How would you use your home’s equity?
Access cash when you need it. As a valued Bank of the West customer, you can receive a variable rate as low as 5.49%1,2 on a Gold Equity Choice Home Equity Line of Credit. You have options with your home’s equity. Pay off higher interest debt, make home improvements, or cover unplanned expenses.
Save on costs and fees:
- No closing costs3
- No annual fee (first year)3
- No pre-payment penalty
- 0.25% discount with automatic payments from qualifying Bank of the West account2
Fixed Rate Loan Option
Our home equity line of credit also includes a Fixed Rate Loan Option. It lets you lock in a fixed interest rate4 on all or a portion of the amount you’ve borrowed whenever you choose. A Fixed Rate Loan Option includes principal and interest in fixed monthly payments. It can be a smart way to protect yourself from rising interest rates.
1 The Annual Percentage Rate (APR) of 5.49% shown reflects standard pricing for the draw period and is based on a $150,000 line amount on an owner occupied, single-family residence in second lien position, ≤70% Combined Loan-to-Value (CLTV) and 740+ FICO® Score. Not all applicants will qualify for this rate. Rates are dependent on the verified value and occupancy status of your home, any existing debt against your property, the amount you borrow, your personal credit history, and your relationship with our bank. Additional discounts may be available for Wealth Management and Premier clients; ask a Bank of the West representative for details. The APR for a HELOC during the draw period is variable based on the Prime Rate as published in The Wall Street Journal, plus a margin. The Prime Rate as of January 9, 2019 is 5.50%. Margins range from Prime minus 1.26% to Prime plus 3.50%, with corresponding APRs ranging from 4.24% to 9.00% for lines of credit between $15,000 and $2,000,000 and are subject to change at any time.
2 A 0.25% discount with automatic payment from a new or existing Bank of the West checking or savings account is available to all applicants. The discount may be reversed and your rate and payments may increase if automatic payments are discontinued for any reason. All terms and conditions applicable to the checking or savings account apply, including fees and minimum opening deposits.
3 Home Equity Lines of Credit are subject to credit qualification and collateral evaluation. Additional fees, conditions and restrictions may apply. Product details can be found in our Important Terms brochure; ask for a copy. Rate and offer are subject to change without notice. Evidence of adequate property insurance required. All HELOCs feature a 10-year variable rate draw period requiring a monthly interest-only payment subject to a $100 minimum. APR during the draw period may change as often as monthly. The draw period is followed by a fixed-rate fully-amortizing repayment period of 120, 180 or 240 months, depending on the balance at the end of the draw period. APR during the repayment period will be fixed, based on the Prime Rate in effect at the end of the draw period, plus a margin, and other factors. The APR will not exceed 18.00% (13.00% APR in Oklahoma) and will not go below 3.00%. Fees: an annual fee up to $75 applies subject to state law limitations; a fee of $100 may apply each time a Fixed Rate Loan Option is elected or reversed. Fees may be waived for customers with certain account relationships. Ask a Bank of the West representative for details.
4 Fixed Rate Loan Option (FRLO) rates are determined based on factors in effect at HELOC origination. Requirements and limitations are applicable to FRLOs, some of which are set forth below for your convenience. Details can be found in our Important Terms brochure; ask for a copy. You may convert all or a portion of your outstanding variable rate principal balance using a Fixed Rate Loan Option, resulting in a fixed rate and fixed payment of principal and interest. The minimum advance from an existing HELOC that can be converted is $5,000. The minimum FRLO term is one year, and the maximum term varies based on the amount you choose to convert; see following table:
|$5,000 - $9,999||12 to 120 Months|
|$10,000 - $19,999||12 to 180 Months|
|$20,000+||12 to 240 Months|
No more than three Fixed Rate Loan Options can be established during any 12-month period, and no more than three Fixed Rate Loan Options may be open at one time. Rates for the Fixed Rate Loan Option are often higher than the current variable rate on the HELOC account. Minimum payment due on a Fixed Rate Loan Option includes principal and interest in fixed monthly payments, subject to a minimum payment of $100 per month. There is a $100 Fixed Rate Loan Option fee, payable each time you establish or reverse a FRLO. Fees may be waived for customers with certain Bank of the West relationships or during promotional periods.