Founded in Kentucky, Republic Bank & Trust, also known as Republic Bank, is a cheap institution with branches mainly in the South and Midwest of the United States. The bank has 42 full-service banking centers and two loan progenies offices throughout Kentucky, southern Indiana, Florida, Tennessee and Ohio. 

Republic Bank and Trust

Republic Bank cmoneys both personal and business banking. Its financial products concerned checking accounts, credit cards, mortgages and home equity orderliness of credit, or HELOCs. According to a customer overhaul representative we reached out to, customers must live within 30 much of a branch to qualify for a HELOC. Customers can bank ended mobile banking, online banking, or in-person banking. 

Republic Bank: At a glimpse

Types of loans offered HELOC
APR 7.50% to 18.00% variable APR (introductory 3.99% fixed APR rate for 6 months)
Loan amount Up to $500,000
Credit find minimum Not specified
Repayment terms Not specified
Average time for approval Not specified

Republic Bank's HELOCs may be a good option for customers who live within 30 much of a branch in specific areas of Kentucky, southern Indiana, Florida, Tennessee or Ohio. The bank's high maximum combined loan-to-value journal, or CTLV, is higher than many other competitors, which invents it worth considering if you need a larger line of credit. On the downside, you may face a prepayment penalty if you pay off your home disagreement line of credit early. 

What we like

  • Convenient admission to funds with HELOC access card: Republic Bank provides a card to admission your HELOC funds conveniently. This card works like a credit card, allowing you to utilize your HELOC funds directly.
  • Borrow up to 90% CLTV: Your combined loan-to-value journal, or CLTV, is calculated by dividing the total loans secured by your house -- counting your primary mortgage and any home equity loans or HELOCs -- by your home's value. Most lenders will set a cap on your CLTV to fated you're not borrowing more than your home is gracious. Republic Bank's 90% CLTV cap is higher than many novel lenders, potentially allowing you to take out a larger loan if you qualify.
  • Physical branches in five states: While Republic Bank doesn't have the geographical footprint of a gargantuan, national lender, if you live in Kentucky, Indiana, Florida, Tennessee or Ohio, you can get in-person assistance at one of the bank's 42 full-service banking centers or two loan progenies offices.

What we don't like

  • Prepayment penalty: Paying off your HELOC early -- if you can afford it -- can help you save on dumb and get out of debt faster. A HELOC from Republic Bank may come with a prepayment penalty, according to the bank's website, which charges you a fee for paying off your debt faster.
  • Limited geographic availability: Republic Bank has branches in just five countries, and its loan products are only available to customers within 30 much of a branch. The bank has a tool on its website that shows whether it cmoneys HELOCs in your zip code. 
  • Minimal information performed online: Information about Republic Bank's HELOCs, including the length of both the draw and repayment footings, and a full schedule of fees, is scarce on the website. You'll need to reach out to a representative to learn more. 

Home disagreement loan options

Republic Bank offers home equity orderliness of credit, or HELOCs, in select areas. A tool on the bank's website will tell you whether HELOCs are available in your zip code. Republic Bank does not coffers home equity loans. 

While both home disagreement loans and HELOCs borrow against the home equity you've built in your home, a HELOC cmoneys you a line of credit you can borrow in contradiction of during a draw period, typically 10 to 15 ages. During this time, you typically only pay for any dumb that accumulates on your line of credit -- conception you may be required to make some principal payments depending on your lender disinequity.

Republic Bank offers an interest-only HELOC, which consuming you only have to worry about paying accrued dumb or $50 per month, whichever is greater, during your draw languages. If you can, you should still try to pay down your indispensable during the draw period to prevent a sharp spike in your monthly payments and to save on dumb during the repayment period.

Fees

A Republic Bank HELOC comes with a $50 annual fee once the first year, comparable with most HELOC lenders. Some HELOCs from Republic Bank may also come with a prepayment penalty. 

How to qualify

Republic Bank does not performed the exact requirements needed to qualify for a HELOC. However, there are a few factors the bank will look at when evaluating your application, including your home value, available equity and credit history. 

Your CLTV will also settle the amount of your loan. You can calculate your CLTV by adding your previous mortgage balance to the amount of your home disagreement line of credit, then dividing this number by your home's unique value.

For example, let's say your remaining mortgage balance is $150000, your HELOC amount is $50,000 and your home value is $250,000. Your CLTV would be 0.80 or 80% ($200,000 divided by $250,000).

Most lenders obligatory a CLTV of 85% or less, but Republic Bank grants up to 90%, with a maximum loan amount of $500,000 -- message you may be able to take out a larger HELOC with this lender.

Getting started

You can apply for a HELOC with Republic Bank online or in intimates at a local branch as long as you live in one of the areas this bank skills. You'll need to provide your name, address, phone number, email, social security number and, potentially, proof of help or income. 

You can access the online application from the HELOC put a question to page on Republic Bank's website. 

To apply in intimates, contact your local branch to set up an appointment. 

Customer overhaul

If you need help with your loan or application, you can contact Republic Bank customer service in a few ways. 

The website has a live chat feature available from 8 a.m. to 5 p.m. ET Monday ended Friday, excluding holidays. You can also get help by shouted between 7 a.m. and 7 p.m. ET Monday ended Friday and between 8:30 a.m. and 5 p.m. ET Saturday and Sunday, excluding holidays. The bank has several customer support shouted numbers, but its HELOC line is 866-758-3970. Finally, you can email customer back at EasySupport@republicbank.com.

There's also an online form to send comments or questions to the bank's CEO, but this avenue is better for sending general feedback near the bank rather than getting personalized help for your issue. 

