit solutions, banking or custody services or referrals to other affiliates of the Bank.
1You are invited to request a Home Equity Line of Credit (HELOC). This is not a dedication to lend; you must submit extra information for review and approval.
The term of a HELOC is thirty years: 10-year draw duration, 20-year payment duration. Residential or commercial property insurance is always required and flood insurance is needed where required. Certain residential or commercial property types are not eligible collateral. If you choose the Interest Only Option, during the Draw Period the minimum month-to-month payment will be the amount of accrued interest, plus any unsettled fees. Under the Amortizing Payment Option, the variable minimum regular monthly payment for both the Draw Period and the Repayment Period will be an amount adequate to pay back the outstanding balance in principal and interest payments over the remaining term at the applicable APR, subject to a minimum payment of at least $100. The minimum line amount is generally $25,000, but lines as low as $15,000 are readily available in certain areas. Bank of America pays all closing expenses on lines up to and consisting of $1,000,000.
2 Please consult your tax advisor regarding interest deductibility.
You are welcomed to use. Your receipt of this product does not suggest you have actually been prequalified or pre-approved for any product and services we provide. This is not a commitment to lend; you need to submit additional info for review 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 services or products. Fiduciary requirements or fiduciary responsibilities do not apply, for example, when the Bank is providing or supplying credit solutions, banking or custody services or referrals to other affiliates of the Bank.
1You are invited to request a Home Equity Line of Credit (HELOC). This is not a dedication to lend; you must submit extra information for review and approval.
The term of a HELOC is thirty years: 10-year draw duration, 20-year payment duration. Residential or commercial property insurance is always required and flood insurance is needed where required. Certain residential or commercial property types are not eligible collateral. If you choose the Interest Only Option, during the Draw Period the minimum month-to-month payment will be the amount of accrued interest, plus any unsettled fees. Under the Amortizing Payment Option, the variable minimum regular monthly payment for both the Draw Period and the Repayment Period will be an amount adequate to pay back the outstanding balance in principal and interest payments over the remaining term at the applicable APR, subject to a minimum payment of at least $100. The minimum line amount is generally $25,000, but lines as low as $15,000 are readily available in certain areas. Bank of America pays all closing expenses on lines up to and consisting of $1,000,000.
2 Please consult your tax advisor regarding interest deductibility.