Bank of America HELOC Review: Pros, Cons, and Requirements

Bank of America is the largest HELOC lender in the US with $25.5 billion loaned in Q4 2024. BofA's HELOC has an extensive draw range ($10,000-$1 million) and covers closing costs. Borrowers must close at a retail location. The loan has a 10-year draw period, 20-year repayment period, and no application fees, annual fees, or closing costs. BofA also offers a rate discount for autopay and withdrawals over $10,000.