Save green with a HELOC Energy Efficiency Discount
Save up to 0.50%1,2 on a Home Equity Line of Credit (HELOC)3 when you use part of it to buy solar panels or other energy efficient products. It’s a great opportunity to improve your home’s energy efficiency while saving money. And you can still use your HELOC for other home improvements, too.
Now is the time to save on a HELOC
Enjoy up to 0.50% off our standard HELOC interest rates when you use a portion to finance eligible renewable energy improvements for your home and make monthly automatic payments from a Bank of the West checking or savings account. Details include:
- 0.25% off1 if you finance new solar energy equipment, a new tankless water heater or a new HVAC system, plus
- 0.25% off2 for automatic payments from a Bank of the West checking or savings account
- No closing costs or origination fees
- Lines of credit up to $2,000,000
- Applications must be received between September 17, 2018 and June 30, 2019
- View offer details and disclosures below
Two great discounts add up to fantastic savings
0.25% off for energy improvements
Use your HELOC to finance your solar and energy efficiency projects.
0.25% off with automatic payments
Make automatic payments from a Bank of the West checking or savings account.
For a total 0.50% off your HELOC interest rate
When going green means saving serious green.
1 The HELOC Energy Efficiency Discount may not be combined with any other offer and is subject to change at any time. Discount is 0.25% off standard rate sheet pricing. Applicants must intend to use a draw on the HELOC to finance an eligible improvement in order to qualify for the discount. Applicants must provide—no less than 10 days prior to account opening—a written estimate satisfactory to Bank of the West from a licensed contractor for the purchase and installation of new solar energy equipment (such as solar panels), a new tankless water heater or a new HVAC (heating and air-conditioning) system. The written estimate must be dated no earlier than 60 days prior to account opening and not expire until at least 5 days after account opening. Bank of the West reserves the right to verify the written estimate, the validity of the renewable energy improvement, and may request written certification of the applicant’s intentions.
2 A 0.25% discount off standard rates is available with automatic payment from a new or existing Bank of the West checking or savings account. According to the Terms of the Account documents, the discount may be reversed and your rate and payments may increase if automatic payments are discontinued for any reason. All terms and conditions (including fees and charges) applicable to the checking or savings account you choose apply including any minimum opening deposit.
3 The APR for a HELOC is variable and is based on the Prime Rate as published in The Wall Street Journal plus a margin. The index as of December 20, 2018 is 5.50%. As of February 6, 2019, margins range from Prime minus 1.26% to Prime plus 3.50% with corresponding rates 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. Actual rate is 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 Bank of the West. Additional Combined Loan-to-Value (CLTV) restrictions may apply depending on property value and other factors. CLTV is calculated by dividing the aggregate total of all mortgages by the value of the property. All HELOCs feature a 10-year variable rate draw period followed by a fixed-rate fully-amortized repayment period of 120, 180 or 240 months depending on the balance at the end of the draw period. APR during the draw period is variable and may change as often as monthly. 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 the LTV and occupancy status at the time the HELOC is opened. The APR during the repayment period will likely be higher than the APR applicable during the draw period. APR does not include costs other than interest. The APR will not exceed 18.00% (13.00% APR in Oklahoma) and will not go below 3.00%. Evidence of adequate property insurance required. An annual fee up to $75 applies, subject to state law limitations, but is waived for customers with certain account relationships. Ask your mortgage banker for details. All HELOCs are subject to credit qualification and collateral valuation. Additional fees, conditions and restrictions apply. Product details can be found in our Important Terms brochure; ask for a copy.