Is there a Bank of America home improvement loan?

The only way to get a Bank of America home improvement loan is by taking out a home equity line of credit, or HELOC. The amount you can borrow is based on the equity in your home, which is the value of your house after subtracting the amount you still owe on the mortgage. Once the line of credit opens, you’re free to borrow up to the credit limit. But you’re not obligated to borrow, unlike with an installment loan where you get a lump sum up front. When you borrow from the HELOC, you can use the money for any purpose. You must make monthly payments on whatever you borrow.

BofA HELOC interest rates vary by state, but their lowest rates are below 6%. Customers will need excellent credit to get the lowest rates. These lines of credit have no application fees, no closing fees and no annual fee. But the danger of a HELOC is that you can lose your house if you default.

Bank of America does not offer personal loans, the other main way to borrow money for home improvements. Unlike a HELOC, a personal loan usually is not secured by any collateral. So if you don’t want to put your house on the line for home improvement (understandable), Bank of America isn’t the lender for you. WalletHub has an article on the best alternatives to Bank of America personal loans that may help you out.