This page describes Bank of the West home equity loans. BoW home equity loans are a financial secured loan product offered by this sizeable bank. This articles aims to provide you with an overview of this loan product.
Bank of the West Secured Loans
Bank of the West is a fully owned subsidiary of BancWest Corporation that has total assets of $76 billion combined with a sister bank, First Hawaiian. Bank of the West operates 700 retail and commercial banking locations in 19 mid-western and western states. One of the popular items offered by Bank of the West is a home equity loan.
A Bank of the West home equity loan is money is borrowed against the equity a homeowner has built up. This is the difference between the home’s current market value and the amount actually owed on the mortgage held by Bank of the West or another mortgage lender and any other mortgages or outstanding home equity loans or lines of credit. Bank of the West offers home equity loans to people residing in: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Nevada, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
Home Equity Applications
Establishing a line of credit at Bank of the West can also be established using home equity. This allows homeowners to use this line credit for a number of different tasks including home motivations, short-term financing situations along with both debt consolidation and tuition needs. Bank of the West home equity loans allow borrowers to select a fixed rate that allows homeowners the opportunity to realize maximum benefits derived from equity use. Now you can use the equity that your home has earned to help you establish a line of credit at Bank of the West. You can use this line of credit to accomplish many of life’s goals from renovation and short-term financing to debt consolidation and tuition needs.
Home Equity Fixed Rate Loans
A Home Equity Loan allows you to potentially lock in at a fixed rate and enjoy the maximum benefit that the equity in your home allows. Application for either loan or line of credit can be made online. It must be remembered however that a better rate may be achieved because you are providing your house as security, which is a huge investment decision which requires independent professional financial advice.
Potential Home Equity Benefits with Bank of the West
Either a Bank of West home equity loan or line of credit apparently offers great value with multiple benefits. Bank of West Equity Choice Line of Credit benefits include:
- Never any loan or closing fees up to $500,000
- Variable interest rates
- Credit up to 80 percent of property value
- Draw down periods up to 10 years
- Selection of automatic payment plans reduces interest rates by 1 percent
- Any outstanding balance paid off becomes available to be borrowed against
- Availability of non-owner occupied loans
Home Equity Secured Loans Rate Conversions
There is a Bank of the West fixed rate loan option allowing customers to convert a variable interest rate balance from a line of credit to a fixed rate loan with a maximum of three opened at one time. You can convert a portion or all of your variable balance up to your established credit limit without having to submit re-application for Bank of the West home equity loans. Furthermore, both your variable and fixed home equity loan products appear on the same monthly statement for easy convenience. The most critical thing to remember however with secured home equity loans is to take professional independent advice, since failure to make repayments may put your home at risk of repossession.