There are plenty of good reasons to borrow money. But when it comes to applying for a loan, there's a big difference in how you are treated. Does your loan officer have the authority to approve your loan or is the application sent out of state for approval?
We're experts at lending! You can count on West Bank for a variety of loans with flexible terms and competitive rates. With years of local banking experience, West Bank can make getting the money you need easy, inexpensive and convenient.
Whether you need money for home improvements, debt consolidation, tuition, that special vacation or any major purchase, we are here to help. With competitive rates on personal loans, including recreational vehicle and automobile loans.
Home Equity Loan or Line of Credit
You've worked hard to increase your home's value. Put that value to work with a home equity loan or line of credit.
A home equity loan* is a fixed payment, term loan in which your home serves as collateral. A home equity loan is a cost-effective way for homeowners to borrow money and ideal for large expenses like financing a remodel. This type of loan can also be used to consolidate high-interest debt.
A home equity line of credit (HELOC)** is a form of revolving credit in which your home serves as collateral. Once approved, a home equity line of credit can be used to finance any expense such as home improvement projects, college education, medical bills, or even your dream vacation.
Our home equity line of credit (HELOC) has several outstanding features:
• Two payment options
• Rates are tied to loan-to-value ratio and credit history
• Access by phone, mail, online, or check
Just like your mortgage, the interest on your home equity loan or home equity line of credit may be tax deductible (consult a tax advisor concerning your interest deductibility).
*Additional Home Equity Loan Information
Home Equity Loan Payment Example:
The payment on a loan amount of $10,000 for 5 years at an APR (Annual Percentage Rate) of 8.00% is 60 monthly payments of $202.82. Rates are not guaranteed until lock-in.
West Bank loans are made without regard to race, color, religion, national origin, sex, handicap or family status. Additionally, West Bank requires property insurance for all home equity loans.
**Additional Home Equity Line Information
The Annual Percentage Rate (APR) on a West Bank home equity line of credit is a variable interest rate and is subject to change daily. The current APR as of 10/03/2016 ranges from 4.50% to 6.50% depending on the total line of credit amount along with such factors as your personal credit history and financial situation. The APR for a West Bank home equity line of credit will not exceed 21%. Except for the 21% cap, there is no limit on the amount by which the rate can change during any one-year period. Minimum payments may not be sufficient to fully repay the principal outstanding on the credit line. If not, the entire outstanding balance will be required in a single payment.
Fees and Charges:
To open and maintain a home equity loan or a home equity line of credit, you are responsible for paying certain fees to third parties. These fees generally total between $400 and $800. If you ask, we will give you itemization of the fees payable to third parties. Additionally, West Bank requires property insurance for all home equity loans and home equity lines of credit.