How is the rate determined for my Home Equity Line of Credit?
The rate for your Home Equity Line of Credit is based on the prime rate plus an established margin determined by your individual line of credit. The rate on your line of credit changes on the 1st day of the second month following any prime rate change. If your line of credit was opened prior to Jan. 1, 2006, it is based on the prime rate published in the Wall Street Journal Money Rates section on the third Tuesday of the month. If your line of credit was opened on or after Jan. 1, 2006, the rate on your line of credit will change when the prime rate changes in the Wall Street Journal.
Related Questions
- I received a special home equity line of credit rate offer from Bank of America in the mail. Can I combine this offer with my % Bank of America Direct Benefits home equity line of credit offer?
- I received a special home equity line of credit rate offer from Bank of America in the mail. Can I combine this offer with my Bank of America at Work home equity line discount?
- How is my interest rate (APR) calculated for my variable rate home equity loan or line of credit?
