Academy Bank HELOC Review

Where does Academy Bank HELOC do business?

Academy Bank, N.A. is based in Kansas City, MO. The company was founded in 1966 and offers home equity lines of credit (HELOCs) to borrowers in 50 states (and Washington, DC).

How much can you borrow with a HELOC?

Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

Academy Bank HELOC allows borrowers to apply for lines of credit of up to $350,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 85%. That means the total debt secured by the property cannot exceed 85% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $65k.

What are the terms for a HELOC via Academy Bank HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Academy Bank HELOC offers home equity loans with a draw period of up to 10 years and a repayment period of 15 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Academy Bank HELOC offer?

Academy Bank HELOC offers home equity loans with APRs starting at 5.49% and up to 18%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What fees does Academy Bank HELOC charge for a HELOC?

Academy Bank HELOC may charge a loan origination fee. There is also an annual fee of $50. Another fee you should factor in is a cancelation fee of up to $250.

What types of property can you use as security for a HELOC with Academy Bank HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Academy Bank HELOC will consider lines of credit secured by the following property types:

• Primary home