Loans
Ensure competitive rates: apply for Bank of America HELOC
Ensure the money you need quickly - up to $1 million with competitive rates! Learn how to apply for Bank of America HELOC today!
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A quick and simple application process
If you’re a homeowner looking for a flexible and affordable way to access the equity in your home, then you should apply for Bank of America HELOC today!
Moreover, this guide walks you through the steps to apply for this option. So, check out!
Apply online
One of the easiest and most convenient ways to apply for a Bank of America HELOC is to do so online. After all, here’s how:
- Visit the Bank of America website and navigate to the HELOC page;
- Click on the “Apply Now” button to start your application;
- Provide your personal information, including your name, address, and Social Security number;
- Enter your employment and income details, including your current employer, job title, and monthly income;
- Enter information about your home, including the property address, the estimated value of your home, and your outstanding mortgage balance;
- Submit your application and wait for a response from Bank of America.
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By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Requirements
However, you must meet certain eligibility requirements to apply for a Bank of America HELOC. So these include:
- A minimum credit score of 660;
- Sufficient equity in your home;
- A stable income and employment history;
- A debt-to-income ratio of 43% or lower.
In addition, you may be required to provide additional documentation, such as proof of income and a home appraisal, to support your application.
Apply on the app
If you prefer to apply for your Bank of America HELOC on the go, you can do so through the Bank of America mobile app. So, check out:
- Firstly, download the Bank of America app from the App Store or Google Play Store;
- Log in to your account or create a new one;
- Navigate to the HELOC section of the app;
- Follow the same steps as the online application process, providing your personal, employment, and home information;
- Submit your application and wait for a response from Bank of America.
Bank of America HELOC vs. Alliant Credit Union HELOC: which is best for you?
While Bank of America offers competitive rates and flexible repayment terms, it’s not the only option for homeowners looking for a HELOC.
Alliant Credit Union also offers HELOCs with competitive rates and flexible repayment terms, making it a strong alternative for borrowers.
When deciding which lender to choose, it’s important to compare rates, fees, and eligibility requirements to determine which is best for your financial situation.
So, check the comparison below:
| Bank of America HELOC | Alliant Credit Union HELOC | |
| APR | Starting at 7.49%; | Starting at 8.75%; |
| Loan Purpose | Home renovation, debt consolidation, and more; | Home renovation, debt consolidation, and more; |
| Loan Amounts | $25,000-$1 million; | Up to $250,000; |
| Credit Needed | 660 minimum; | Not Disclosed; |
| Terms | 10-year draw period and 20-year repayment term; | 10-year draw period and 20-year repayment; |
| Origination Fee | Not Disclosed; | Not Disclosed; |
| Late Fee | Not Disclosed; | Not Disclosed; |
| Early Payoff Penalty | Not Disclosed. | Not disclosed. |
In summary, the Alliant Credit Union HELOC offers competitive interest rates and a variety of loan options. However, qualifications may be more strict than other lenders.
Finally, if you want to apply for an Alliant Credit Union HELOC, check out our “How to Apply” article for more information.
Apply now for Alliant Credit Union HELOC
Learn how to apply for Alliant Credit Union HELOC and take advantage of the benefits offered by this financial institution – low rates!
About the author / Sabrina Paes
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