Home Equity Loans review · Updated October 2026

Bank of America Review (2026)

HELOCs from the largest HELOC lender by volume.

Reviewed by our editorial team · How we rank · Advertising disclosure

The short version

Keeps costs low with no origination or annual fee. On our home equity comparison, it's labeled Best for no lender fees.

Key facts

Max CLTV85%
Draw period10 years
Annual fee$0
Fixed-rate optionYes

What stands out

  • No origination or annual fee
  • 10-year draw period and 20-year repayment
  • Fixed-rate option and relationship discounts

Pros and cons

Pros

  • No lender fees
  • Long draw period

Cons

  • Doesn't publish typical closing times

How Bank of America compares

Side-by-side comparison

Bank of America
Figure
PNC Bank
Trustpilot rating–
4.7
Trustpilot · 5,336 reviews
–
Max CLTV85%85%Varies
Draw period10 years3–5 years10 years
Annual fee$0$0Varies
Fixed-rate optionYesYesYes
Visit siteVisit siteVisit site

Head-to-head comparisons

Alternatives to consider

What to check before you sign up

Whichever home equity provider you choose, compare these points:

  • Combined loan-to-value. Lenders cap your total borrowing, first mortgage included, at a share of your home's value. That cap sets how much you can draw.
  • Fixed vs. variable. Home equity loans usually lock a fixed rate. HELOCs usually float with the prime rate, so payments can change.
  • How and when you access money. A HELOC works like a credit line during its draw period, then switches to repayment. A loan pays out once.
  • Closing costs and annual fees. Ask about appraisal, origination and annual fees, plus any penalty for closing the line early.

See home equity providers that serve your ZIP code.

Compare Home Equity Loans

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