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.
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
- Investment properties eligible
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Limited Time Offer (7/1/20 - 9/30/20)
Relationship Pricing Discounts3
Receive a 0.125% discount with automatic payments from a qualifying Bank of the West account. Additional relationship discounts available with qualifying assets.
Energy Efficiency Discount4
Enjoy a 0.25% discount when you use a portionof your HELOC to finance eligible renewable energy improvements for your home.
- A Home Equity Line of Credit is great for debt consolidation, home improvements, and unplanned expenses.
- A HELOC can help fund a down payment on your new purchase with a Bank of the West mortgage.
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 here6.
You’ll see one combined monthly statement for your variable rate line of credit and fixed rate loan option activity.
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Legal information and Disclosures
Terms and Fees: Home Equity Lines of Credit (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. Offer subject to change without notice. Evidence of adequate property insurance required. Combined total discounts may not exceed 1.50% for the draw period. 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% regardless of your qualifying margin or applicable discounts. 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 is exercised 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 March 16, 2020 is 3.25%. As of July 1, 2020, margins range from -0.560% to 5.250% with corresponding APRs ranging from 3.000% to 8.500% 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 relationships with Bank of the West.
1 The introductory rate of 3.00% is valid for a new Bank of the West 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.
2 The APR of 3.615% shown reflects standard pricing for the draw period and is based on a $100,000 line amount on an owner occupied, single-family residence in second lien position, ≤70% Combined Loan-to-Value (CLTV), 740+ FICO® Score, $100,000 initial draw and automatic payment discount. 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. Other promotions and discounts do not apply during the special introductory rate period, but are used to calculate your margin for the remainder of the draw period.
3Automatic 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. Discounts 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).
4 The HELOC Energy Efficiency Discount 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 an eligible energy efficiency product. (Click here to view our complete list.) 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.
5 A balance-based discount of 0.10% off our standard 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 remainder of the 10-year draw period. An initial advance amount of less than $10,000 is not eligible for this promotion.
6 Fixed 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.
7 Calculators are provided as a convenience. Bank of the West makes no warranties about the accuracy or completeness of the calculations.