Home Equity Line of Credit (HELOC): Access Cash For Expenses
You are invited to use. Your invoice of this material does not imply you have been prequalified or pre-approved for any product and services we provide. This is not a commitment to lend; you must send additional details for evaluation 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 product and services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is using or offering credit services, banking or custody services or referrals to other affiliates of the Bank.
1You are invited to request a Home Equity Credit Line (HELOC). This is not a commitment to lend; you should send additional info for evaluation and approval.
The term of a HELOC is 30 years: 10-year draw duration, 20-year repayment duration. Residential or commercial property insurance is constantly required and flood insurance coverage is needed where needed. Certain residential or commercial property types are not qualified security. If you choose the Interest Only Option, throughout the Draw Period the minimum month-to-month payment will be the amount of accrued interest, plus any unsettled costs. Under the Amortizing Payment Option, the variable minimum month-to-month payment for both the Draw Period and the Repayment Period will be an amount adequate to pay back the outstanding balance in principal and interest payments over the staying term at the suitable APR, based on a minimum payment of at least $100. The minimum line amount is typically $25,000, however lines as low as $15,000 are offered in certain areas. Bank of America pays all closing costs on lines up to and including $1,000,000.
2 Please consult your tax consultant relating to interest deductibility.
You are invited to use. Your invoice of this material does not imply you have been prequalified or pre-approved for any product and services we provide. This is not a commitment to lend; you must send additional details for evaluation 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 product and services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is using or offering credit services, banking or custody services or referrals to other affiliates of the Bank.
1You are invited to request a Home Equity Credit Line (HELOC). This is not a commitment to lend; you should send additional info for evaluation and approval.
The term of a HELOC is 30 years: 10-year draw duration, 20-year repayment duration. Residential or commercial property insurance is constantly required and flood insurance coverage is needed where needed. Certain residential or commercial property types are not qualified security. If you choose the Interest Only Option, throughout the Draw Period the minimum month-to-month payment will be the amount of accrued interest, plus any unsettled costs. Under the Amortizing Payment Option, the variable minimum month-to-month payment for both the Draw Period and the Repayment Period will be an amount adequate to pay back the outstanding balance in principal and interest payments over the staying term at the suitable APR, based on a minimum payment of at least $100. The minimum line amount is typically $25,000, however lines as low as $15,000 are offered in certain areas. Bank of America pays all closing costs on lines up to and including $1,000,000.
2 Please consult your tax consultant relating to interest deductibility.