You are invited to use. Your receipt of this material does not indicate you have been prequalified or pre-approved for any services or product we provide. This is not a dedication to lend; you should send extra information 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 capacity with respect to all service or products. Fiduciary standards or fiduciary tasks do not use, for instance, when the Bank is providing or providing credit solutions, banking or custody services or recommendations to other affiliates of the Bank.
1You are welcomed to obtain a Home Equity Credit Line (HELOC). This is not a commitment to provide; you need to submit extra info for review and approval.
The term of a HELOC is 30 years: 10-year draw duration, 20-year repayment duration. Residential or commercial property insurance is always required and flood insurance coverage is required where necessary. Certain residential or commercial property types are not qualified collateral. If you pick the Interest Only Option, throughout the Draw Period the minimum month-to-month payment will be the amount of accrued interest, plus any . Under the Amortizing Payment Option, the variable minimum regular monthly payment for both the Draw Period and the Repayment Period will be an amount sufficient to pay back the exceptional balance in principal and interest payments over the remaining term at the suitable APR, based on a minimum payment of at least $100. The minimum line amount is normally $25,000, but lines as low as $15,000 are available in specific places. Bank of America pays all closing costs on lines up to and consisting of $1,000,000.
2 Please consult your tax advisor regarding interest deductibility.
3 Fixed-Rate Loan Option at account opening: You might convert a withdrawal from your home equity credit line (HELOC) account into a Fixed-Rate Loan Option, leading to fixed month-to-month payments at a set rate of interest. The minimum HELOC amount that can be converted at account opening into a Fixed-Rate Loan Option is $5,000 and the optimum amount that can be transformed is limited to 90% of the maximum line amount. The minimum loan term is 1 year, and the optimum term will not go beyond the account maturity date.
Fixed-Rate Loan Option during loan term: You may transform all or a portion of your exceptional HELOC variable-rate balance to a Fixed-Rate Loan Option, leading to fixed regular monthly payments at a set interest rate. The minimum outstanding balance that can be converted into a Fixed-Rate Loan Option is $5,000 from an existing HELOC account. The minimum loan term is 1 year, and the maximum term will not go beyond the account maturity date. No greater than three Fixed-Rate Loan Options might be open at one time. Rates for the Fixed-Rate Loan Option are typically greater than variable rates on the HELOC.
HELOC funds may not be used to acquire, carry or trade securities or repay financial obligation sustained to buy, bring or trade securities.
4 Lower your rates of interest when you set up automatic payments at account opening from your Bank of America inspecting or cost savings account; by drawing and keeping an initial qualifying balance for at least the very first three billing cycles; and when you’re enrolled in Bank of America’s Preferred Rewards program at the time of application submission.
5 Preferred Rewards Program Eligibility: You can enlist, and maintain your subscription, in the Bank of America Preferred Rewards ® program if you have an active, qualified individual bank account with Bank of America ® and keep the balance required for among the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America bank account (such as checking, savings, certificate of deposit) and/or your Merrill financial investment accounts (such as Cash Management Accounts, 529 Plans). You can please the combined balance requirement for enrollment with either:
1. a three-month integrated typical daily balance in your qualifying deposit and investment accounts, or
2. an existing combined balance, provided that you enroll at the time you open your first qualified personal bank account and satisfy the balance requirement at the end of at least one day within 1 month of opening that account.
Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance estimation and receive program advantages. Eligibility to enlist is normally available 3 or more business days after the end of the calendar month in which you please the requirements. Benefits end up being efficient within one month of your enrollment, or for new accounts within 1 month of account opening, unless we indicate otherwise. Bank of America Private Bank customers certify to enlist in the Diamond Honors tier regardless of balances. Certain benefits are also available without registering in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America staff member credentials requirements, please call Employee Financial Services or refer to the Bank of America intranet website. Employees of business getting involved in the Bank of America Employee Banking and Investing Program may be qualified to participate on personalized terms. Refer to CEBI Program for details.
6 Preferred Rewards Home Equity Credit Line. Home Equity Line of Credit (HELOC) interest rate discount rates are used to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their benefits tier at the submittal of home equity application (for co-borrowers, a minimum of one applicant must be registered or eligible to register). Amount of discount (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, and 0.625% for Diamond Honors tier) is based on the benefits tier at the submittal of home equity application and is exempt to change after the application is submitted. Benefit is non-transferable. Preferred Rewards home equity advantage can be combined with particular other home equity rates of interest discount rates. Credit and collateral topic to approval. Terms and conditions use. Programs, rates, terms and conditions subject to change without notice.
Banking, mortgage and home equity items are offered by Bank of America, N.A., and connected banks, Members FDIC and completely owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender. Credit and collateral are subject to approval. Conditions use. This is not a dedication to lend. Programs, rates, terms and conditions undergo alter without notification.