Bank Of America HELOC Review 2025

Founded in 1904, Bank of America is the largest HELOC lender in the U.S., with $25.5 billion loaned in the last quarter of 2024.

We love BofA’s home equity line of credit for its extensive draw range (between $10,000 and $1 million, depending on your location) and the fact that BofA covers closing costs, which can be as much as 6% of the loan. In addition, there are rate discounts for setting up autopay and for each $10,000 you withdraw at account opening.

However, borrowers must close at one of the bank’s retail locations.

A HELOC is a line of credit backed by the value of the borrower’s home. Homeowners typically have 10 years to withdraw up to a maximum amount. During this period, they only have to make monthly interest payments. If they do make principal payments, however, they can draw more funds up to the established limit.

After the draw period closes, monthly payments on the principal balance and interest commence, usually over a 20-year repayment period.

Bank of America offers HELOCs in all 50 U.S. states and Washington, D.C.

• Draw period: 10 years
• Repayment period: 20 years
• Loan minimum: $10,000 to $25,000, depending on location
• Loan maximum: $500,000 to $1 million, depending on location
• Closing timeline: Does not disclose
• Closing costs: None
• Annual fee: None

In addition to a home appraisal, Bank of America has the following requirements for its applicants:

• Credit score: 660 or better
• Loan-to-value ratio: Up to 85% LTV
• Debt-to-income ratio: No more than 43%

With 3,700 branches nationwide, Bank of America has a reputation for outstanding customer service. It scored above average for customer satisfaction on J.D. Power’s 2025 mortgage servicing survey and third for mortgage origination. 

It also received an A+ from the Better Business Bureau, the agency’s highest score, based on transparency, truthful advertising and its responsiveness to consumer complaints.

Bank of America has an easy-to-use mobile app with an AI-powered chat feature and its website resources are available in English and Spanish.

Applicants can call 800-779-3894, Monday to Friday, from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 6:30 p.m.

Existing HELOC customers can call 800-934-5626, Monday to Friday, from 8 a.m. to 9 p.m.

Here’s how Bank of America compares to two other HELOC providers. 

Bank of America vs. Figure

Bank of America and  HELOCs are very different, but the best choice depends on your priorities. 

BofA is a well-established brick-and-mortar bank with thousands of retail locations and a wide range of financial products, including mortgages, checking and savings accounts and credit cards. In contrast, Figure launched in 2018 as an entirely online operation focused exclusively on home equity lines of credit.

Figure prides itself on its speed: It takes only five minutes to get approved and five days to receive funding. (BofA does not disclose information about its closing timeline.) The San Francisco-based fintech company also offers a fully remote closing, while BofA borrowers must close at one of its branches.

But if you’re seeking the traditional advantages of a HELOC, such as flexible draw options and a long interest-only payment period, BofA is the better choice. It offers the standard 10-year draw period, while Figure limits draws to between 2 and 5 years.

Figure HELOCs also have higher minimums and lower maximums — from $15,000 to $400,000 — compared to $10,000 to $1 million with Bank of America.

And, while BofA customers can withdraw as little or as much as they need, Figure requires borrowers to take out the entire line during the initial draw.

Bank of America vs. TD Bank

TD Bank offers HELOCs up to $6 million, six times the maximum provided by Bank of America, and it approves up to 90% LTV to BofA’s 85%.

But BofA covers closing costs and offers rate discounts for those who enroll in autopay and those who take out $10,000 or more in their initial draw.

However, TD only lends in 15 states, while Bank of America provides loans in all 50 states and Washington, D.C. In addition, BofA doesn’t charge origination, closing or annual fees on HELOCs.

Bank of America is an excellent option for HELOC borrowers looking for rate discounts or a large draw maximum.

Getting a rate discount is easy, and the lender will cover closing costs. It also offers a broad range — in some areas, borrowers can open a line of credit for as little as $10,000 to as much as $1 million.

However, if you’re aiming to complete the process online or require a HELOC with more than 85% LTV, you’ll need to consider another lender.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including average rates, terms, availability, fees, down payment options, online experience and customer satisfaction. 

In addition, we incorporate findings from independent sources, including customer satisfaction scores from J.D. Power‘s mortgage origination and servicing surveys and ratings from the Better Business Bureau.

For home equity products, we review the amount of equity required, repayment terms and the minimum and maximum loan amounts available.

We also consider requirements for credit scores, debt-to-income ratios and combined loan-to-value ratios.

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