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Union Bank has competitively priced HELOCs with rate discounts, but it doesn’t offer home equity loans and you must live in California, Oregon or Washington to apply.
670
Minimum credit score
Only available in: CA, OR, WA
State availability
Loan products offered | HELOC |
---|---|
Minimum credit score | 670 |
APR range | 3.24% - 18% APR |
Repayment terms | 10-year draw and 20-year repayment |
Loan limits | $25,000 to $2,000,000 |
State availability | Only available in: CA, OR, WA |
Union Bank may be a good option if you want a no-annual-fee HELOC, but its APR doesn’t appear as competitive as other banks. And to get a discounted rate, you have to maintain a deposit or investment account, with the best discounts going to borrowers who maintain high balances. This is standard practice across most lenders.
While the bank offers home equity lines of credit, it doesn’t offer home equity loans for those who’d rather have a lump-sum loan than a credit line.
Union Bank offers the following interest rate discounts to existing banking customers and new customers who set their accounts up before closing:
Union Bank offers two types of HELOCs, both allowing you to borrow between $25,000 and $2 million.
To find out if you’re eligible for a Union Bank HELOC, call to speak to a loan officer. Basic eligibility for a mortgage with the company includes:
This table shows the fees and costs that Union Bank charges on its HELOCs.
Fee type | Charged? | Close |
---|---|---|
Application fee | No | $0 |
Annual fee | No | $0 |
Origination/third-party fees | Yes | For the FlexEquity HELOC:
For 7-year fixed rate HELOC:
|
Prepayment penalty | Yes | $450 early closure fee, if the line is closed within three years of opening |
BBB rating | A+ |
---|---|
Trustpilot rating | Average |
Customer reviews verified as of | 22 May 2022 |
As of May 2022, Union Bank has a 3.1 out of 5 rating on Wallethub from 474 reviewers. Union Bank isn’t accredited by the Better Business Bureau (BBB), but it has an A+ business rating. Twenty-seven customers have left mostly negative reviews on the BBB site related to bank accounts, with a few customers complaining of misinformation during the mortgage application process.
Trustpilot gives it a slightly higher TrustScore of 2.8, but none of the four reviews has anything to do with their mortgages or HELOCs.
Unhappy banking customers complain of poor service, long telephone hold times and broken technology. A few HELOC customers have complained of broken promises.
Union Bank doesn’t allow you to apply online. To apply, call the bank’s HELOC line at 877-286-3421. Or select Get started on the website, fill out the contact form and wait for a Union Bank loan officer to contact you.
Be prepared to provide the following documents with your loan application:
Union Bank also offers these types of mortgage products:
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
Union Bank is not currently available on Finder
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