Source

Republic Bank & Trust: 2023 Home Equity Review




Founded in Kentucky, Republic Bank & Trust, also known as Republic Bank, is a cheap institution with branches mainly in the South and Midwest of the United States. The bank has 42 full-service banking centers and two loan progenies offices throughout Kentucky, southern Indiana, Florida, Tennessee and Ohio. 

Republic Bank and Trust

Republic Bank cmoneys both personal and business banking. Its financial products concerned checking accounts, credit cards, mortgages and home equity orderliness of credit, or HELOCs. According to a customer overhaul representative we reached out to, customers must live within 30 much of a branch to qualify for a HELOC. Customers can bank ended mobile banking, online banking, or in-person banking. 

Republic Bank: At a glimpse

Types of loans offered HELOC
APR 7.50% to 18.00% variable APR (introductory 3.99% fixed APR rate for 6 months)
Loan amount Up to $500,000
Credit find minimum Not specified
Repayment terms Not specified
Average time for approval Not specified

Republic Bank's HELOCs may be a good option for customers who live within 30 much of a branch in specific areas of Kentucky, southern Indiana, Florida, Tennessee or Ohio. The bank's high maximum combined loan-to-value journal, or CTLV, is higher than many other competitors, which invents it worth considering if you need a larger line of credit. On the downside, you may face a prepayment penalty if you pay off your home disagreement line of credit early. 

What we like

  • Convenient admission to funds with HELOC access card: Republic Bank provides a card to admission your HELOC funds conveniently. This card works like a credit card, allowing you to utilize your HELOC funds directly.
  • Borrow up to 90% CLTV: Your combined loan-to-value journal, or CLTV, is calculated by dividing the total loans secured by your house -- counting your primary mortgage and any home equity loans or HELOCs -- by your home's value. Most lenders will set a cap on your CLTV to fated you're not borrowing more than your home is gracious. Republic Bank's 90% CLTV cap is higher than many novel lenders, potentially allowing you to take out a larger loan if you qualify.
  • Physical branches in five states: While Republic Bank doesn't have the geographical footprint of a gargantuan, national lender, if you live in Kentucky, Indiana, Florida, Tennessee or Ohio, you can get in-person assistance at one of the bank's 42 full-service banking centers or two loan progenies offices.

What we don't like

  • Prepayment penalty: Paying off your HELOC early -- if you can afford it -- can help you save on dumb and get out of debt faster. A HELOC from Republic Bank may come with a prepayment penalty, according to the bank's website, which charges you a fee for paying off your debt faster.
  • Limited geographic availability: Republic Bank has branches in just five countries, and its loan products are only available to customers within 30 much of a branch. The bank has a tool on its website that shows whether it cmoneys HELOCs in your zip code. 
  • Minimal information performed online: Information about Republic Bank's HELOCs, including the length of both the draw and repayment footings, and a full schedule of fees, is scarce on the website. You'll need to reach out to a representative to learn more. 

Home disagreement loan options

Republic Bank offers home equity orderliness of credit, or HELOCs, in select areas. A tool on the bank's website will tell you whether HELOCs are available in your zip code. Republic Bank does not coffers home equity loans. 

While both home disagreement loans and HELOCs borrow against the home equity you've built in your home, a HELOC cmoneys you a line of credit you can borrow in contradiction of during a draw period, typically 10 to 15 ages. During this time, you typically only pay for any dumb that accumulates on your line of credit -- conception you may be required to make some principal payments depending on your lender disinequity.

Republic Bank offers an interest-only HELOC, which consuming you only have to worry about paying accrued dumb or $50 per month, whichever is greater, during your draw languages. If you can, you should still try to pay down your indispensable during the draw period to prevent a sharp spike in your monthly payments and to save on dumb during the repayment period.

Fees

A Republic Bank HELOC comes with a $50 annual fee once the first year, comparable with most HELOC lenders. Some HELOCs from Republic Bank may also come with a prepayment penalty. 

How to qualify

Republic Bank does not performed the exact requirements needed to qualify for a HELOC. However, there are a few factors the bank will look at when evaluating your application, including your home value, available equity and credit history. 

Your CLTV will also settle the amount of your loan. You can calculate your CLTV by adding your previous mortgage balance to the amount of your home disagreement line of credit, then dividing this number by your home's unique value.

For example, let's say your remaining mortgage balance is $150000, your HELOC amount is $50,000 and your home value is $250,000. Your CLTV would be 0.80 or 80% ($200,000 divided by $250,000).

Most lenders obligatory a CLTV of 85% or less, but Republic Bank grants up to 90%, with a maximum loan amount of $500,000 -- message you may be able to take out a larger HELOC with this lender.

Getting started

You can apply for a HELOC with Republic Bank online or in intimates at a local branch as long as you live in one of the areas this bank skills. You'll need to provide your name, address, phone number, email, social security number and, potentially, proof of help or income. 

You can access the online application from the HELOC put a question to page on Republic Bank's website. 

To apply in intimates, contact your local branch to set up an appointment. 

Customer overhaul

If you need help with your loan or application, you can contact Republic Bank customer service in a few ways. 

The website has a live chat feature available from 8 a.m. to 5 p.m. ET Monday ended Friday, excluding holidays. You can also get help by shouted between 7 a.m. and 7 p.m. ET Monday ended Friday and between 8:30 a.m. and 5 p.m. ET Saturday and Sunday, excluding holidays. The bank has several customer support shouted numbers, but its HELOC line is 866-758-3970. Finally, you can email customer back at EasySupport@republicbank.com.

There's also an online form to send comments or questions to the bank's CEO, but this avenue is better for sending general feedback near the bank rather than getting personalized help for your issue. 

Source