Best HELOC Lenders in Delaware (October 2024)

Key Takeaways

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Shore United Bank is the best home equity line of credit (HELOC) lender in Delaware, with a MoneyGeek score of 95 out of 100. The runner-up is Bank of America, scoring 94 out of 100.

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The average HELOC limit in Delaware is $114,321. How much you can borrow often depends on factors like home equity, outstanding mortgage balance and credit score.

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Comparing rates can help you find lenders that meet your needs. MoneyGeek compiled the best HELOC rates in Delaware, updated weekly to assist you.

Overall Best HELOC Lender in Delaware

Company logo for Shore United Bank
Shore United Bank
MoneyGeek Score:
95/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.00%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • A+ BBB rating
  • Provides up to $2,000 closing cost credits
  • Can make interest-only payments during the draw period
CONS
  • Requires reimbursement for third-party fees if closed
  • Requires property insurance
  • Other HELOC information undisclosed on its website

Runner-Up for Best HELOC Lender in Delaware

Company logo for Bank of America
Bank of America
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR10.18%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Accepts co-applicants
  • Provides rate discounts for autopay and Preferred Rewards members
CONS
  • $25,000 minimum line amount online
  • $450 early closure fee
  • Closing must be done in person

Calculate Your Monthly Payment

HELOC balances in Delaware averaged $41,769 in the third quarter of 2023, according to Experian. Calculating your HELOC payments helps manage this type of debt effectively so you can plan for any adjustments in your financial obligations.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much of your payments go toward interest and principal over time.

Delaware HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Repayment Period Payment

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Best HELOC Lender in Delaware for Affordability

Company logo for First Citizens Community Bank
First Citizens Community Bank
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Offers fixed-rate HELOC options
  • Allows interest-only payments
  • Has a mobile app for account management
CONS
  • No rate discounts disclosed
  • Little information about HELOC on its website
  • No hardship assistance programs

Best HELOC Lender in Delaware for Service Quality

Company logo for PNC Bank
PNC Bank
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR11.39%
Draw PeriodUndisclosed
Repayment Period5 to 30 years
Time to Receive FundsNext Day After Closing
PROS
  • Borrow up to $1 million
  • 0.25% interest rate discount for automatic payments
  • Switch between variable and fixed rates
CONS
  • $50 annual fee
  • $100 fee to lock/unlock interest rate
  • Late fees apply

What You Can Use a HELOC for in Delaware

Home equity lines of credit (HELOCs) are popular in Delaware due to their flexibility and the control they offer over borrowing amounts and repayment timelines. Here's a list of where you can use a HELOC.

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    Home Improvements or Renovations

    Using a HELOC for home improvements is ideal as it allows flexibility with costs that aren't final. It can increase your home's value, making it a smart financial move.

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    Consolidating High-Interest Debt

    The average 2023 consumer debt in Delaware was $106,317. Using a HELOC for debt consolidation can simplify payments by merging multiple debts into one, potentially lowering interest rates.

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    Funding Education

    A HELOC is better than other debts for covering education expenses — such as tuition, books and fees — because it offers lower rates and flexible repayment.

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    Investment Properties

    Using a HELOC for investment properties can yield returns. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Delaware

Understanding the steps to apply for a HELOC in Delaware is essential for a smooth financial journey. Here’s a breakdown of the process in six simple steps to guide you.

1
Review your financial health

Check your credit score, which can influence your approval chances. The average credit score in Delaware is 715, based on Experian data for the third quarter of 2023. A higher score may improve your approval odds. Also, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.

2
Compare rates in Delaware

Comparing rates from different lenders can help you secure the best HELOC deal. Also, consider repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure choosing a lender that aligns with your financial needs and goals.

3
Prepare required documentation

Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

4
Submit an application

When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. If your lender has a physical branch, you can also apply in person. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.

5
Undergo a home appraisal

Some lenders may require an appraisal to determine your property's current market value. An appraisal involves a professional assessment of your home's value, which helps the lender decide on the loan amount you qualify for.

6
Wait for approval and closing

The approval process for a HELOC can take anywhere from two to six weeks. Once approved, you'll proceed to the closing process, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about any available options.

Know How Much You Can Borrow in Delaware

The average HELOC limit in Delaware for the third quarter of 2023 was $114,321, according to Experian. The maximum amount you can borrow is generally tied to the equity you have in your home. The more equity you have, the higher your potential credit limit.

Check out the table below for the range of credit lines offered by Delaware lenders in our database.

Bank of America$15,000 to $1,000,000
Manufacturers and Traders Trust Company$15,0​00 to $1,000,000
PNC Bank$10,000 to $1,000,000
TD BankFrom $25,000
Ask the experts:

What factors should homeowners prioritize when comparing HELOC lenders?

Credit & Mortgage Expert

When shopping for a HELOC, most people focus only on the interest rate. Instead, you should focus on the annual percentage rate (APR) as that is the true cost of what you are paying back. Also consider any fees the lender may be charging you. A lower rate with higher fees can be deceptive.

FAQ: Best HELOC Lenders in Delaware

Who is the best HELOC lender in Delaware?
How to find the best HELOC lenders for bad credit in Delaware?
What factors should I consider when choosing a HELOC lender in Delaware?
What are common fees associated with HELOCs that I should compare in Delaware?
What is the typical draw period for HELOCs, and does it vary between lenders in Delaware?
How can I find a lender with flexible repayment options in Delaware?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on the inclusion or exclusion of certain desirable features in various critical categories.

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We completed our analysis in October 2024 and considered different banks and credit unions in Delaware from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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