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Home Equity Loan?
First Republic Bank was seized by the FDIC and acquired by JPMorgan Chase on May 1, 2023. The bank no longer exists as a standalone lender. Here are today's top-rated home equity alternatives with rates near 3-year lows.*
#1 Pick — See Rates as of Feb 28, 2026
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7.11%*
Avg. HELOC rate
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*Rates as of Feb 28, 2026. Sources: Bankrate national survey, CBS News. Rates vary by lender, credit score, and LTV. Your rate may differ.
What Happened to First Republic Bank
First Republic Bank, founded in 1985 in San Francisco, was seized by the FDIC on May 1, 2023 and sold to JPMorgan Chase in the second-largest bank failure in U.S. history ($229 billion in assets). The collapse came after a bank run triggered by the broader regional banking crisis of 2023, following the failures of Silicon Valley Bank and Signature Bank.
First Republic was known for jumbo mortgages and adjustable-rate loans to wealthy clients — roughly 80% of their loans exceeded conforming limits, with an average loan size over $1.6 million. Their firstrepublic.com website now redirects to Chase.com, and no new First Republic mortgage products are available.
If you had an existing First Republic mortgage, your loan terms remained unchanged — JPMorgan Chase assumed all loans and deposits. But for new borrowers, First Republic no longer exists as an option.
The good news: top-rated home equity lenders still offer competitive rates near 3-year lows, many with fully online applications and no-obligation rate checks.
The Real Cost of Not Using Your Equity
Illustrative example: what happens when you keep $50,000 in credit card debt instead of consolidating with a home equity product.
Credit Cards at 22% APR
$11,000
Interest paid per year on $50,000
HELOC at 7.11% APR
$3,555
Interest paid per year on $50,000
That's $7,445 more in your pocket — every year. Over 5 years, you'd save $37,225 in interest.
This is an illustrative example only. Credit card APR based on the Federal Reserve's Q4 2025 average (22.76%). HELOC rate based on Bankrate/CBS News national survey (Feb 2026). Actual rates vary by lender, credit score, and other factors.
The Fed held rates steady in January 2026 at 3.50%-3.75% after cutting 175 basis points since Sept 2024. CME FedWatch shows 68% probability of a cut by June 2026. Experts forecast three quarter-point cuts this year, which could push HELOC rates lower automatically. Sources: Federal Reserve, Bankrate, CBS News (Feb 2026).
Based on avg. home equity loan rate per Bankrate (Feb 2026). Actual payment depends on rate, term, and lender fees.
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Understanding Home Equity Products
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Home Equity Loan (HEL)
- Fixed rate — predictable monthly payments
- Lump sum disbursement at closing
- Interest may be tax deductible if used for home improvements
- Avg. rate: 6.95% (Bankrate, Feb 2026)
Best for: Debt consolidation, large renovations, one-time expenses
Home Equity Line of Credit (HELOC)
- Variable rate — drops automatically when Fed cuts
- Draw as needed during draw period (like a credit card)
- Interest may be tax deductible if used for home improvements
- Avg. rate: 7.11% (Bankrate, Feb 2026)
Best for: Ongoing projects, flexible spending, riding rate cuts down
The Smart Strategy for 2026
What financial experts recommend for homeowners who need equity access now
Keep your low primary mortgage rate
If you locked in a rate below 5% during 2020-2021, a cash-out refinance would replace it at today's ~6.5% rates. A home equity product keeps your first mortgage untouched.
Open a HELOC now while rates trend lower
HELOC rates have dropped to 3-year lows, averaging 7.11% per Bankrate (Feb 2026). With a variable rate, you'll automatically benefit from any additional Fed rate cuts expected in 2026 — no refinancing needed, no closing costs.
Refinance everything later when rates drop further
Once mortgage rates reach 5% or lower, consolidate your first mortgage and HELOC into a single low-rate refinance. This is the approach financial experts recommend for homeowners with pandemic-era low rates who need short-term cash access.
Why acting sooner may save you money
The Fed has cut rates 175 basis points since September 2024, with CME FedWatch showing 68% probability of another cut by June 2026. Analysts expect three quarter-point cuts this year, which could push HELOC rates lower. With Fed Chair Powell's term expiring May 2026, the policy window is shifting. Locking in a HELOC now positions you to capture the downside without waiting.
Sources: Bankrate (Feb 2026), CBS News, CME FedWatch Tool
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Frequently Asked Questions
Questions homebuyers ask before comparing rates
01 What happened to First Republic Bank?
First Republic Bank, a San Francisco-based bank founded in 1985, was seized by the FDIC on May 1, 2023 and sold to JPMorgan Chase. It was the second-largest bank failure in U.S. history with $229 billion in assets. The collapse was part of the 2023 regional banking crisis, triggered by rising interest rates that eroded the value of First Republic's massive portfolio of low-rate jumbo mortgages. JPMorgan acquired substantially all of First Republic's assets, including $173 billion in loans and $92 billion in deposits.
02 Can I still get a mortgage from First Republic Bank?
No. First Republic Bank no longer exists as a standalone institution. Their website (firstrepublic.com) now redirects to Chase.com. If you had an existing First Republic mortgage, your loan terms remained unchanged — JPMorgan Chase assumed servicing of all loans. For new borrowers, you'll need to look at other lenders. The home equity lenders listed above offer competitive rates and many accept fully online applications.
03 What made First Republic Bank's mortgages different?
First Republic was known for jumbo mortgages and adjustable-rate loans to wealthy clients. Roughly 80% of their loans exceeded conforming limits, with an average loan size over $1.6 million. About 75% were ARMs, and they offered exceptionally low rates through relationship banking — customers with deposits often received rate discounts of 1-1.5%. They didn't offer FHA, VA, or USDA loans, and you couldn't apply online — everything required a "relationship manager."
04 Is now a good time to get a home equity loan or HELOC?
Current rates are near 3-year lows, with the average HELOC at 7.11% and home equity loans at 6.95% as of February 2026. The Fed has cut rates by 175 basis points since September 2024, and CME FedWatch shows 68% probability of another cut by June 2026. If you choose a HELOC, the variable rate will automatically decrease with future Fed cuts — no refinancing needed.
05 Should I get a HELOC or a home equity loan?
A HELOC offers more flexibility — you draw funds as needed and the variable rate drops automatically when the Fed cuts rates. A home equity loan gives you a lump sum at a fixed rate for predictable payments. In 2026's declining-rate environment, many experts favor HELOCs because they capture rate decreases without refinancing costs. A HELOC now with a plan to refinance later is the approach many financial advisors recommend.
06 How much equity do I need to qualify?
Most lenders require at least 15-20% equity in your home. For example, if your home is worth $400,000 and you owe $200,000, you have 50% equity ($200,000). Lenders typically allow you to borrow up to 80-85% of your home's value minus your remaining mortgage balance. A credit score of 620-680 is the typical minimum, though the best rates go to borrowers with 740+.
07 Is home equity loan interest tax deductible?
Yes, if you use the funds to buy, build, or substantially improve the home that secures the loan. Under current tax law, you can deduct interest on up to $750,000 of total mortgage debt (including your first mortgage and home equity loan combined). This is a significant advantage over personal loans and credit cards, where interest is not deductible. Consult a tax professional for your specific situation.