Banner Bank HELOC Review

Where does Banner Bank HELOC do business?

Banner Bank is based in Walla Walla, WA. The company was founded in 1890 and offers home equity lines of credit (HELOCs) to borrowers in 4 states across the USA.

What are the terms for a HELOC via Banner 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. 

Banner Bank HELOC offers home equity loans with a draw period of up to 10 years and a repayment period of 20 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Banner Bank HELOC offer?

Banner Bank HELOC offers home equity loans with APRs starting at 3.74% 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 Banner Bank HELOC charge for a HELOC?

Banner Bank HELOC may charge a loan origination fee. There is also an annual fee of $75.

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

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

• Primary home