Eligibility will be available three or more business days after the end of the calendar month in which you satisfy the requirements.
For details on requirements, visit the Preferred Rewards section of the Personal Schedule of Fees. Preferred Rewards home equity benefit can be combined with certain other home equity interest rate discounts.
Sometimes if you have bad credit, it might be difficult to get a debt consolidation loan, so using home equity could be another possibility.
Check with a Credit Counsellor to make sure that you choose the right option.
Homeowners who are looking to consolidate their debts have the option of using their home equity to secure a loan or line of credit.By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services.Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Second mortgages are aimed at those who want to revise their current mortgage rate and terms.High interest debt on credit cards, auto loans, or other consumer loans can be difficult to pay off and may create a barrier to your financial goals.However, if you're a homeowner, you have additional options to help you manage your debt, including a debt consolidation mortgage and home equity loan or line of credit.As a homeowner, one way to start managing some of your higher-interest debt is to refinance your existing mortgage with a debt consolidation mortgage.For example, the CIBC Home Power Mortgage allows you to borrow additional money on your mortgage so you can consolidate your debts into one simple payment.That way you can easily budget with a structured payment plan and an assured pay-off date.A "Home Equity Loan", "Home Equity Line","refinancing your mortgage / re-mortgage" and getting a "second mortgage" are all different names for the same thing and are sometimes used as a debt consolidation option.These terms refer to the bank lending you money against the portion of your home that you own.