Best HELOC Lenders in Pennsylvania (December 2024)

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Key Takeaways

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Trust Bank is the best home equity line of credit (HELOC) lender in Pennsylvania, with a MoneyGeek score of 95 out of 100, followed by Bank of America, with a MoneyGeek score of 94 out of 100.

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The average HELOC limit in Pennsylvania is $101,581. How much you can borrow depends on your home's equity, outstanding mortgage balance and credit score.

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

Overall Best HELOC Lender in Pennsylvania

Company logo for Truist Bank
Truist Bank
MoneyGeek Score:
95/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR11.05%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Offers a fixed-rate HELOC option
  • Can advance your closing costs and waive reimbursement
  • Provides payment relief options on qualifying HELOCs
CONS
  • HELOC can only be secured with your primary or secondary home or a condo
  • Does not disclose minimum credit score requirement
  • Converting to a fixed-rate option has a $15 set-up fee

Runner-Up for Best HELOC Lender in Pennsylvania

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

Minimum Credit ScoreUndisclosed
Average HELOC APR10.37%
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
CONS
  • Minimum line amount is $25,000 online
  • Charges an early closure fee of $450
  • Does not disclose minimum HELOC requirements

Calculate Your Monthly Payment

The average HELOC balance in Pennsylvania in the third quarter of 2023 was $37,055, according to Experian. Calculating your HELOC payments is key to managing this debt and planning for any changes 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.

Pennsylvania 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 Pennsylvania for Affordability

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

Minimum Credit ScoreUndisclosed
Average HELOC APR9.46%
Draw PeriodUndisclosed
Repayment Period5 to 30 years
Time to Receive FundsNext Day After Closing
PROS
  • Borrow up to $1 million
  • Provides a 0.25% interest rate discount
  • Allows switching between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee for interest rate changes
  • Late fees apply

Best HELOC Lender in Pennsylvania for Service Quality

Company logo for KeyBank
KeyBank
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR11.25%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Minimum line amount is $10,000
  • Offers 0.25% relationship and autopay discounts
  • Allows interest-only payments during the draw period
CONS
  • Required to reimburse fees if closed within 36 months
  • No option to apply online
  • Charges a $50 annual fee

What You Can Use a HELOC for in Pennsylvania

Home equity lines of credit (HELOCs) are a popular financial tool in Pennsylvania, largely because they offer homeowners flexibility in accessing funds tied to their property's value. Here are some common ways you can use a HELOC to meet your financial needs.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs may change. It allows you to finance renovations without finalizing costs upfront, making it a smart choice for dynamic projects.

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    Consolidating high-interest debt

    The average 2023 consumer debt in Pennsylvania was $85,047. Debt consolidation can simplify payments and reduce interest rates, helping manage multiple debts efficiently.

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    Education expenses

    Using a HELOC for education expenses offers lower interest rates than other debts. It can cover tuition, books and housing, making it a practical choice for funding education.

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    Investment properties

    A HELOC can finance investment properties, offering flexibility and potential tax benefits. Shop around to find the best HELOC lenders for investment properties and secure the best rates and favorable terms.

How to Apply for a HELOC in Pennsylvania

Understanding the steps to apply for a HELOC in Pennsylvania can help you navigate the process with confidence. We've simplified this journey into six steps below.

  1. 1
    Review your financial health

    Start by checking your credit score, which can influence your approval chances. The average credit score in Pennsylvania was 723 based on Experian data for the third quarter of 2023. Additionally, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.

  2. 2
    Compare rates in Pennsylvania

    Comparing rates from different lenders in Pennsylvania can help you secure the best HELOC deal. Look beyond interest rates and consider other features such as repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure you choose a lender that aligns with your financial needs and goals.

  3. 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. 4
    Submit an application

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

  5. 5
    Undergo a home appraisal

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

  6. 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 Pennsylvania

According to Experian, the average HELOC limit in Pennsylvania for the third quarter of 2023 was $101,581. The amount you can borrow with a HELOC is generally tied to the equity you have in your home, meaning the more equity you have, the higher your potential credit limit.

Check out the table below to see the range of credit lines offered by Pennsylvania lenders in our database.

Bank of America$15,000 to $1,000,000
KeyBank$10,000 to $500,000
Manufacturers and Traders Trust Company$15,0​00 to $1,000,000
PNC Bank$10,000 to $1,000,000
TD BankFrom $25,000
Truist BankUp to $500,000
Ask the experts:

How do lenders determine how much equity a homeowner can borrow against in a HELOC?

Credit & Mortgage Expert

Most lenders will allow you to take out up to 90% of your home's equity. For example, if your home is appraised at $400,000 and you owe $200,000 on your mortgage, you could potentially take out up to $160,000 on a HELOC if you meet the requirements of that lender.

FAQ: Best HELOC Lenders in Pennsylvania

Who is the best HELOC lenders in Pennsylvania?

How to find the best HELOC lenders for bad credit in Pennsylvania?

What factors should I consider when choosing a HELOC lender in Pennsylvania?

What are common fees associated with HELOCs that I should compare in Pennsylvania?

What is the typical draw period for HELOCs, and does it vary between lenders in Pennsylvania?

How can I find a lender with flexible repayment options in Pennsylvania?

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

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Our analysis was completed in December 2024 and considered different banks and credit unions in Pennsylvania 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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