Bank of America HELOC Review 2025
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Our Take
5.0
Bank of America is the largest HELOC lender in the nation by volume. It offers borrowers many money-saving benefits, like a 6-month introductory rate below prime and no initial draw requirement, origination fee or annual fee. A fixed-rate option is available. However, the bank doesn’t publish its typical timeline to close.
Pros
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Offers many discounts and a 6-month introductory rate.
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No initial draw requirement, origination fee or annual fee.
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Fixed-rate option available.
Cons
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Doesn’t publish average closing time.
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HELOC application isn’t available on mobile app.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
 Visit Lenderat Figure at Figure | $750,000 | 85% | 600 | Visit Lenderat Figure at Figure |
 4.5 Visit Lenderat Achieve at Achieve | $300,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 4.0 Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC | $250,000 | 95% | 600 | Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 620 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
Full Review
💲Bank of America HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, which is what banks pay to borrow from one another. The second part is a margin, which the lender calculates based on your financial qualifications (including your credit score, existing debts and income). The prime rate plus your margin equals your HELOC rate offer.
Current prime rate | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high |
|---|---|---|---|
7% | 7% | 7% | 8% |
Users can customize their own HELOC rate quote on Bank of America’s website.
👍 Reasons to get a Bank of America HELOC
Bank of America is the top provider of HELOCs in the U.S. and scores highly on many of the key things we look for in our rubric. For starters, you can save money with its 6-month introductory rate below prime and lack of origination and annual fees.
Other discounts are available for borrowers who:
Set up automatic payments from certain Bank of America accounts.
Make an initial withdrawal when they open their accounts.
Become a member of Bank of America’s Preferred Rewards program.
A fixed rate option is available to keep payments predictable. There’s no initial draw requirement on a Bank of America HELOC. It has a draw period of 10 years and repayment period of 20 years, and you can borrow up to 85% of your home’s value (minus what you still owe). HELOCs are available for second homes.
» MORE: Best HELOC lenders
🤔 Reasons why Bank of America’s HELOC gives us pause
Unlike some lenders we review, Bank of America doesn’t publish their average time to close a HELOC. The average time to close a HELOC is 24 days, according to the HELOC lenders NerdWallet surveyed in 2025. If you need to access your funds quickly, it can be helpful to know a lender’s average closing time before you apply.
📎 Ways to apply for a Bank of America HELOC
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | 🚫 |
In person 🏦 | ✅ |
You can contact Bank of America’s customer service by phone, online chat or in person.
🛒 Alternatives to a Bank of America HELOC
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
For another large national bank that offers a fixed-rate option, consider a U.S. Bank HELOC.
If you’re looking for a competitive introductory offer, FourLeaf Federal Credit Union offers a 12-month introductory rate below prime.
If you’re looking for a lender that offers a higher borrowing limit, Navy Federal Credit Union offers a combined loan-to-value ratio of 95%, but you’ll need to have a connection to the armed forces or Department of Defense to be eligible to join the credit union.
A HELOC isn’t your only option
You can also explore products outside of HELOCs. Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
Bank of America offers cash-out refinancing, but not home equity loans.
Borrow from your home’s equity
NerdWallet’s HELOC star ratings are independently researched and developed by the editorial team based on the following factors: HELOC lending volume, maximum combined loan-to-value ratio, whether a fixed-rate option is available, initial draw requirements, flexibility of draw and repayment terms, average time to close, interest rate transparency, length of any introductory term below the prime rate, lender fees, availability for second homes, application availability and customer support options. Lenders can receive bonus points for offering options for HELOC rate discounts. A recent regulatory action against a lender may affect its HELOC star rating.
