Important Details

Loans

Frequently asked questions

Business and personal loans from Zions Bank
 

Loan Questions

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  1. Which loan is right for me?

    For help determining the right loan for you, please contact one of Zions® personal bankers at a Financial Center close to you. Or call the Zions TeleLoan Center at 800-789-5626.

  2. How does the loan process work?

    After you choose the loan that fits your needs, Zions will ask you some questions, such as the type of collateral you want to use (your home, car, an RV). If you choose a credit card or a personal loan, we don’t need this information. We ask you to tell us about yourself and your coapplicant if there is one and where you live and work. We also ask about your income, your assets, your debts and any payments you’re making.

    In some cases, we ask government reporting questions about race, gender and marital status, which you can choose not to answer.

    If you accept the terms of the application and have answered all of the required questions, Zions Bank will process your application and provide you a loan status. Loan disclosures will be sent to you in the mail where applicable.

    If your loan can’t be approved, we’ll quickly inform you by mail of the reasons the loan wasn’t approved.

    If your loan is approved, we notify you of the next step. There may be some additional information required, such as valid identification, evidence of employment, tax returns, automobile title, property tax notice, trust documents, etc.

    Rest assured, this process is quick and we walk you through every step. We then set up a time where you go to the Financial Center of your choice to close your loan.

  3. How long does it take?

    The loan application is fast. Depending on the type of loan, and if you have a coapplicant, the application process will take from 10 to 20 minutes. We’ll respond to your application as quickly as possible—in some cases, within a few minutes of applying; in others in up to one business day

Loan Type Questions

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  1. How does a home equity credit line work?

    A home equity credit line can give you the security of knowing you can handle unanticipated expenses or financial emergencies that come your way.

    • You can borrow up to a certain percentage of the value of your home.
    • There’s no setup or origination fees on owner-occupied properties.
    • A line of credit allows you to borrow, payoff, then borrow again at any time during the first 10 years (the draw period).
    • It’s a variable rate loan, meaning the interest you pay may change throughout the loan term.
    • Once established, your line of credit is there for you when you need it, just by transferring money online into your Zions Bank® deposit account or by writing a check.
    • You can use LockSelect® to convert part or all of your loan balance to a fixed rate and fixed term.
    • In most cases, you can deduct 100% of the interest you pay from your taxes. Make sure you consult your tax adviser about the deductibility of interest.
    • You can choose to make interest-only payments during the draw period.
    • If you use AutoPay, your monthly payment is automatically deducted from your Zions Bank checking account.

    If you’re looking for a fixed loan amount and term, a Home Equity Loan or a Home Refinance Loan may be better for you.

  2. How does a home equity loan work?

    A home equity credit Loan is a traditional loan with a fixed repayment term. After the closing, you begin making monthly payments.

    • There’s no setup or origination fees.
    • In most cases, you can deduct 100% of the interest you pay from your taxes. Make sure you consult your tax adviser about the deductibility of interest.
    • If you use AutoPay, your monthly payment is automatically deducted from your Zions Bank checking account.
    • If you use AutoPay, you receive a 0.25% discount on the loan rate. In addition, if you have a Zions Bank Gold account, you receive a 0.25% discount on the loan rate.
    • In most cases, you can borrow up to 80% of your home's equity.
  3. How does a home refinance work?

    At Zions Bank, you can refinance your home for 7, 10 or 15 years without paying any closing costs or origination fees.

    • Zions offers competitive interest rates. And you can make your rate even lower by having your payment automatically deducted from your Zions Bank checking account. If you use AutoPay, you receive a 0.25% discount on the loan rate.
    • You can choose either a fixed rate or a variable rate loan option.
    • You avoid paying origination fees, points, closing costs, title insurance fees and appraisal fees*, which often equals a savings of up to 3% of the loan amount.
    • When you use your Home Refinance Loan to finance something, you can usually deduct 100% of the interest you pay from your taxes. Make sure you consult your tax adviser about the deductibility of interest.
    • In most cases, the maximum loan-to-value ratio for a home refinance loan is 80%. The amount of your loan depends on your income and debt levels, your credit history and the property value of your home.* To estimate your loan-to-value ratio, simply divide the expected loan amount by the value of your home.

