Bank of America Home Equity Loan Interest Rates

Bank of America Home Equity Loan is given against the equity in the home of a borrower. Most of the home equity loans are used to pay education expenses, bills and to do home repairs. Bank of America home equity loan is based on the credit score and most commonly given as second position lien. Thus BOA home equity loans fulfill the requirement of urgent financing. It is also used to pay-off your existing mortgage.

After giving the complete information the loan amount is given to the borrower in the form of single check or the amount can also be transferred electronically to the account you wish. While giving home equity loan no application fee is charged. Along with this, if you take loan amount that is $500,000 or less than this then Bank of America home equity loan has no closing cost also. This type of loan is given the for the period that cannot exceed 25 years. Other benefit that is associated with home equity loan is that the interest rate is 100% tax deductible. The repayment is very easy, which is fixed and can be deducted automatically from your account. Along with this the scheme of discounts can also be availed if you are the customer of BOA.0.25% discount is given if you maintain the Bank of America relationship account and the same percent of discount is given is the mode of payment is automatic from the Bank of America checking and saving account. See Bank of America Home Equity Loan Interest Rates