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In life, you often face major home improvement projects, unexpected costs, education expenses, On screen copy: or the need to consolidate debt. On screen copy: A home equity line of credit, or HELOC, could help you achieve your life priorities. At Bank of America®, we want to help you understand how you might put a HELOC to work for you. A HELOC is a line of credit borrowed against the available equity of your home. Your home's equity is the difference between the appraised value of your home and your current mortgage balance. On screen copy: Through Bank of America, you can generally borrow up to 85% of the value of your home minus the amount you still owe. On screen copy: For example, say your home's appraised value is $200,000. 85% of that is $170,000. If you still owe $120,000 on your mortgage, you'll subtract that, leaving you with the maximum home equity line of credit you could receive as $50,000. On screen copy: Much like a credit card, a HELOC is a revolving credit line that you pay down, and you only pay interest on the portion of the line you use. On screen copy: With a Bank of America HELOC, there are no closing costs, no application fees, no annual fees, and no fees to use the funds. Plus, Bank of America offers rate discounts when you sign up for automatic payments, On screen copy: as well as discounts based on the funds you initially use when opening the HELOC. On screen copy: And there's Preferred Rewards, which extends benefits to you as your qualifying Bank of America balances grow. The interest rate is often lower than other forms of credit, and the interest you pay may be tax deductible, but you should consult a tax advisor. On screen copy: Most HELOCs have a variable rate, which means the interest rate can change over time based on the Wall Street Journal Prime Rate. On screen copy: On screen copy: And Bank of America offers you the option to convert $5,000 or more of your balance to a fixed rate, On screen copy: so you can take advantage of fixed monthly payments and protect yourself from rising interest rates. Continue to use your home equity line of credit as needed for the duration of your borrowing period, usually 10 years. On screen copy: Once that borrowing period ends, you'll continue to pay principal and interest on what you borrowed. You'll typically have 20 years for this repayment stage. If a HELOC sounds right for you, get started today by giving us a call, visiting a financial center, or applying online at bankofamerica.com/HomeEquity. On screen copy: And be sure to inquire about all the ways we can assist you with rate discounts. On screen copy: No matter what large expenses you may face in the future, a home equity line of credit from Bank of America could help you achieve your life priorities. On screen copy: On screen copy:  Details
Chase offered some unique HELOC termsChase HELOCs come with a few attractive benefits that will hopefully still be available once HELOC accounts are reinstated.
But the program also had some drawbacks, such as a high maximum APR compared to its competitors and both origination and annual fees that many other banks generally waive. Compare interest rates for home equity loans, HELOCs and cash-out refinancingUse our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance. If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates. In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for. Interest rate discountsExisting customers stand to save the most by opening a HELOC with Chase. If you have an eligible Chase checking, savings or investment account, you may earn a rate discount of 0.25%. If you set up automatic payments from your checking account, you could slash another 0.12% off your interest rate. And if you withdraw $30,000 from your home equity line at closing, or provide contracts or bids for a $30,000 home improvement project, you might score another 0.25% discount. (Remember, the minimum credit line is $25,000, or $10,000 in Michigan.) This discount isn’t available to customers with more than three years left in their draw period. In total, some customers can slash their variable interest rate significantly by 0.62%. Fixed-rate optionDuring the draw period, Chase allows you to convert all or a portion of your line of credit from a variable rate to a fixed rate. You can have up to five separate locks on a single HELOC account. Here’s the fine print:
Do I qualify for a HELOC with Chase?To open a HELOC with Chase, you need to meet these requirements:
Chase reviews and complaintsAs of April 2022, Chase Bank has a 3.8 out 5 rating from 26,133 reviewers on WalletHub and Chase Mortgage has a 3.3 out 5 rating from 66 reviewers. While some customers had a good experience getting a home loan product from the bank, many others have complained of serious delays, a lack of communication and lost “good faith” deposits. The bank isn’t accredited by the Better Business Bureau (BBB) and has an A+ business rating. For the mortgage division, the BBB has recorded 260 complaints in the last three years and has a 1.08 out of 5 rating from 62 customers. Chase is one of the Big Four banks in the US, and it appears to struggle with serving that customer base in a personalized and attentive manner, based on the many negative reviews and complaints it’s garnered. What are the benefits of taking out a HELOC with Chase?With over 5,000 branches across the country, Chase is one of the biggest home equity lenders in the US. If you open a HELOC with this bank, you’ll also unlock these benefits:
What to watch out forThese drawbacks may affect your decision:
How do I get started?The quickest way to apply is online. These are the steps:
To apply over the phone, call 888-342-4273 weekdays from 8 a.m. to 10 p.m., Saturday from 9 a.m. to 7 p.m., and Sunday from 10 a.m. to 4 p.m. Required documentationThe bank requests the following information:
I got the HELOC. Now what?Keep tabs on your line of credit with these tips: Access your credit. To tap into your funds:
Switch to a fixed-rate. Set up predictable monthly payments with Chase‘s Fixed-Rate Lock Option. It allows you to lock in an interest rate on all or a portion of your outstanding balance during the draw period. Contact customer service. When you have questions, reach out to the HELOC team.
Adjust your limit. Refinance to increase your line of credit. Speak to your HELOC consultant to explain your situation and find out if you’re eligible. Make timely payments. Choose between one-time or automatic payments. These are your payment options:
If you like, you can make additional principal payments to pay off your HELOC earlier. Frequently asked questionsHow much can I borrow? The minimum line amount is $25,000 — or $10,000 in Michigan — and the maximum is $500,000. Your limit will depend on your credit history and how much equity you have in your home. What if I have a coapplicant? Apply for a HELOC with another person, such as a spouse or relative. Chase will ask for details about the coapplicant’s income and credit history, and this will determine whether or not the application is approved. How long does it take to open a HELOC? Once you’ve submitted your application and any supporting documents, Chase says the process takes approximately 45 days. At that point, there’s a three-day “Right of Rescission” period after which you can access the funds. Do I have to live in the home I want to use as collateral? If you can prove that you live in the residence for most of the year, you should be able to use it as collateral for a HELOC. These are the eligible property types:
Chase may accept a secondary residence, but restrictions apply. Chat to a home equity consultant to learn more. Home loans ratings★★★★★ — Excellent ★★★★★ — Good ★★★★★ — Average ★★★★★ — Subpar ★★★★★ — Poor We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience. Read the full methodology of how we rate home loan providers. Review by Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly
(and be a pro when the subject pops up at dinner parties). What is the interest rate on a home equity line?As of September 22, 2022, the variable rate for Home Equity Lines of Credit ranged from 6.45% APR to 10.85% APR. Rates may vary due to a change in the Prime Rate, a credit limit below $100,000, a loan-to-value (LTV) above 70% and/or a credit score less than 730.
Does Chase offer HELOC 2022?Chase Bank suspended its HELOC program, and they do not offer home equity loans. They suggest looking into a cash-out refinance, which is not a good option for many borrowers with low-interest rates on their current mortgage.
Why is Chase not doing HELOC?“Due to the economic uncertainty, we're temporarily pausing new applications for home equity lines of credit,” Bonitatibus said. “Customers can still tap into their home's equity through a cash-out refinance of their existing mortgage.”
Can you get a home equity loan from Chase Bank?With a Chase home equity line of credit, you can: Use what you need, when you need it. Borrow the money you need for home improvements or home repairs and to consolidate high-interest debts. Reduce your interest payments.
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Chase bank home equity line of credit rates
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