Best HELOC Lenders in Virginia (December 2024)

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Key Takeaways

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Bank of America is the best home equity line of credit (HELOC) lender in Virginia, with a MoneyGeek score of 96 out of 100, followed by Manufacturers and Traders Trust Company, also with a score of 96 out of 100.

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The average HELOC limit in Virginia is $112,542. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

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Comparing rates can help find suitable lenders. MoneyGeek compiled the best HELOC rates in Virginia, updated weekly to assist you.

Overall Best HELOC Lender in Virginia

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

Minimum Credit ScoreUndisclosed
Average HELOC APR9.43%
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
  • Closing must be done in person

Runner-Up for Best HELOC Lender in Virginia

Company logo for Manufacturers and Traders Trust Company
Manufacturers and Traders Trust Company
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.69%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $15,000
  • Option to convert balance to fixed-rate loan
  • Allows interest-only payments during the draw period
CONS
  • Accounts closed within 36 months reimburse fees
  • Late payment fees apply
  • Charges $100 to lock in interest rate

Calculate Your Monthly Payment

The average HELOC balance in Virginia for the third quarter of 2023 was $38,885, according to Experian. It's important to calculate your HELOC payments to manage this type of debt effectively and 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.

Virginia 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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Credit Line Information

Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Virginia for Affordability

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

Minimum Credit ScoreUndisclosed
Average HELOC APR8.34%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Option to lock your interest rate
  • Offers a 0.25% relationship discount
  • Provides assistance during financial hardship
CONS
  • Minimum line amount is $25,000
  • Charges an annual fee of $50
  • Charges a $99 origination fee

Best HELOC Lender in Virginia for Service Quality

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

Minimum Credit ScoreUndisclosed
Average HELOC APR10.26%
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 for automatic payments
  • Allows you to switch between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee each time you lock or unlock your interest rate
  • Late fees apply

What You Can Use a HELOC for in Virginia

Home Equity Lines of Credit (HELOCs) are popular in Virginia due to the flexibility and control they offer over borrowing amounts and repayment timelines. This makes them an attractive option for homeowners looking to manage their finances effectively.

Here is a list of ways you can use a HELOC.

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    Home improvements or renovations

    A HELOC is ideal for home improvements as costs can fluctuate. It offers flexibility to manage unexpected expenses, ensuring your renovation dreams become reality without financial strain.

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    Consolidating high-interest debt

    With the average 2023 consumer debt in Virginia at $128,386, a HELOC can simplify debt consolidation. It lowers interest rates and streamlines payments, easing financial burdens.

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    Funding education expenses

    Using a HELOC for education expenses is smarter than other debts. It covers tuition, books and housing, offering lower interest rates and flexible repayment options.

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    Investment properties

    A HELOC can finance investment properties, offering potential returns. Shop for the best HELOC lenders for investment properties to secure favorable rates and terms, maximizing your investment potential.

How to Apply for a HELOC in Virginia

Understanding the steps to apply for a HELOC in Virginia can simplify your journey toward accessing home equity. We've outlined this process in six straightforward steps below.

  1. 1
    Review your financial health

    Evaluating your current financial situation is key to understanding your credit score, debt-to-income ratio and home equity. In Virginia, the average credit score was 722 in the third quarter of 2023, based on Experian data. This score can enhance your chances of HELOC approval.

  2. 2
    Compare rates in Virginia

    Exploring different rates in Virginia can help you secure the best HELOC deal. It's also wise to consider other lender features, such as repayment terms, fees and the option for a fixed-rate HELOC. These factors can significantly impact your overall borrowing experience.

  3. 3
    Prepare required documentation

    Having the necessary documents ready can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information. Being prepared can help avoid unnecessary delays.

  4. 4
    Submit an application

    Most lenders offer the convenience of online applications, but you can also apply in person if your lender has a branch. It's crucial to check your application for errors or omissions to prevent delays in processing.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to determine your home's current market value. A home appraisal involves a professional assessment of your property's worth, which can impact your HELOC terms.

  6. 6
    Wait for approval and closing

    The HELOC approval process typically takes two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may offer to cover part of these costs.

Know How Much You Can Borrow in Virginia

The average HELOC limit in Virginia for the third quarter of 2023 was $112,542, according to Experian. The maximum amount you can borrow is typically tied to the equity you have in your home. The more equity you have, the higher your potential credit limit could be.

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

Bank of America$15,000 to $1,000,000
HSBC Bank USAUp 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:

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

Credit & Mortgage Expert

Some lenders charge much higher fees than others when it comes to HELOCS. That’s why it’s recommended to shop around when applying for a HELOC. Some banks or credit unions will not charge you any fees at all, or you may just have to pay the appraisal fee.

FAQ: Best HELOC Lenders in Virginia

Who is the best HELOC lender in Virginia?

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

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

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

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

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

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 Virginia 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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