Best HELOC Rates and Lenders in Delaware (2024)
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in Delaware is Lower. Homeowners looking for flexible credit options will find its range of APR from 8.75% to 13.5% fitting for various financial circumstances. With loan amounts that stretch from $15,000 to $500,000 and a minimum credit score requirement of just 580, it makes financing accessible to a wide audience.
MoneyGeek reviewed 11 lenders to provide Delaware homeowners with options. While other lenders exist, not all were included in the review. Besides the winner, Del-One Federal Credit Union, Tidemark Federal Credit Union and DEXSTA Federal Credit Union offer HELOCs that could present unique benefits tailored to individual needs.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower in Delaware offers a strong option for homeowners seeking to tap into their home equity. Its APR range of 8.75% to 13.5% and loan amounts from $15,000 to $500,000 suit diverse needs. With a minimum credit score requirement of 580, it's accessible to a range of borrowers. Transparency in accessing these details online simplifies the process. Benefits include no annual fees and a track record evidenced by an A+ BBB rating. Plus, personalized support ensures you're not navigating your HELOC alone.
Pros
- Accepts credit scores from 580
- A+ rating from BBB
- No annual fee
Cons
- Does not offer hardship assistance
- No fixed-rate HELOC conversion
- Repayment period undisclosed
Overall Best HELOC Lender in Delaware
HELOC Rates in Delaware by Credit Score
The APR on your home equity line of credit (HELOC) is not one-size-fits-all. In Delaware, even with a solid credit score and a loan-to-value (LTV) ratio below 80%, lenders may offer varying rates based on repayment terms. Review the provided table to see how altering parameters affects your rate.
When hunting for the best HELOC lender in Delaware, comparing APRs is key. The annual percentage rate wraps up interest and fees, revealing the loan's true yearly cost. Lower APRs can mean less money spent over time, shaping a smoother borrowing journey. Different lenders offer varying rates, so shopping around can secure a deal that matches your financial comfort zone.
HELOC Calculator: Do You Qualify in Delaware?
In Delaware, the total tappable equity hasn't been defined for the third quarter of 2023, yet this figure, based on a TransUnion report, expresses how much you might be able to borrow against your home equity. The average credit score in the state is 715, courtesy of Experian data. Scores around this average often meet the criteria for a HELOC in the region.
Eligibility for a HELOC rests on a mix of factors, with equity in your home and your credit standing being just two pieces of the puzzle. To get a clearer picture, tap into the HELOC calculator shown below; it can help you gauge your qualifications for a HELOC by adjusting various inputs. It’s a smart move for anyone in the hunt for the best HELOC lender.
- Aven
- 7.99% to 15.49%APR Range
- Up to $250,000Loan Amount Range
- 620Minimum Credit Score
- Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
- NoneAnnual Fees
For Delaware homeowners who focus on cost-savings, Aven is the top HELOC lender. With no annual fees and a 0.25% discount for autopay, it provides an attractive financial tool. Aven's product acts like a credit card backed by your home's equity and boasts APRs ranging from 7.99% to 15.49%. Other features like no origination or early closure fees contribute to affordability, making it a smart pick for price-conscious homeowners.
Pros
- Earns you 2% unlimited cashback for purchases
- Provides you a credit card backed by your home's equity
- 0.25% rate reduction for autopay
Cons
- Line limit up to $250,000
- 2.5% cashout fee to bank
- Card delivery takes 10 days
Best HELOC Lender in Delaware for Affordability
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender for homeowners in Delaware with bad credit. Bad credit doesn't mean no HELOC; it just means looking for a lender with flexible credit requirements. Lower accepts a minimum credit score of 580, keeping the door open for HELOC access despite credit challenges. Additionally, it caps the annual percentage rate (APR) between 8.75% and 13.5%. With no annual fees and personalized support post-application, it offers manageable terms for those who may face financial hurdles. Plus, with loan amounts ranging from $15,000 to $500,000, Lower matches various borrowing needs.
