Best HELOC Rates and Lenders in North Dakota (2024)
Updated: April 20, 2024
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The best HELOC lender in North Dakota is Lower, making it a sought-after choice for homeowners. It offers loans from $15,000 to $500,000 at interest rates between 8.75% and 13.5%. Although it doesn't charge annual fees or offer discounts, its services are accessible exclusively online.
MoneyGeek reviewed 10 HELOC lenders in North Dakota, noting that other options exist. For specific needs, consider Capital Credit Union, Town and Country Credit Union or United Savings Credit Union, as these institutions might have unique benefits for their members.
- 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 in North Dakota. With an APR range of 8.75% to 13.5%, it offers competitive cost savings. Homeowners can access $15,000 to $500,000, fitting various needs. A minimum credit score of 580 makes it accessible. It ensures easy access to essential details such as APR and loan amounts, streamlining the borrowing process. Lower also has no annual fee and an A+ BBB rating, underscoring its reliability for homeowners looking to leverage their home equity.
Pros
- No annual fee
- Credit scores from 580 accepted
- Personalized post-loan support
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Unclear repayment period length
Overall Best HELOC Lender in North Dakota
HELOC Rates in North Dakota by Credit Score
A home equity line of credit (HELOC) APR isn't one-size-fits-all, especially for North Dakota homeowners. Even with a solid credit score and a conservative loan-to-value (LTV) ratio under 80%, rates vary by repayment terms. Reference the table to see rate shifts for different parameters.
Comparing APRs from various HELOC lenders in North Dakota is a smart move for homeowners. Lower APRs mean less interest over time, making payments more manageable. Differences in rates can impact the overall cost of borrowing, influencing monthly financial planning and long-term budgets. Take the time to shop around for the best deal.
HELOC Calculator: Do You Qualify in North Dakota?
Based on TransUnion's report, if your home has built up equity, you may have the chance to borrow more through a Home Equity Line of Credit (HELOC). The average credit score in North Dakota, according to Experian, is 733. With a score near this average, securing a HELOC should be achievable.
Your eligibility for a HELOC isn't just about equity and credit score; other factors play a role too. To see where you stand, try using the HELOC calculator below. Adjusting different variables can offer insights and support your search for the right HELOC option in North Dakota.
- 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
Aven is the top pick for homeowners in North Dakota looking for HELOC with cost-saving benefits. Besides competitive APRs ranging from 7.99% to 15.49%, Aven's product is designed to save you money with no annual fees and a 0.25% rate discount for autopay enrollment. This could translate to significant savings over the life of a HELOC for cost-conscious borrowers. Aven's hybrid product works like a credit card backed by your home's equity but is reported as a HELOC to credit bureaus.
Pros
- Provides credit card backed by home equity
- Earns 2% unlimited cashback on purchases
- No origination or annual fees
Cons
- Line limit up to $250,000 only
- Card delivery takes 10 days
- 2.5% cash out or transfer fee
Best HELOC Lender in North Dakota for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the top pick for North Dakotans with less-than-stellar credit seeking a HELOC. If your credit score isn't perfect, you're not out of luck. U.S. Bank's HELOC offers start for those with a minimum credit score of 660. While bad credit may affect terms, here you find a maximum APR of 13.1% and a chance to lower your rate by 0.5% if you opt for autopay. With no closing costs and a $15,000 minimum line amount, this product supports manageable borrowing. U.S. Bank is accredited by the BBB, though currently does not have a rating.
Pros
- Offers a fixed-rate option
- No closing costs
- Minimum line amount is $15,000
Cons
- Closing must be done in person
- Charges an early closure fee
- Does not offer hardship assistance
Best HELOC Lender in North Dakota 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
In North Dakota, Bank of America is a smart choice for homeowners seeking HELOCs for large expenses like home renovations or educational fees. With its offer, you can borrow up to $1 million, depending on your property's value. It also ensures that you have a 10-year period to draw funds and an additional 20 years to pay back what you borrow, without the burden of annual fees. Its product provides a safety net through financial hardship assistance. For a significant borrowing need, its terms offer balance and support.
Pros
- Competitive 6-month introductory rate
- No application or annual fees
- Financial hardship assistance available
Cons
- Closing requires in-person visit
- Undisclosed HELOC prerequisites
- $25,000 min for online apps
Best HELOC Lender in North Dakota 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
PNC Bank is the best lender for homeowners in North Dakota looking to consolidate high-interest debt like credit cards and personal loans using a HELOC. The right lender offers competitive rates, quick fund access and a sufficient loan ceiling to cover your debts. PNC's HELOC has a minimum APR of 8.22% and up to 14.5%, lower than many high-interest debt options. Loan amounts range from $10,000 to $1 million, and customers can receive funds within three days after closing. With its flexible terms and special features such as rate-switching, online application tracking and financial hardship assistance, PNC Bank supports homeowners in effectively managing and consolidating their debt.
Pros
- Switch between variable and fixed rates
- Borrow up to $1 million
- Offers financial hardship assistance
Cons
- Charges a $50 annual fee
- Charges a late fee
- Does not disclose most information
Best HELOC Lender in North Dakota for Debt Consolidation
How to Choose a HELOC Lender in North Dakota
MoneyGeek has shared top HELOC lenders in North Dakota for various needs. However, if you're considering alternatives, the following strategies will guide you in selecting a lender that aligns with your financial goals and personal circumstances.
FAQ: HELOC Lenders and Rates in North Dakota
Navigating the HELOC landscape in North Dakota can be smooth when you have the right information. Our carefully curated questions address common concerns, guiding you toward a lender decision that meshes with your financial picture and goals.
A competitive HELOC rate in North Dakota is approximately 6.68%. These rates typically apply to homeowners with a loan-to-value ratio of 80% or below and a credit score ranging from 680 to 740. Individual rates can vary depending on factors such as creditworthiness and lender policies.
Lower is recognized as the best overall HELOC lender in North Dakota. It stands out due to its favorable APR range of 8.75% to 13.5%, allowing a loan amount range of $15,000 to $500,000 with a relatively low minimum credit score requirement of 580, significant for North Dakota homeowners seeking versatile HELOC options.
Yes, it's possible to qualify for a HELOC in North Dakota with bad credit. U.S. Bank, for example, offers HELOCs to individuals with a minimum credit score of 660, which may accommodate those with less-than-perfect credit. When selecting a lender, consider the minimum credit score requirement, potential discounts and the highest APR you might face.
Bank of America stands out for large loans in North Dakota, with its loan amount range up to $1,000,000. Homeowners may need a substantial amount for major expenses like home renovation projects or investing in significant property upgrades.
Yes, you can use a HELOC for debt consolidation. When considering a lender for this purpose, review the APR range, loan amount range and how quickly you can receive funds. PNC Bank, distinguished for debt consolidation, offers a range of 8.22% to 14.5% APR, funds available 3 days after closing and loan amounts up to $1,000,000.
To find the right HELOC lender in North Dakota, assess your personal financial needs, such as your intended use for the HELOC and your current financial situation. Different lenders cater to varying priorities, whether it's low rates, high loan amounts or flexible credit requirements.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 18, 2024.
- Experian. " What Is the Average Credit Score in the US?." Accessed April 18, 2024.
- North Dakota Department of Financial Institutions. " Non-Depository." Accessed April 18, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed January 18, 2024.