You might be looking for a Bank of the West HELOC because you remember them as that reliable, West Coast staple with the green logo. Maybe you had a line of credit with them for years, or your neighbor swore by their rates back in 2021.
Here is the thing: Bank of the West doesn't really exist anymore. Not in the way you remember.
In early 2023, the Canadian giant BMO (Bank of Montreal) officially swallowed Bank of the West in a massive $16.3 billion deal. By September of that year, the systems merged. The signs changed. The apps updated. If you’re hunting for a "Bank of the West HELOC" today in 2026, you are actually looking at a BMO product.
It's a bit of a shock if you weren't paying attention to the financial news cycle. Honestly, the transition was a headache for a lot of people. But if you're trying to tap into your home's value right now, you need to know exactly what the "new" version looks like because the rules of the game have definitely shifted.
The BMO Era: What Changed for Home Equity?
When BMO took over, they didn't just keep everything the same and swap the stationary. They brought their own lending appetite. Bank of the West used to be known for a very specific footprint in places like California and Colorado. BMO is much bigger, but they have their own quirks.
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For starters, if you already had a line of credit from the "old" bank, your terms generally stayed the same for the duration of your contract. Contracts are legal anchors. They can't just change your margin because they bought the building. However, for anyone applying now, the experience is pure BMO.
The Fixed-Rate Pivot
One thing BMO leans into heavily—and something you should actually care about—is the Fixed-Rate Lock Option.
Most HELOCs are scary because they are variable. The Fed breathes, and your monthly payment jumps. BMO allows you to take a chunk of your balance, say $20,000 you used for a new roof, and lock it into a fixed rate. It's basically a mini-home equity loan living inside your line of credit.
You can usually have up to three of these "locks" going at once. It’s a smart move if you’re worried about rates staying high, though they do charge a small fee (usually around $75) every time you trigger a new lock.
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The Nitty-Gritty: Rates, Fees, and Limits
Let’s talk numbers. In the current 2026 market, HELOC rates are... well, they aren't what they were in 2020.
BMO is currently advertising introductory rates that look great on a billboard—sometimes as low as 5.74% to 6.99% APR for the first six to twelve months. But read the fine print. Once that honeymoon period ends, you’re looking at a variable rate that’s typically the Wall Street Journal Prime Rate plus a margin. Depending on your credit, that could land you anywhere from 8% to 11%.
- Credit Score Minimums: They aren't playing around. You generally need at least a 650 to 680 for a HELOC. If you want their actual "Home Equity Loan" (the lump sum version), you better have a 700+.
- The 3-Year Trap: This is the big one. BMO often covers your closing costs. That sounds amazing until you try to close the account early. If you shut down your HELOC within the first 36 months, they will claw back those closing costs. We’re talking potentially thousands of dollars.
- Annual Fees: Expect a $75 annual fee. It’s not a dealbreaker, but it’s annoying. Some "Premier" banking clients can get this waived, but for most of us, it’s just part of the cost of doing business.
Is the Service Actually Better?
If you check the forums or sites like WalletHub, the reviews for the BMO/Bank of the West transition are... spicy.
Transitioning 1.8 million customers is never smooth. There were reports of people being unable to make principal-only payments and others complaining about "phantom" charges after they thought they had paid off their balance.
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If you are a former Bank of the West customer, you've likely noticed the website is different. It’s more "big bank" now. Some people love the expanded ATM network; others miss the local feel. If you value a banker who knows your name, you might find the new setup a bit cold.
Maximizing Your Equity in 2026
If you decide to go through with a BMO (formerly Bank of the West) HELOC, you need to play it smart. Don't just let the variable rate ride.
- Use the Autopay Discount: They almost always offer a 0.25% to 0.50% rate discount if you let them pull the payment directly from a BMO checking account. It’s free money. Just do it.
- Watch the LTV: They typically let you borrow up to 80% or 85% of your home's value (Loan-to-Value). If your house is worth $500,000 and you owe $300,000, don't assume you can grab the full $200,000 difference. They want a cushion.
- The "Check" Warning: BMO will send you "Access Checks." They look like regular checks but using them is basically like swiping a high-interest credit card. Only use them if you absolutely have to.
The reality is that while the name "Bank of the West" is fading into the sunset, the equity in your home is still your biggest asset. BMO is a solid, "A-rated" institution, but they are a business. They want to maximize their margin. Your job is to use their intro rates and fixed-lock options to make sure you aren't the one left holding the bag if the economy takes another weird turn.
What You Should Do Next
Before you sign anything, get a current appraisal or at least a very solid "BPO" (Broker Price Opinion) on your home. Property values in 2026 have shifted, and you might have more—or less—equity than you realize.
Check your credit score today. If you're at a 670, spend two months cleaning up small balances to hit that 700 mark. That tiny jump could save you 1% on your margin, which equals thousands of dollars over the 10-year draw period of a HELOC. Once your score is peaked, apply online to skip the "remote application fees" that some branches try to tack on.