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Bank of America’s John Javier on effectively using a HELOC

Corie Murray’s ‘Black Men Sundays’ podcast focuses on business, finance and building generational wealth

ORLANDO, Fla. – This week on “Black Men Sundays,” it’s a throwback to Season 4 when host Corie Murray interviewed Bank of America Lending Market Leader Vice President John Javier, NMLS ID: 291135.

Much of their discussion focused on the home equity line of credit (HELOC), a line of credit secured by your home which offers homeowners flexibility and access to funds.

“A home equity line of credit is actually going to give you that amount of equity in a line of credit where you can actually draw money out of it and use it for the purpose that you already mentioned; home improvement, debt consolidation, other investments, future cash needs,” Javier said.

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Javier said a standout feature of Bank of America’s HELOCs is the absence of application fees and closing costs, yet he cautioned they aren’t “free money.”

“If you don’t pull money out of it, you never pay a dime (...) but the day that you pull that $150,000 out of the home equity line of credit, now you will have a monthly payment based and calculated on the $150,000 that you pulled,” he said.

So, according to Javier, while HELOCs provide access to funds, they also come with repayment obligations similar to a mortgage.

Hear the interview and more in Season 6, Episode 7 of “Black Men Sundays.”


Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.