Best HELOC Lenders in Washington (December 2024)

Key Takeaways

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Bank of America is the best home equity line of credit (HELOC) lender in Washington, followed closely by U.S. Bank. Both earned a MoneyGeek score of 96 out of 100.

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The average HELOC limit in Washington is $144,942. 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 you find lenders that suit your needs. MoneyGeek compiled the best HELOC rates in Washington, updated weekly to assist you.

Overall Best HELOC Lender in Washington

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

Minimum Credit ScoreUndisclosed
Average HELOC APR9.10%
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 rewards members
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 Washington

Company logo for U.S. Bank
U.S. Bank
MoneyGeek Score:
96/ of 100

Minimum Credit Score660
Average HELOC APR8.95%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Borrow up to $750K
  • Provides a 0.50% autopay discount
  • Option to lock in a fixed interest rate
CONS
  • Minimum line amount is $25,000
  • Closing must be done at a local branch
  • Charges an early closure fee of 1% of the loan

Calculate Your Monthly Payment

The average HELOC balance in Washington for the third quarter of 2023 was $50,137, according to Experian. Calculating your HELOC payments is essential for effectively managing this type of debt and planning 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.

Washington 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 Washington for Affordability

Company logo for Western Alliance Bank
Western Alliance Bank
MoneyGeek Score:
93/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR7.75%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Has a mobile app for easy account management
CONS
  • Very little information about HELOC on website

Best HELOC Lender in Washington for Service Quality

Company logo for HSBC Bank USA
HSBC Bank USA
MoneyGeek Score:
99/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.60%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Offers a 0.25% rate discount for automatic payments
  • No application and annual fees
  • Offers a fixed-rate HELOC option
CONS
  • Has an early termination fee of $500
  • Requires a U.S. Premier relationship to qualify
  • Other HELOC information not disclosed on website

What You Can Use a HELOC for in Washington

Home equity lines of credit (HELOCs) are popular in Washington because they offer flexibility and control over borrowing amounts and repayment schedules. This financial tool allows homeowners to manage their finances more effectively by accessing funds as needed and repaying on their terms.

Below is a list of ways you can use a HELOC to meet various financial needs.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs evolve. It allows homeowners to finance renovations without final cost constraints, making it a smart choice for enhancing property value.

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    Consolidating high-interest debt

    Based on Experian data, the average 2023 consumer debt in Washington was $150,462. Using a HELOC for debt consolidation can simplify payments and reduce interest rates, providing financial relief.

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    Funding education expenses

    A HELOC offers better terms for education expenses like tuition and books than other debts. It provides a flexible funding option for those seeking to invest in their education without high interest burdens.

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    Investment properties

    Using a HELOC for investment properties can enhance returns. It's vital to shop around for the best HELOC lenders for investment property to secure favorable rates and terms, maximizing investment potential.

How to Apply for a HELOC in Washington

Understanding the steps to apply for a HELOC in Washington is key to navigating the process smoothly. We've broken down this journey into six steps below.

  1. 1
    Review your financial health

    Evaluating your credit score, debt-to-income ratio and home equity is essential before applying for a HELOC. The average credit score in Washington was 735, based on Experian data for the third quarter of 2023. A higher score can improve your chances of approval, making it a key factor to consider.

  2. 2
    Compare rates in Washington

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

  3. 3
    Prepare required documentation

    Gathering the necessary documents ahead of time can streamline your HELOC application. Commonly required items include proof of income, recent tax returns and details about your mortgage and home value. Being organized can help you avoid delays and ensure a smoother process.

  4. 4
    Submit an application

    Most lenders offer online applications, but you can apply in person if a branch is available. To prevent delays, ensure all information is accurate and complete. Double-check for any errors or omissions before submitting your application.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to assess your property's current market value. This process involves a professional evaluation of your home's worth, which can influence the amount you can borrow through a HELOC.

  6. 6
    Wait for approval and closing

    The approval process can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may cover part of these costs, so it's worth inquiring about this option.

Know How Much You Can Borrow in Washington

According to Experian, the average HELOC limit in Washington for the third quarter of 2023 was $144,942. The amount you can borrow through a HELOC is typically tied to the equity you have in your home. Higher equity often results in a higher potential credit limit.

Check the table below to see the range of credit lines offered by Washington lenders in our database that disclosed their line amount range.

Bank of America$15,000 to $1,000,000
HSBC Bank USAUp to $500,000
KeyBank$10,000 to $500,000
U.S. Bank$25,000 to $750,000
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 Washington

Who is the best HELOC lender in Washington?

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

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

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

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

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

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 Washington 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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