Home Equity Credit Line (HELOC): Access Cash For Expenses You are invited to apply. Your invoice of this material does not indicate you have been prequalified or pre-approved for any service or product we provide. This is not a dedication to lend; you should send additional details for evaluation and approval. Merrill Lynch, Pierce, Fenner & Smith Inc., does not make commitments for or fund loans. Bank of America, N.A., (the "Bank") does not serve in a fiduciary capacity with respect to all services or products. Fiduciary requirements or fiduciary duties do not use, for instance, when the Bank is providing or offering credit solutions, banking or custody services or recommendations to other affiliates of the Bank. 1You are welcomed to get a Home Equity Credit Line (HELOC). This is not a dedication to lend; you must send additional info for review and approval. The term of a HELOC is thirty years: 10-year draw duration, 20-year payment duration. Residential or commercial property insurance is always needed and flood insurance coverage is required where needed. Certain residential or commercial property types are not qualified security. If you select the Interest Only Option, throughout the Draw Period the minimum regular monthly payment will be the quantity of accrued interest, plus any overdue costs. Under the Amortizing Payment Option, the variable minimum monthly payment for both the Draw Period and the Repayment Period will be an amount sufficient to repay the outstanding balance in principal and interest payments over the staying term at the relevant APR, subject to a minimum payment of a minimum of $100. The minimum line quantity is typically $25,000, however lines as low as $15,000 are offered in specific places. Bank of America pays all closing expenses on lines up to and consisting of $1,000,000. 2 Please consult your tax advisor relating to interest deductibility.