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HELOC Explained (and when NOT to use it!)Bank of America's (BofA) HELOCs come with notable advantages, including potential interest rate discounts and no application or annual fees. On the day we checked, the lender's California rate was % based on a $, line of credit, with two types of rate discount applied. Learn about today's HELOC rates, how they are determined, how to get the best rates, and explore the best lenders for home equity lines of.