Best HELOC Rates and Lenders in Rhode Island (2024)
Updated: April 23, 2024
Advertising & Editorial Disclosure
The best home equity line of credit (HELOC) lender in Rhode Island is Lower, offering a valuable option for homeowners looking to leverage their home equity. With rates between 8.75% to 13.5% and loans ranging from $15,000 to $500,000, it caters to a wide array of borrowing needs. Available exclusively online, it requires a minimum credit score of 580, making it accessible to a broader audience. MoneyGeek recognized this lender after considering various elements beyond just the cost.
Rhode Island has 13 known HELOC lenders that MoneyGeek included in its research. Not every lender active in the state was part of this analysis, and homeowners could find more choices. Options such as Rhode Island Credit Union, Westerly Community Credit Union and Coastal1 Credit Union offer localized services that might suit individual homeowner 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 is the top pick for HELOC lenders in Rhode Island, offering competitive features for homeowners. Lower presents an APR range of 8.75% to 13.5%, allowing a broad spectrum of borrowers to potentially secure financing. Loan amounts from $15,000 to $500,000 give flexibility, and the minimum credit score requirement of 580 welcomes a wider customer base. Plus, with no annual fee and a commitment to transparency, information is readily accessible. For Rhode Islanders, these features make tapping into home equity straightforward.
Pros
- Accepts low credit scores from 580
- Personalized post-completion support
- Minimum loan amount of $15,000
Cons
- No rate discounts offered
- No fixed-rate conversion
- Unclear repayment period length
Best HELOC Lender Overall
HELOC Rates in Rhode Island by Credit Score
Your HELOC APR in Rhode Island may fluctuate due to credit scores, LTV ratios and chosen repayment terms. Even with exemplary credit and an LTV ratio at or below 80%, lenders might offer varied rates. Review the table to observe how differing parameters impact your rates.
When searching for a HELOC in Rhode Island, comparing APRs from various lenders can save you money. Lower APRs mean less interest paid over time, leading to potential savings. Careful comparison ensures you get a deal that best suits your financial situation, for a smoother borrowing experience.
HELOC Calculator: Do You Qualify in Rhode Island?
Home equity in Rhode Island presents exciting prospects, as indicated by TransUnion's report. Homeowners with significant equity might have the opportunity to borrow more through a HELOC. Additionally, the average credit score in Rhode Island is 722, according to Experian. If your score is around this average, your chances of securing a HELOC are promising.
Eligibility for a HELOC isn't limited to home equity and credit score, but these are prime factors. By using the HELOC calculator below, you can gauge your likelihood to qualify. This tool’s insights streamline the search for an ideal HELOC lender in Rhode Island.
- 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 a top choice for Rhode Island homeowners seeking HELOCs with a cost-saving edge. With Aven, you access lower rates ranging from 7.99% to 15.49%, a perk for those conscious about their budget. Notably, Aven's product is a hybrid HELOC, acting like a credit card but securing your home's equity. This option could potentially save you money, thanks to no annual or origination fees and a lack of prepayment penalties. Furthermore, a 0.25% rate discount is available for using autopay, streamlining your payments and reducing your rate simultaneously.
Pros
- Earns you 2% unlimited cash back for purchases
- Allows you to cash out directly to your bank
- 0.25% rate reduction for autopay
Cons
- Line limit up to $250,000 only
- One-time 2.5% cash-out fee
- 10-day card delivery time
Best HELOC Lender 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
In Rhode Island, homeowners with less-than-perfect credit still have options. U.S. Bank provides a HELOC with a low minimum credit score of 660. With APRs ranging from 8.95% to 13.1%, the potential for a rate discount of 0.5% through autopay is on the table. This lender's product stands as a sensible choice, featuring no closing costs and the possibility of interest-only payments. Plus, with a line as low as $15,000, Rhode Islanders have a flexible starting point. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- Offers a 0.5% autopay discount
- Prequalify online available
- Fixed-rate option offered
Cons
- Closing in-person required
- $75 annual fee charged
- No financial hardship assistance
Best HELOC Lender 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
Bank of America is the top HELOC lender for Rhode Island homeowners seeking substantial loan amounts. With a HELOC, you can fund high-cost needs like home renovations or cover education expenses. Key features include a maximum loan amount of $1 million and a repayment period of 20 years after a 10-year draw period, offering a long horizon to manage borrowed funds. Moreover, it charges no annual fee, adding to your savings over time. Bank of America's offering includes competitive introductory rates, multiple discounts and no closing costs.
Pros
- Maximum loan amount of $1 million
- No fees for application, annual and closing
- Discounts available
Cons
- Closing must be in person
- Undisclosed HELOC requirements
- $450 early closure fee
Best HELOC Lender 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 HELOC lender in Rhode Island for debt consolidation. A HELOC is an option to consolidate credit card and auto loan debt. Look for a lender with lower interests than your debts, quick fund access and a high loan limit. PNC offers a loan range of $10,000 to $1 million with a three-day fund access post-closing. With rates from 8.22% to 14.5% and the option to switch between fixed and variable rates, it fits these needs. Plus, PNC reimburses certain fees, adding to the savings for homeowners.
Pros
- Switch between variable and fixed rates
- Borrow up to $1 million
- Offers financial hardship assistance
Cons
- Charges a $50 annual fee
- Does not disclose most information
- Charges a late fee
Best HELOC Lender for Debt Consolidation
How to Choose a HELOC Lender in Rhode Island
MoneyGeek has shared its top HELOC lenders for Rhode Island homeowners. Yet, if you’re looking to broaden your horizons, following these strategies will streamline your hunt for the right lender to fit your unique financial needs.
FAQ: HELOC Lenders and Rates in Rhode Island
Navigating the HELOC landscape in Rhode Island can seem daunting, but it doesn't have to be. The answers to these frequently asked questions offer clear guidance, aiding borrowers in understanding their options and making informed decisions on the most suitable lender for their needs.
A good HELOC rate in Rhode Island typically starts around 6.66%. These rates are usually for borrowers with an LTV ratio of 80% or less and with credit scores ranging from 680 to 740. Rates may differ based on creditworthiness and lender policies.
Lower is recognized as the best overall HELOC lender in Rhode Island, largely due to its competitive APR range from 8.75% to 13.5%, loan amounts of up to $500,000 and a minimum credit score as low as 580. These factors are attractive for homeowners searching for flexible borrowing options.
Yes, you can qualify for a HELOC in Rhode Island even with bad credit. For instance, U.S. Bank offers HELOCs with a minimum credit score requirement of 660 and discounts for autopay despite an APR range that could go up to 13.1%.
For large loans, Bank of America has been selected, with a range from $25,000 to $1 million and no annual fees, suitable for significant expenses like home renovation projects or major life events.
Homeowners considering debt consolidation should note that PNC Bank offers a HELOC with APRs from 8.22% to 14.5%, funds available within three days after closing and up to $1 million in loan amounts.
Finding the right HELOC lender in Rhode Island for you involves understanding your intended use for the HELOC and knowing your financial health. Different priorities, such as lower rates, larger loan amounts or quicker access to funds, can influence which lender is the best match.