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 transfer, 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 for use during the remaining draw period.
Limited-Time Offer: From October 1, 2019 – March 31, 2020, get up to 1.375% off your interest rate with an initial draw of $100,000 for the 10-year draw period.1. The more you borrow at account opening, the greater your discount can be.
0.25% Promotional Discount
0.125% Autopay Discount
Take advantage of these features:
- Interest-only payments during the draw period
- 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 here3.
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 with a Bank of the West mortgage.
Are you going through a financial hardship?
Find out how we can help.
Legal information and Disclosures
HELOCs are subject to credit qualification and collateral evaluation. Fees, conditions and restrictions may apply. Product details can be found in our Important Terms brochure. 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. 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. 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 November 1, 2019 is 4.75%. Margins as of January 1, 2020, inclusive of the margin discount based on the initial advance described above, range from -1.385% to 3.875%, with corresponding APRs ranging from 3.365% to 8.625% for lines of credit between $15,000 and $2,000,000 and are subject to change at any time. APR will depend on factors including property value and occupancy status, creditworthiness, existing debt against the property, approved line of credit amount, and your account relationship with Bank of the West.
1A balance-based discount of 0.10% off our margin for every $10,000 drawn up to a maximum of 1.00% (for advances of $100,000 or more) is available for new Bank of the West HELOC customers with an initial advance of least $10,000 taken on the date of HELOC opening (subject to the credit limit and a rescission period, if applicable). The amount advanced at HELOC opening will determine the margin for the entirety of the 10-year draw period. An initial advance amount of less than $10,000 is not eligible for this promotion.
2Automatic payment discount of 0.125% off the standard rate requires applicants to establish automatic monthly payments from their new or existing Bank of the West personal checking or savings account. 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. Additional benefits may be available for eligible customers of Bank of the West and its affiliates (ask us for details).
3Fixed 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. 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.
4Calculators are provided as a convenience. Bank of the West makes no warranties about the accuracy or completeness of the calculations.