Best HELOC Rates and Lenders in Washington (2024)
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in Washington is Lower. It provides loans from $15,000 to $500,000 with an APR between 8.75% and 13.5%, suitable for various home projects or debt consolidation needs. Lower requires a credit score of at least 580 and operates exclusively online, with no annual fees or discounts. MoneyGeek took into account a range of factors beyond cost to pick the top lender.
MoneyGeek's analysis covered 14 HELOC lenders. While other lenders exist in Washington, not all were in this review. Sound Credit Union, Seattle Credit Union and Washington State Employees Credit Union (WSECU) are among local options with unique benefits for residents.
- 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 Washington. With Lower, you get an APR range of 8.75% to 13.5% and can access loan amounts from $15,000 to $500,000. A minimum credit score of 580 makes it accessible to a wider range of borrowers. The lack of annual fees and endorsement from the BBB with an A+ rating demonstrates transparency and reliability. This can suit a homeowner looking to leverage their home's equity without the stress of steep requirements or hidden costs.
Pros
- A+ rating from the BBB
- Provides personalized support
- No annual fee
Cons
- No rate discounts offered
- Does not offer financial hardship assistance
- Fixed-rate HELOC conversion not available
Best HELOC Lender Overall
HELOC Rates in Washington by Credit Score
If you're a homeowner in Washington eyeing a HELOC, your APR isn't just about your credit score or a sub-80% LTV ratio. Different lenders offer varied rates based on repayment terms. Use the provided table to see how your rate shifts with different parameters.
Comparing APRs from various HELOC lenders in Washington can lead to significant savings over time. Lower APRs mean less interest paid, making borrowing more affordable. Differences in rates impact monthly payments and the total cost of borrowing, shaping your financial health. Take the time to shop around to find a rate that aligns with your budget needs.
HELOC Calculator: Do You Qualify in Washington?
Homeowners in Washington can tap into their home equity if it's high, based on TransUnion's report. If your home has appreciated in value, you may be able to borrow more through a HELOC. Meanwhile, the average credit score in the state is 735, according to Experian. Being at or above this mark sets you up nicely for HELOC approval.
Eligibility for a HELOC in Washington hinges on a mix of factors, with equity and credit score being key. However, it's not just these two considerations. Check your standing using the HELOC calculator; it allows exploration of different eligibility scenarios. This simple tool is a helpful first step when hunting for the right HELOC in Washington.
- 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 best HELOC lender in Washington for those seeking cost savings. It stands out with competitive APRs that range from 7.99% to 15.49%, coupled with no annual fees or origination charges. Rate reductions like a 0.25% discount for setting up autopay add to the savings. Aven’s product acts like a credit card backed by your home's equity and offers 2% unlimited cashback. Homeowners in Washington can enjoy these financial benefits without worrying about prepayment penalties or early closure fees, optimizing for a wallet-friendly solution in leveraging home equity.
Pros
- Credit card backed by home's equity
- Unlimited 2% cash back on purchases
- 0.25% autopay rate reduction
Cons
- Line limit up to $250,000
- 2.5% fee for bank transfers
- Card delivery takes 10 days
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
U.S. Bank is the best HELOC lender for Washington homeowners with bad credit. A low credit score doesn't bar you from a home equity line of credit; it can impact your terms. U.S. Bank's HELOC starts with a minimum credit score of 660 and offers a maximum APR of 13.1%. You'll find a 0.5% rate discount with autopay. This can make borrowing more affordable. U.S. Bank is accredited by the BBB, though currently does not have a rating.
Pros
- Allows for interest-only payments
- Fixed-rate option available
- Only $15,000 minimum line amount
Cons
- Closing must be done in person
- Early closure fee up to $500
- $75 annual fee
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 pick for large HELOCs in Washington. Homeowners often use HELOCs for funding renovations or education costs efficiently. Bank of America's product offers a maximum loan amount of $1 million, which accommodates substantial borrowing needs. With a 10-year draw period and a 20-year repayment term, homeowners receive ample time to repay the borrowed funds. Unlike some lenders, it does not charge annual fees, reducing the overall cost of the loan.
Pros
- No application or annual fees
- Offers multiple discounts
- Assistance during financial hardship
Cons
- Charges a $450 early closure fee
- Minimum $25,000 loan for online apps
- In-person closing required
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
In Washington, if you're looking to blend your high-interest debts, such as credit card bills and personal loans, into one manageable payment, PNC Bank is the go-to HELOC lender. It trumps others with competitive rates ranging from 8.22% to 14.5%. The bank shines with a quick turnaround, delivering access to funds within just three days of closing. Notably, PNC Bank endorses flexibility through features like the ability to toggle between fixed and variable interest rates and throws in a reduction of 0.25% off your rate for autopay enrollments from a PNC checking account.
Pros
- Offers variable and fixed rate flexibility
- Autopay discounts with a PNC checking account
- Online application tracking and document upload
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 Washington
MoneyGeek has spotlighted top HELOC lenders in Washington tailored for diverse needs. The following strategies will streamline the process of selecting a lender that matches your specific scenario in the Evergreen State.
FAQ: HELOC Lenders and Rates in Washington
Navigating the nuances of HELOCs can seem daunting. The answers to these frequently asked questions arm you with the knowledge to confidently select a HELOC lender in Washington, aligning your financial goals with the ideal borrowing terms.
A competitive HELOC rate in Washington is approximately 6.35%. This rate generally applies to those with LTV ratios of 80% or below and credit scores ranging from 680 to 740. It's important to note that rates can differ based on individual creditworthiness and the lender chosen.
Lower is considered the best overall HELOC lender in Washington, offering an APR range from 8.75% to 13.5%, which can be significant for various homeowner needs. With a minimum credit score of 580 and loan amounts up to $500,000, it caters to a broad range of borrowers.
Yes, homeowners with bad credit may still qualify for a HELOC in Washington. U.S. Bank, for instance, offers HELOCs with credit scores starting at 660, providing options even for those with less-than-ideal credit.
Bank of America stands out for home renovation projects and other significant expenses, offering loan amounts up to $1 million. Its lack of annual fees and flexible repayment periods of up to 20 years are significant for homeowners needing substantial funds.
Yes, HELOCs can be used for debt consolidation, offering financial flexibility. PNC Bank is acknowledged for this purpose, with its APR range from 8.22% to 14.5%, loan amounts of up to $1 million and funding availability as swift as three days after closing.
To find the right HELOC lender in Washington, assess your intended use for the HELOC and thoroughly understand your financial situation. Different priorities, whether it's low rates, flexibility in credit scores or loan amounts, affect which lender is the best match for your specific needs.