Where does Bank of Blue Valley do business?
Bank of Blue Valley is based in Overland Park, KS. The company was founded in 1989 and offers home equity lines of credit (HELOCs) to borrowers in 1 state across the USA.
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 using a credit card attached to the account.
Bank of Blue Valley allows borrowers to apply for lines of credit of up to $1,000,000. 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 90%. That means the total debt secured by the property cannot exceed 90% 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 $70k.
What are the terms for a HELOC via Bank of Blue Valley?
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.
Bank of Blue Valley offers home equity loans with a draw period of up to 5 years.
Is there a minimum draw requirement?
No, there isn't a minimum draw requirement
What range of rates does Bank of Blue Valley offer?
Bank of Blue Valley offers home equity loans with APRs starting at 5% 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 Bank of Blue Valley charge for a HELOC?
Bank of Blue Valley may charge a loan origination fee. Expect an initial processing fee of $56.
What types of property can you use as security for a HELOC with Bank of Blue Valley?
Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Bank of Blue Valley will consider lines of credit secured by the following property types:
- Primary home