Republic Bank & Trust: 2023 Home Equity Review

Founded in Kentucky, Republic Bank & Trust, also referred to as Republic Bank, is a monetary establishment with branches primarily within the South and Midwest of the United States. The financial institution has 42 full-service banking facilities and two mortgage manufacturing places of work all through Kentucky, southern Indiana, Florida, Tennessee and Ohio. 

Republic Bank provides each private and enterprise banking. Its monetary merchandise embody checking accounts, bank cards, mortgages and residential fairness traces of credit score, or HELOCs. According to a customer support consultant we reached out to, clients should dwell inside 30 miles of a department to qualify for a HELOC. Customers can financial institution by way of cellular banking, on-line banking, or in-person banking. 

Republic Bank: At a look

Republic Bank’s HELOCs could also be a great possibility for patrons who dwell inside 30 miles of a department in particular areas of Kentucky, southern Indiana, Florida, Tennessee or Ohio. The financial institution’s excessive most mixed loan-to-value ratio, or CTLV, is greater than many different rivals, which makes it price contemplating when you want a bigger line of credit score. On the draw back, it’s possible you’ll face a prepayment penalty when you repay your own home fairness line of credit score early. 

What we like

• Convenient entry to funds with HELOC entry card: Republic Bank gives a card to entry your HELOC funds conveniently. This card works like a bank card, permitting you to spend your HELOC funds straight.
• Borrow as much as 90% CLTV: Your mixed loan-to-value ratio, or CLTV, is calculated by dividing the entire loans secured by your home — together with your major mortgage and any dwelling fairness loans or HELOCs — by your own home’s worth. Most lenders will set a cap in your CLTV to make sure you’re not borrowing greater than your own home is price. Republic Bank’s 90% CLTV cap is greater than many different lenders, probably permitting you to take out a bigger mortgage when you qualify.
• Physical branches in 5 states: While Republic Bank would not have the geographical footprint of a big, nationwide lender, when you dwell in Kentucky, Indiana, Florida, Tennessee or Ohio, you may get in-person help at one of many financial institution’s 42 full-service banking facilities or two mortgage manufacturing places of work.

What we do not like

• Prepayment penalty: Paying off your HELOC early — when you can afford it — might help you save on curiosity and get out of debt quicker. A HELOC from Republic Bank could include a prepayment penalty, in line with the financial institution’s web site, which fees you a price for paying off your debt quicker.
• Limited geographic availability: Republic Bank has branches in simply 5 states, and its mortgage merchandise are solely out there to clients inside 30 miles of a department. The financial institution has a device on its web site that exhibits whether or not it provides HELOCs in your zip code. 
• Minimal data supplied on-line: Information about Republic Bank’s HELOCs, together with the size of each the draw and compensation intervals, and a full schedule of charges, is scarce on the web site. You’ll want to succeed in out to a consultant to study extra. 

Home fairness mortgage choices

Republic Bank provides dwelling fairness traces of credit score, or HELOCs, in choose areas. A device on the financial institution’s web site will let you know whether or not HELOCs can be found in your zip code. Republic Bank doesn’t supply dwelling fairness loans. 

While each dwelling fairness loans and HELOCs borrow towards the house fairness you have constructed in your house, a HELOC provides you a line of credit score you may borrow towards throughout a draw interval, sometimes 10 to fifteen years. During this time, you sometimes solely pay for any curiosity that accumulates in your line of credit score — although it’s possible you’ll be required to make some principal funds relying in your lender settlement.

Republic Bank provides an interest-only HELOC, which suggests you solely have to fret about paying accrued curiosity or $50 per thirty days, whichever is larger, throughout your draw interval. If you may, it’s best to nonetheless attempt to pay down your principal in the course of the draw interval to stop a pointy spike in your month-to-month funds and to save lots of on curiosity in the course of the compensation interval.

Fees

A Republic Bank HELOC comes with a $50 annual price after the primary 12 months, comparable with most HELOC lenders. Some HELOCs from Republic Bank may additionally include a prepayment penalty. 

How to qualify

Republic Bank doesn’t present the precise necessities wanted to qualify for a HELOC. However, there are a couple of components the financial institution will have a look at when evaluating your utility, together with your own home worth, out there fairness and credit score historical past. 

Your CLTV can even decide the quantity of your mortgage. You can calculate your CLTV by including your remaining mortgage steadiness to the quantity of your own home fairness line of credit score, then dividing this quantity by your own home’s present worth.

For instance, as an example your remaining mortgage steadiness is $150,000, your HELOC quantity is $50,000 and your own home worth is $250,000. Your CLTV can be 0.80 or 80% ($200,000 divided by $250,000).

Most lenders require a CLTV of 85% or much less, however Republic Bank permits as much as 90%, with a maximum loan amount of $500,000 — that means you might be able to take out a bigger HELOC with this lender.

Getting began

You can apply for a HELOC with Republic Bank on-line or in individual at a neighborhood department so long as you reside in one of many areas this financial institution companies. You’ll want to supply your identify, tackle, cellphone quantity, e mail, social safety quantity and, probably, proof of employment or revenue. 

You can entry the web utility from the HELOC information page on Republic Bank’s web site. 

To apply in individual, contact your local branch to arrange an appointment. 

Customer service

If you need assistance together with your mortgage or utility, you may contact Republic Bank customer support in a couple of methods. 

The web site has a dwell chat characteristic out there from 8 a.m. to five p.m. ET Monday by way of Friday, excluding holidays. You may get assist by cellphone between 7 a.m. and seven p.m. ET Monday by way of Friday and between 8:30 a.m. and 5 p.m. ET Saturday and Sunday, excluding holidays. The financial institution has a number of buyer help cellphone numbers, however its HELOC line is 866-758-3970. Finally, you may e mail buyer help at [email protected].

There’s additionally an online form to ship feedback or inquiries to the financial institution’s CEO, however this avenue is healthier for sending basic suggestions concerning the financial institution quite than getting customized assist to your situation.