    * Property value to be determined by the bank. Loan program requires a primary residence, owner-occupied property.

  4. How do I apply for a new home mortgage?

    The Online Zions Bank Home Financing Center has a variety of tools to help you get a great deal on a new home loan. Begin your new mortgage application online now.

  5. How does a new/used automobile loan work?

    Finance your new or used automobile and get up to 100% financing, including money for taxes, licensing and approved warranty contracts.

    • If you use AutoPay, receive a 0.25% discount on the loan rate.
    • If you have a Zions Bank Gold account, receive an additional 0.25% discount on the loan rate.
    • Choose either a fixed or variable rate loan option.
  6. How does a new/used boat, camper, motor home, snowmobile or other RV loan work?

    Zions Bank can help you enjoy your favorite outdoor recreational activities with financing for your new or used motor home, travel trailer, boat, motorcycle, snowmobile or personal water craft.

    • If you use AutoPay, receive a 0.25% discount on the loan rate.
    • If you have a Zions Bank Gold account, receive an additional 0.25% discount on the loan rate.
    • Choose either a fixed or variable rate loan option.
  7. How does a personal loan work?

    A Zions Bank personal loan can help pay for household goods, unexpected expenses or any personal need. An unsecured loan lets you to borrow without collateral. Your loan amount is based on your income and ability to repay.

    • If you use AutoPay, receive a 0.25% discount on the loan rate.
    • If you have a Zions Bank Gold account, receive an additional 0.25% discount on the loan rate.
    • Choose either a fixed or variable rate loan option.

Credit Card Questions

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  1. Which credit card is right for me?

    When shopping or traveling—for business or pleasure—trust a Zions Bank Visa AmaZing card to expand your purchasing power. Based on your needs, you can choose one of three available options.

Other Questions

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  1. What about other property types?

    Zions Bank offers loans for other property types, such as a lot or construction loan. If you need additional help with a loan that’s not shown on our web site, please call the Zions Bank Teleloan Center at 800-789-5626.

  2. How does Autopay work?

    If you apply for a loan with AutoPay, you can qualify for additional discounts depending on the loan type. The AutoPay discount only applies if you have a checking account at Zions Bank. If you don't already have a checking account with Zions Bank, please call 888-723-9719 or apply online.

    Loan Type AutoPay Discount
    Home Equity Credit Line* 0.25% rate reduction if new first lien position
    Home Equity Loan 0.25% non-Gold account; 0.50% Gold account
    Home Refinance Loan 0.25% non-Gold or Gold account
    New or Used Car 0.25% non-Gold account; 0.50% Gold account
    New or Used RV/Boat 0.25% non-Gold account; 0.50% Gold account
    Credit Card Not available
    Personal Signature Loan 0.25% Non-Gold Account 0.50% Gold Account

    *AutoPay on a home equity credit line makes an interest-only payment during the draw period (the first 10 years). Additional payments need to be done by mail or online.

Payment Protection Plan Questions

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  1. How do I include credit life insurance?

    If you would like to include credit life insurance in a loan, please call 800- 789-5626 for details.

  2. How do I include disability insurance?

    If you would like to include disability insurance in a loan, please call 800-789- 5626 for details.

Still haven't found the answer to your question?

Contact a Zions Bank representative by e-mail or phone (Mon. thru Sat. from 8 a.m. to 8 p.m. MT).

  • For general customer service inquiries about bank products, please call 800-789-8800.
  • For specific Online Banking inquiries, call 800-840-4999.
 
This page was last modified on Fri Apr 18 10:21:56 MDT 2014