Pros
- Accepts credit scores from 580
- A+ rating from BBB
- Personalized support post-application
Cons
- No rate discounts offered
- Does not offer financial hardship help
- Repayment period details not disclosed
Best HELOC Lender in Delaware for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
For homeowners in Delaware looking to fund high-cost needs, Bank of America offers a solid HELOC option. With the ability to borrow up to $1 million, it's ideal for significant expenses. Moreover, given the 10-year draw period and subsequent 20-year repayment term, it provides a comfortable timeline for repayment. Homeowners benefit from no annual fees, enhancing long-term affordability. Plus, it includes a 6.99% introductory rate for the first six months and multiple discount opportunities. With these features, Bank of America assists homeowners in managing large-scale borrowing effectively.
Pros
- Competitive intro rate for six months
- Multiple discounts available
- No closing costs or annual fees
Cons
- Must close in person at a bank
- Unclear HELOC minimum requirements
- Online applications start at $25,000
Best HELOC Lender in Delaware for Large Loans
- PNC Bank
- 8.22% to 14.5%APR Range
- $10,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- Undisclosed draw period; 5-30 year repayment periodRepayment Terms
- $50Annual Fees
For homeowners in Delaware considering debt consolidation, PNC Bank is the top HELOC lender. Credit card balances and personal loans often have high interest rates. A HELOC from PNC Bank offers a lower interest option, with rates from 8.22% to 14.5%. It allows quick fund access, often within three days after closing. You can also borrow up to $1 million, which may cover all your outstanding balances. The online tracker simplifies document uploads and application tracking, making the process user-friendly. PNC's product also adapts to your needs, letting you switch from variable to fixed rates, while offering autopay discounts and financial hardship assistance.
Pros
- Switch between variable and fixed rates
- Borrow up to $1 million
- Online application tracking available
Cons
- Charges a $50 annual fee
- Charges a fee for rate lock/unlock
- Charges a late fee
Best HELOC Lender in Delaware for Debt Consolidation
How to Choose a HELOC Lender in Delaware
MoneyGeek has spotlighted top HELOC lenders in Delaware. Yet, if you're considering alternate choices, these straightforward strategies will guide you in finding a lender that aligns with your financial goals.
FAQ: HELOC Lenders and Rates in Delaware
Navigating the HELOC landscape in Delaware can be streamlined by understanding key elements lenders evaluate. These FAQs demystify terms, clarify lender differences, and highlight strategies for choosing a suitable lender to ensure you make a well-informed decision for your financial future.
A competitive HELOC rate in Delaware is around 7%. These rates typically apply to loan-to-value ratios of 80% or less and credit scores ranging from 680 to 740. Homeowners should note that actual rates can differ based on creditworthiness and lender policies.
Lower is considered the best overall HELOC lender in Delaware. Lower appeals to homeowners because of its APR range of 8.75% to 13.5%, offering loans between $15,000 and $500,000, even to those with a minimum credit score of 580, making it accessible and versatile.
Yes, you can qualify for a HELOC in Delaware with bad credit. Lower, for example, offers HELOCs to individuals with a minimum credit score of 580. When considering a lender, be mindful of the APR range and discounts for which you may be eligible.
Bank of America is the top pick for large HELOC loans in Delaware. Homeowners who require substantial funds for major life events or to cover extensive home renovations often need lenders like Bank of America that offer a large loan amount range and advantageous repayment terms.
For consolidating debt, homeowners may consider a HELOC with favorable APRs, like those offered by PNC Bank, MoneyGeek's pick for debt consolidation. Its APR range of 8.22% to 14.5%, funding time of about three days after closing the deal and loan amounts of up to $1,000,000 make PNC Bank a strong choice.
Finding the right HELOC lender in Delaware means considering your intended use for the funds and understanding your financial standing. Different financial goals and priorities, like debt consolidation, home renovations or personal investment, can steer you toward lenders that cater to your specific needs.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 19, 2024.
- Delaware Office of the State Bank Commissioner. "Delaware Financial Institutions." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.