Home-equity lines of credit are particularly attractive because of their low interest rates and repayment flexibility. Rates for owners with good credit run from 3.5 to 4 percent. Repayment terms.

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Home equity line of credit (HELOC) requirements. As noted above, lenders will generally let you tap up to 80 percent of your available home equity, sometimes 90 percent if you have excellent credit and low debt. That’s for a combination of your HELOC and all other mortgage debt combined.

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For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal ® Prime Rate on plus a margin that varies depending on the state in which property is located, individual credit qualifications, credit limit amount, combined loan to value ratio and other criteria. The maximum APR is 18.00% or the maximum permitted by law, whichever is less.

Bank of America offers a home equity line of credit, or HELOC, with introductory rates as low as 3.99% for qualified borrowers. After the introductory period, the rate could reset to a variable APR as low as 5.90% for the duration of the loan (although Bankrate economist Greg McBride expects interest rates to rise more before flattening out).

A HELOC, or Home Equity Line of Credit, is a type of home equity loan that works like a credit card. A line of credit allows you to add to your balance and pay off the card many times throughout the life of the loan. Unlike a regular credit card, you get a lower interest rate on a HELOC because it is attached to your home, and compared to a personal line of credit or credit card loan, those interest saving can add up fast.

In most cases, a home equity line of credit enables you to deduct the interest you pay when you file your tax return. Usually the interest you pay on credit cards not deductible for tax purposes. Consult with your tax advisor regarding the deductibility of interest.

Important Information About These Products. Subject to credit approval, eligibility and credit qualifications. 1 Line maturity and access to available funds is determined by line amount and an annual credit review process.. 2 Personal Credit Line rates will vary with the market based on the Prime Rate. The Prime Rate means the highest per annum "Prime Rate" of interest published by The Wall.

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