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Union Bank home equity review

Offers no annual fee HELOCs with competitive rates and discounts, but it's only available in three Western states.

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.


Loan products offeredHELOC
Minimum credit score670
APR rangeHELOC: 4.49% APR to 18% APR
Repayment terms30-year term (10-year draw period and 20-year repayment period)
Loan limitsHELOC: $25,000 to $2,000,000
State availabilityOnly available in: CA, OR, WA

Union Bank pros and cons


  • No annual fee. Union Bank doesn’t charge an annual fee on its HELOC product.
  • Relationship discounts. Union Bank offers these relationship discounts on its HELOC product:
    • -0.25% off if you set up automatic payments from a Union Bank checking account.
    • -0.50% off if you’re a Priority Banking client, which requires opening a Priority Checking account.
    • -1% off for being a client of The Private Bank, which requires maintaining a minimum balance of $250,000.
  • Fixed-rate option. Allows you to lock in a fixed rate for the first seven years.


  • No home equity loans. Union Bank doesn’t offer home equity loans for borrowers looking for a lump-sum loan instead of a line of credit.
  • Limited state availability. HELOCs and mortgages are only available in California, Oregon and Washington.
  • Origination fees. You will be required to pay third-party fees on your HELOC at the time of opening — sometimes costing hundreds of dollars.

What types of fees does Union Bank charge?

This table shows the fees and costs that Union Bank charges on its HELOCs.

Fee typeCharged?Cost
Application feeNo$0
Annual feeNo$0
Origination/third-party feesYes
  • Up to $150 for HELOCs of $250,000 or less
  • $150 to $4,500+ for HELOCs greater than $250,000
Prepayment penaltyYes$450 early closure fee if the line is closed within three years of opening

Union Bank requirements

To find out if you’re eligible for a Union Bank home loan, visit the company’s website. Basic eligibility for a mortgage with the company includes:

  • Residency in CA, OR or WA.
  • Two years’ history of employment.
  • A FICO credit score of at least 670.
  • No history of bankruptcy in the past two years.


Be prepared to provide the following documents with your loan application:

  • State-issued ID
  • Pay stubs for the last two months
  • W-2s for the past two years
  • Profit and loss (P&L) statements and balance sheets for the past two years for self-employed persons
  • Homeowner’s insurance declaration page
  • Last month’s mortgage statement

How to apply for a home equity loan with Union Bank

Here are the steps to start the application for a HELOC at Union Bank, but you’ll need to finish the process with a loan officer. If you have any questions, call the bank’s HELOC line at 877-286-3421.

  1. Go to the Union Bank website and select the Personal tab, then Borrow, then Home Equity Line of Credit.
  2. Select Contact Me, then fill out the form with your name and contact information.
  3. Choose Submit and wait for a loan officer to contact you.

What types of home equity products does Union Bank offer?

Union Bank only offers HELOCs, as detailed below.

  • HELOC (Home Equity Line of Credit). Union Bank offers an adjustable-rate line of credit or a fixed-rate line of credit for the first seven years. Its home equity lines of credit start at $25,000 and go up to $2,000,000.

Union Bank also offers these types of mortgage products:

  • Conventional loans. Choose from adjustable- and fixed-rate mortgages with varying interest rates and term lengths.
  • Government-backed loans. Union Bank offers FHA and VA loans for first-time homebuyers and veterans.
  • Fannie Mae’s HomeReady. A loan program for first-time homebuyers starting at 3% down.
  • Jumbo loans. Eligible buyers may borrow up to $5 million, and alternative lending criteria may be considered.
  • Mortgage refinance. Replace your current mortgage with a new one that has a better rate and terms.

How Union Bank’s home equity products compare to other lenders

Union Bank only offers HELOCs and not home equity loans. But if you’re after a line of credit, the bank features competitive rates and multiple relationship discounts. Union Bank also offers cash-out refinances if you want to tap into your home’s equity with a mortgage refinance that can also help lower your interest rate or remove private mortgage insurance (PMI).

Compare HELOC lenders

Compare these lenders and lender marketplaces by the type of home equity product you’re searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
(NMLS #1717824)
Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
(NMLS #1136)
HELOC, Home Equity loans
Available in all states
Connect with vetted lenders quickly through this free online marketplace.
Hometap Equity Partners
Hometap Equity Partners
Home equity investment
Only available in: AZ, CA, FL, MA, MD, MI, MN, NC, NJ, NY, OR, PA, VA, WA
Sell a portion of your home's equity for cash without monthly payments or hurting your credit score.

Compare up to 4 providers

Union Bank reviews and complaints

As of August 2021, Union Bank has a 3.6 out of 5 rating on Wallethub from 468 reviewers. Union Bank isn’t accredited with the Better Business Bureau (BBB), but it has an A+ business rating. Twenty-four 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.

Unhappy banking customers complain of poor service, long telephone hold times and broken technology. But reviews from Union Bank’s mortgage customers on Zillow are overwhelmingly positive, with customers praising loan officers for their professionalism, knowledge and helpfulness. A few HELOC customers have complained of broken promises.

Our verdict

Union Bank may be a good option if you want a no-annual-fee HELOC, but its APR after the intro rate doesn’t appear as competitive as other banks. And to get a discounted rate, you’ll have to sign up for relationship discounts — however, this is a standard practice across lenders.

While the bank offers home equity lines of credit, it doesn’t offer home equity loans for those looking for a lump-sum loan, not a credit line. If Union Bank doesn’t have the type of home equity product you’re after, compare more home equity lenders to find the right one for you.

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