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.
We offer competitive rates and personalized services:
- Easy access to funds
- No origination or closing costs
- Lines of credit up to $2,000,000
- Additional benefits for Bank of the West checking customers (ask us for details)
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 here.
You’ll see one combined monthly statement for your variable rate line of credit and fixed rate loan option activity.
Get down payment help
When you close a Bank of the West first-lien mortgage loan for the purchase of a home, a home equity line of credit may help you with a down payment and out-of-pocket expenses. There are no origination fees or closing costs for a home equity line of credit. Other features of a home equity line of credit include:
- Lines of credit up to $250,000 when signing simultaneously with a Bank of the West first mortgage
- 0.25% discount when you set up automatic payments from your Bank of the West deposit account 2
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1 All Home Equity Lines of Credit 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. The fixed APR for the repayment period will be determined based on Prime Rate on the end-of-draw date and can range from Prime + 2.50% (7.75% APR based on current rates) to Prime + 4.00% (9.25% APR based on current rates), depending on occupancy status and combined loan to value (CLTV) at the time the Home Equity Line of Credit is opened. The APR will not exceed 18.00% (13.00% APR in Oklahoma).
2 A 0.25% discount off standard rates is available with automatic payment from a new or existing Bank of the West deposit 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. A minimum opening deposit may apply depending on the type of deposit account you choose. All terms and conditions (including fees and charges) applicable to the checking account apply.
3 Calculators are provided as a convenience. Bank of the West makes no warranties about the accuracy or completeness of the calculations.