Consider a Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) uses your home’s equity as collateral. You can access the funds by check, online banking transfers, at the branch, or by giving us a call. During the draw period, you can pay down the principal balance, making that portion of your credit line available again for use during the draw period.
From April 1 through June 30, 2019, we are featuring a limited-time offer with a competitive introductory rate as low as Prime Minus 1.01% for 6 months on a new Home Equity Line of Credit:
6-month Introductory Rate:
After Intro Period2,3:
Take advantage of these features:
- Easy access to funds
- 0.25% discount with automatic payments from a qualifying Bank of the West account3
- No origination or closing costs
- Lines of credit up to $2,000,000
A Home Equity Line of Credit is great for debt consolidation, home improvements, and unplanned expenses.
Save green with our HELOC Energy Efficiency Discount
Use a portion of your HELOC to finance your solar and energy efficiency projects—and save some green. Learn more
Fixed rate loan option
Once you've established an Equity Choice Line of Credit, you can choose a fixed rate loan option, which converts all or a portion of your variable rate balances up to your credit limit to a fixed rate. You don't need to re-apply and you can choose to fix the interest rate anytime during the draw period. Find more details about our fixed rate loan options here5.
You’ll see one combined monthly statement for your variable rate line of credit and fixed rate loan option activity.
A HELOC can help fund a down payment on your new purchase mortgage with Bank of the West.
Are you going through a financial hardship?
Find out how we can help.
1The introductory rate is valid for a new Bank of the West Home Equity Line of Credit (HELOC). APR is fixed at the introductory rate for 6 months. After the 6-month introductory rate period, the APR is variable based on the Prime Rate in effect as published in The Wall Street Journal, plus a margin, per the terms of your credit agreement. A minimum initial advance of $10,000 is required to be eligible for an introductory rate. The introductory rate of 4.49% APR shown reflects an initial advance amount of $25,000 or more and was determined by subtracting 1.01% from the current Index value. The introductory rate for an initial advance in an amount of $10,000 to $24,999 is determined by subtracting 0.76% from the current Index value. An initial advance amount of less than $10,000 is not eligible for the introductory rate. The introductory rate does not apply to any portion of the outstanding balance converted to a Fixed Rate Loan Option. See footnote 5 below.
2The 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 December 20, 2018 is 5.50%. As of March 19, 2019, 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.
HELOCs are subject to credit qualification and collateral valuation. Fees, conditions and restrictions apply. Product details can be found in our Important Terms Brochure; ask for a copy. Rate and offer 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. Annual Percentage Rate (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 $100 Fixed Rate Loan Option fee may apply if conversion option exercised or reversed. Fees may be waived for customers with certain account relationships. Ask your mortgage banker for details.
3A 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. The discount for automatic payments will not apply while an introductory rate is in effect.
4Calculators are provided as a convenience. Bank of the West makes no warranties about the accuracy or completeness of the calculations.
5Fixed Rate Loan Option (“FRLO”) rates are determined based on factors in effect at HELOC origination. Requirements and limitations are applicable to FRLOs. 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 FRLO, resulting in a fixed rate and fixed payment of principal and interest for the balance converted. 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. Rates for the FRLO are often higher than the current variable rate on the HELOC account. Minimum payment due on a FRLO includes principal and interest in fixed monthly payments, subject to a minimum payment of $100 per month, in addition to the payment due on any separate variable rate balance. 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.