They are typically based on prime rate, sometimes plus or minus one. and prime is 7.75 and will go up at least another .25% next time the fed meets, with likely another .75% in 2023.

Bank of America theoretically offers up to $1m but we recently went through the process of trying to get a HELOC from them and finally gave up.

They kept asking for the same info over and over. Their online dashboard is horrible. It never updated the things we had submitted. My contact kept coming back to me and saying "the underwriter wants to know...." same clarification over and over. I finally told her I was done and she asked if the underwriter could call me and try to finalize all the details that needed to be tied up. I said yes. He never called and then when I tried to log in a week later, they had closed my application.

All of this was after submitting all my documents within 48 hours and then waiting around on them for 2.5 months.

HomeschoolPrincipal said:

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Bank of America theoretically offers up to $1m but we recently went through the process of trying to get a HELOC from them and finally gave up.

They kept asking for the same info over and over. Their online dashboard is horrible. It never updated the things we had submitted. My contact kept coming back to me and saying "the underwriter wants to know...." same clarification over and over. I finally told her I was done and she asked if the underwriter could call me and try to finalize all the details that needed to be tied up. I said yes. He never called and then when I tried to log in a week later, they had closed my application.

All of this was after submitting all my documents within 48 hours and then waiting around on them for 2.5 months.

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Maybe it had to do with your occupation? I wouldn't loan to a homeschool principal either.