Bank of America
Bank HELOC and home equity loan, plus first-mortgage refinance.
Home equity
Bank of America offers a traditional HELOC and a fixed home equity loan. Draw periods, rate floors, and whether closing costs are waived depend on the relationship and the market. Expect a full bank underwrite, not a five-day fintech close.
Mortgage refinance
The bank also originates purchase mortgages and rate-and-term or cash-out refinances. A cash-out refinance replaces the first mortgage at today’s rate. That is a different trade than opening a second lien.
Home equity investment
Bank of America does not sell a home equity investment. You do not share appreciation. You borrow, and you repay.
- Existing deposit or mortgage relationship can change pricing and fees.
- Not available as a home-equity product in every state.
- Useful baseline when you want a bank counter next to the fintechs.
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