Best HELOC Rates in Ohio

Key Takeaways

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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Ohio with an 80% LTV is 8.5%, compared with 8.9% for a 90% LTV.

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HELOC rates vary by city in Ohio. Aberdeen has an average APR of 7.5%, whereas Highland Heights' is 11.8%.

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Different lenders offer varying rates for the same loan types. Miami University Community Federal Credit Union's average APR is 4.4%, whereas KeyBank National Association's is 11.8%.

Current HELOC Rates in Ohio

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HELOC rates in Ohio rose from 4% in 2022 to about 9% in 2024. If this trend continues, homeowners may face higher borrowing costs. Consider locking in a rate now to avoid future increases.

HELOC Rates in Ohio by LTV Ratio

HELOC rates in Ohio vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio represents less risk to lenders, as it indicates more equity in your home. For example, an 80% LTV means you've borrowed less against your home's value compared to a 90% LTV, making you less likely to default on your HELOC.

The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:

Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
8.5%8.9%

HELOC Rates in Ohio by City

HELOC rates in Ohio vary between cities due to local housing markets and lender competition. A city with stable real estate might offer lower rates.

Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.

Data filtered by:Results filtered by:
City:
City:Columbus
$100,0009.0%
$50,0009.0%

HELOC Rates in Ohio by Lender

HELOC interest rates in Ohio vary by lender due to different pricing strategies and risk assessments. To help you find competitive rates, the table below shows the five lenders in Ohio with the lowest average APRs.

Miami University Community Federal Credit Union4.4%
Eclipse Bank, Inc.7.3%
The First National Bank of Waverly7.3%
B F G Federal Credit Union7.5%
Pathways Financial Credit Union, Inc.7.5%

HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare average APRs to find the best rate in your area.

Data filtered by:Results filtered by:
City:
City:Columbus
Pathways Financial Credit Union, Inc.Credit Union7.5%
First Service Federal Credit UnionCredit Union7.8%
First Commonwealth BankCommercial Bank8.3%
First Financial BankCommercial Bank8.4%
The Park National BankCommercial Bank8.5%
Together Credit UnionCredit Union8.5%
CFBank National AssociationCommercial Bank8.5%
Civista BankCommercial Bank8.5%
CNB BankCommercial Bank8.5%
First Bank of Central OhioCommercial Bank8.5%
First Merchants BankCommercial Bank8.5%
Heartland BankCommercial Bank8.5%
Kemba Financial Credit Union, Inc.Credit Union8.5%
Telhio Credit Union, Inc.Credit Union8.5%
CME Federal Credit UnionCredit Union8.5%
Credit Union of OhioCredit Union8.6%
Wesbanco Bank, Inc.Commercial Bank9.0%
BMI Federal Credit UnionCredit Union9.0%
The Huntington National BankCommercial Bank9.1%
Wright-Patt Credit Union, Inc.Credit Union9.3%
U.S. Bank National AssociationCommercial Bank9.9%
Bank of AmericaCommercial Bank10.0%
PNC BankCommercial Bank10.5%
Fifth Third BankCommercial Bank11.3%
KeyBank National AssociationCommercial Bank11.8%
COMPARING HELOC RATES IN OHIO: BANKS VS. CREDIT UNIONS

HELOC rates in Ohio vary between banks and credit unions. Commercial banks often have higher rates, with the best rate in the state averaging 8.7%. Credit unions offer a slightly lower average APR of 8.6%, as they're not-for-profit institutions.

When choosing between the two, consider more than just rates. Banks may offer more convenience, while credit unions often provide better customer service and lower fees. Also, check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.

Ask the experts:

Are there any strategies homeowners can use to lock in a favorable HELOC rate in a rising interest rate environment, and how does a rate lock typically work with HELOCs?

Credit & Mortgage Expert

HELOCS often have variable interest rates, meaning they go up or down with the Federal Funds rate. So if you are worried about rates rising, you should look into a home equity loan or refinancing your home. That way you have a fixed rate that will not change over time.

HELOC Payment Calculator

HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home equity. Use our Ohio HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. It also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.

Ohio 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 Payoff Schedule for Home Equity Line

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How to Get the Best HELOC Rates in Ohio

Finding the best HELOC rates in Ohio can yield substantial savings over your loan's term. For example, securing a 1% lower rate could save you $10,000 on a $100,000 loan. To achieve this, consider these five strategies:

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    Maintain a strong credit score

    Ohio's average credit score is 716, which is good. Improving your score can help you secure more competitive HELOC rates.

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    Compare offers from multiple lenders

    Shopping around for lender offers can yield competitive rates and provide leverage for negotiating better terms.

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    Reduce your debt-to-income (DTI) ratio

    Lower debt-to-income ratios indicate financial stability. Paying off credit card debt can improve your DTI ratio.

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    Increase your home equity

    More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.

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    Review closing costs and rate caps

    Closing costs can affect loan expenses. Understanding rate caps helps manage costs as rates adjust.

HELOC Loan Rates vs. Home Equity Loan Rates in Ohio

HELOC interest rates in Ohio average 8.6%, slightly higher than the 8.1% for home equity loans. This difference is due to HELOCs' variable rates, while home equity loans have fixed rates.

  • HELOCs are flexible, revolving credit lines with variable interest rates that adjust with the market. In rising interest rate environments, these rates can increase, affecting homeowners' finances over time.
  • Home equity loans offer a lump sum at a fixed rate, providing consistency throughout the loan term. They benefit those who prefer stable payments and have specific financial goals.

When deciding between these options, consider your financial goals and risk tolerance. A HELOC may suit you if you value flexibility and can manage potential rate increases. If you prefer predictable payments and stability, a home equity loan might be the better choice to leverage your home's equity.

CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE

A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a larger loan, giving you access to cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.

For example, if your mortgage is backed by the Federal Housing Administration (FHA) and your home is valued at $300,000 with a $150,000 balance, an FHA cash-out refinance for $200,000 could provide $50,000 in cash, with new payments based on $200,000.

FAQ: Best HELOC Rates in Ohio

What are the current HELOC rates in Ohio and how do they compare to national rates?
What fees are commonly associated with HELOCs in Ohio?
How do HELOC rates in Ohio compare to home equity loan rates?
How do HELOC rates in Ohio vary between banks and credit unions?
What's the best HELOC rate in Columbus? How does it compare to the current HELOC rate in Ohio?

MoneyGeek examined 167 different banks and credit unions in Ohio using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.

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This data is accurate as of October 16, 2024.

167Lenders 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.