Republic Bank: 2024 Home Equity Review

Benefits

• Republic Bank’s HELOC comes with a competitive introductory rate for six months.
• You can borrow up to $500,000 or a loan-to-value ratio (LTV) of 90 percent — a fairly standard amount for a HELOC.

Drawbacks

• Republic Bank doesn’t disclose a lot of information about its HELOC online. If you want to avoid having to call or visit a branch while shopping around, consider a different lender.
• The bank charges a $50 annual fee after the first year, and there might be a prepayment penalty if you pay off your HELOC early.

Home equity loan products offered

Republic Bank offers HELOCs up to $500,000, with a maximum combined loan-to-value (CLTV) ratio of 90 percent. The minimum monthly payment is $50 or the amount of accrued interest, whichever is greater.

If you just make the minimum payment, however, it might not be enough to pay down the balance, which can lead to you needing to make a balloon payment.

Types of fees charged

You might not have to pay closing costs on a HELOC from Republic Bank if you have your primary checking account with the bank. It charges a $50 annual fee on the HELOC after the first year, and there might be a prepayment penalty (but you’ll need to call to find out if that applies to you).

How to qualify for a HELOC with Republic Bank

A caveat if you decide to get a HELOC with Republic Bank: There are some geographic restrictions. You can enter your ZIP code on the bank’s website to find out if its HELOCs are available in your area.

How to apply with Republic Bank

To apply for a HELOC with Republic Bank, you can start by creating an account online or calling a loan officer at 866-758-3970, Monday through Friday from 7 a.m. to 7 p.m. ET and Saturday and Sunday from 8 a.m. to 5 p.m. ET.

How Bankrate scored Republic Bank

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.